6 Tips for First-Time Renters
September 13, 2022
September 13, 2022
There’s a lot to consider when renting an apartment. Whether it’s your first time renting, or you just want a refresher on how to navigate the process, here are six tips to get you started on your rental journey with confidence.
It's important to have a solid understanding of your financial situation before you start looking at places to live. The best way to get started is to create a budget you can stick to.
In your budget, make sure to work in space for:
Factor in the rest of your monthly expenses to the equation to determine how much you can afford to spend on your home.
Regardless of whether your apartment requires it or not, it’s a good idea to protect your belongings with renters insurance. It will help you recover from any loss or damage to your personal property while renting a home.
To obtain your renters insurance, contact a licensed insurance provider.
Before you sign a lease, your landlord will want to ensure that you are able to pay your rent each month. One way they will assess this is by checking your credit score. A good credit history is an indication that you reliably pay your bills on time, which puts less risk on the landlord.
Before applying for an apartment:
Renting an energy-efficient apartment can help you save a significant amount of money on your monthly utilities.
When looking for an energy-efficient rental, consider:
Landlords who invest in these types of features will typically highlight them to heighten the appeal of the apartment.
Renter fraud happens more than you may think. It’s important to take precautions to make sure the listing you’re interested in is legitimate.
A few of the precautions you should take include:
Follow these steps so you don’t fall victim to a rental scam when searching for your first apartment.
Your lease is a legally binding document, which means you should fully understand its terms and conditions before signing.
Here is what you should understand about your lease before signing:
If you have additional questions or need clarification on any topic in your lease, ask the landlord or leasing office before signing. Additionally, there may be room to negotiate certain terms before you sign the lease.
For more tools and resources to help you through the rental process, visit My Home by Freddie Mac®.