Three Costly Mistakes You Do Not Want to Make When Apartment Hunting

Richmond apartments

Finding your own place can be exciting, especially if it is the first time you are venturing out of your parents’ house. You will experience a level of freedom you have never felt before. You are not the only one looking to rent either, as the market for renting apartments grew 3.3% in the last year, a similar rate to the previous few years. This means people are constantly on the hunt for a great place to rent.

As a first time apartment renter, you have probably already begun to do research on the best local apartments to suit your needs. You may have also made a list of places to check out, found out about the rental prices, and read reviews of each rental property, like a smart shopper.

But have you ever considered what not to do when apartment hunting?

Here are some pitfalls to avoid when you set out looking for the perfect pad.

  1. Ignoring the Lease. All rental properties will require you to sign a lease, an agreement between the tenant and the owner of the property. You will want to read this all the way through. When people say that the devil is in the details, they are not kidding when it comes to leases. There could be clauses about the penalties of terminating the lease early, or instructions about how the monthly payments work. If you neglect to read this, and claim you never knew, you could face legal action, as this is a legal document that you are required to sign.
  2. Being a “Quickdraw”. There is no doubt that apartment hunting can be tiring, as you have to make phone calls, set up appointments, and take time out of your busy schedule to drive to each location. You will also have to read through tedious documents to find out about the details about each place. Try to resist the urge to just pick the first place you visit, simply because it “seems OK.” Take your time inspecting at least a handful of local apartments for rent so that you have a reference point to work with. The chances of getting more bang for your buck will be greater if you have options.
  3. Blowing Your Budget. You never how much you are actually going to spend on food, personal accessories, and other necessities until you start living in your apartment. So do not jump on two bedroom apartments that offer an amazing view of the city if the price of the lease is too far above your budget. A one bedroom with the same fabulous lookout may be a better choice even if you think you may be able to swing the monthly bill. It would be best to calculate the most you think you could spend in a month on all your extras, and then choose from local apartments accordingly. Not being able to pay your rent could result in being kicked out.

If you are careful about your apartment selection process, you will be able to find the right abode to relax in, and feel more at home than ever. If not, and you pick the wrong apartment, it could mean you have to pay more than you can afford, or even worse, turn to your parents for help, ending the independence you sought in the first place.
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