Mistakes First Time Renters Make
So you’re finally ready to get your own place. You might be graduating from college, moving away for a job, or leaving your parents’ house for the first time. Whatever the circumstances, you are about to embark upon a significant rite of passage. At last, you will have a place to call your own. Your first apartment may not be anything to write home about, but at least it’s yours. Though your first-time renting experience comes with a lot of pride and liberation, it also comes with some stress and responsibility. To make your transition as smooth as possible, avoid these seven common missteps of first-time renters.
- Being unrealistic about the costs. First-time renters tend to underestimate the true cost of renting a place to live. You will need to make at least three times what your rent is, for starters. You also can’t forget about application fees, security deposits, pet deposits, and any fees to turn on your electricity, cable, phone, etc.
- Not prioritizing. When apartment hunting, you need to discern needs from wants. For example, high gas prices might make it a financial necessity for you to find a place near your job. An on-site gym or great views of the city would qualify as wants.
- Not viewing the apartment before move-in. Ideally, you should be able to walk through the actual apartment you will be living in before you move in. This will help you think about how well the apartment will accommodate your furniture, and you can identify any problems before it’s too late.
- Not reading your lease. A lease is a contract that is legally binding. It will dictate a large part of your life for the next 12 months, so you would do well to read it thoroughly. Watch out for any unusual clauses and make sure you know the policies on things like repairs and roommates.
- Spacing out on utilities. First-time renters often forget to ask about utilities or they forget to turn them on altogether. Make sure you ask your landlord well ahead of your move-in date what you have to do and pay to get your lights, water, heat, etc. turned on.
- Forgoing renter’s insurance. Renters insurance is a very small investment for a lot of valuable financial protection. Your landlord’s policy will only cover structural damage, not any losses of your personal belongings. The average renter’s insurance policy costs only $10-$30 per month, so it is money well spent.
- Forgetting the essentials. Usually, first-time renters have never lived on their own, so they don’t know everything it takes to make a home. Things like vacuums, can openers, shower curtains, etc. can be easily forgotten by first-timers.
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