Your 8 step survival guide as a first time renter
As a first time renter, finding the perfect apartment can be both exciting and overwhelming. While there are many factors to consider, such as location, budget, and amenities, it's also important to think about how you'll manage your finances and make sure you can afford your rent.
Here are some tips to help you find an apartment you love while managing your finances.
1. Determine your budget.
Before you start looking for apartments, it's important to know how much you can afford to spend on rent each month. You should consider your income, expenses, and any debts you may have. A general rule of thumb is to spend no more than 30% of your income on housing expenses, but you may want to aim for a lower percentage if you have other financial goals, such as saving for a down payment on a home.
2. Know your must-haves and nice-to-haves.
Write down a list of the features you want in your apartment, including location, size, amenities, and more. Then, prioritize your list, so you know which features are the most important to you. This will help you stay focused on your goals as you start your search.
3. Do your research.
Research different neighborhoods and areas to find the ones that fit your budget and meet your needs. Look at online listings, read reviews, and talk to friends and family who have lived in the area. Make a list of potential apartments, and visit them in person to get a feel for the neighborhood and the community.
4. Prepare your finances.
Before you apply for an apartment, make sure you have everything you need to show that you're a financially responsible tenant. This may include proof of income, employment, and references. You may also need to provide a security deposit and the first month's rent in advance.
5. Manage your money.
Once you've found your dream apartment, it's essential to keep your finances in order. Create a budget to help you track your expenses and make sure you have enough money each month to pay your rent, utilities, and other bills. You may also want to set aside money for unexpected expenses, such as repairs or emergencies.
6. Protect your credit score.
Your credit score is an important factor in determining whether you'll be approved for an apartment and what your rent will cost. Make sure you pay your bills on time and keep your credit card balances low to maintain a healthy credit score.
7. Get renters insurance.
Renters insurance is a type of insurance that can help protect your belongings and provide liability coverage if someone is injured on your property. While it's not always a requirement, it's a good idea to have renters insurance in case of unexpected events, such as theft or damage to your apartment.
8. Free up your cash.
Consider freeing up your hard earned cash by replacing your traditional security deposit with a low-cost deposit alternative like Jetty Deposit. Instead of paying a cash security deposit, Jetty Deposit gives you the option to pay a fraction of the amount. Giving you extra spending money for your move.
Finding an apartment you love and managing your finances can be challenging at first, but with a little bit of planning and preparation, it's possible to find the perfect place and enjoy a stress free moving experience.
By determining your budget, doing your research, preparing your finances, and managing your money, you can guarantee that you're financially prepared and able to afford the apartment you want. And by protecting your credit score, getting renters insurance, and freeing up your cash with a deposit alternative, you can protect your financial future and enjoy peace of mind.