Renting your first home is exciting, but you’re quickly going to be thrown into real-life situations that you have to deal with on your own.
When you’ve never rented before, it’s easy to make mistakes that can continue costing you for years to come. Ensure your first renting experience is a good one by keeping these helpful tips in mind.
Tip #1 – Know and Stick to Your Budget
First, you need to know and stick to your budget. Financial experts say that you shouldn’t spend more than one third of your income on rent. You don’t want to rent a home that you’ll be unable to afford in a few months. Being evicted can not only hurt your credit, it can make it difficult to rent in the future. Spend some time creating a reasonable budget, keeping other essential expenses in mind as well. Don’t forget you may need to pay additional utilities as well. Once you know your budget, make sure you stick to this when choosing the home you want to rent.
Tip #2 – Don’t Forget About the Bond
Many first time home renters forget about the bond they’ll have to pay before moving in. Most landlords will ask for a bond as well as the first two week’s rent when you sign a lease. You may also need to have to make deposits to get your phone, internet, and electricity turned on as well. Be sure you consider all of these expenses when you’re ready to move into your first rental home.
Tip #3 – Always Visit the Home in Person Before Signing a Lease
Always make sure you visit the home in person before you sign a lease. This gives you a chance to walk through the home. As you walk through, check on the following items:
- Ensure that all cabinets and wardrobes are clean and function properly
- Ask about any security measures
- Pay attention to any strange noises or smells
- Make sure all the taps in the home work
- Check to be sure that all the appliances in the home are working
- Measure the doors and rooms to ensure your things will fit in the home
If you do find any problems in the home, make sure they are remedied before you sign the lease or have it noted in the lease that the problems will be fixed by the landlord.
Tip #4 – Purchase Contents Insurance
While you may not think that you need contents insurance, think about the real value of everything you have in the home. Could you afford to buy everything again? Contents insurance is reasonably priced, and it can save you a huge amount of money if your home floods or it goes up in flames. Remember, your landlord doesn’t have to pay for things that occur due to a natural disaster. It’s a small price to pay to make sure you’re well protected if a disaster occurs.