FRIDAY, FEBRUARY 9, 2024
Have you recently moved away from home and/or graduated college? Many new renters are young adults who are just getting started. While an exciting time, there’s a lot to learn about living on your own. Here are a few things to help educate you about becoming a first-time renter.
- Know your budget: Planning a budget before hunting for an apartment is crucial. You should have a pretty good idea of how much money you have coming in, as well as estimates for how much you’ll need to spend on bills and other expenses. If your budget allows a little leeway, that may prove helpful in finding a nice place to live in a safe neighborhood. But know your budgetary limits so you don’t have to face rent-time stress every month.
- Remember the deposits: When budgeting for an apartment, remember that you must factor in more than just rent. Most apartments will require a security deposit. You may also be required to pay a pet deposit, and even pet rent in some cases. You’ll also need to consider renters insurance. These expenses can add up and should be calculated into your overall budget.
- Read the lease: A lease is a binding legal document, so take the time to read it before signing. You should know exactly what you’re getting into and what will be expected from you. For instance, you’ll need to know when the late fee kicks in if you’re running behind on rent, if your pet is allowed, if you can paint the walls and other details about living on the property. If you have questions, ask the manager before signing.
- Mark rent payments on your calendar: Set an automatic, monthly calendar reminder on your phone or computer so you’re alerted a few days before rent is due. This ensures that you don’t forget and let a payment slip by. Some rental properties even let you set up automatic payments, if you prefer that option.
- Carefully select roommates: If you choose to live with a roommate, be sure to select an individual who you can easily live with. If you like things clean and tidy, there is bound to be friction if you choose to live with a friend who has more sloppy tendencies. Life will be much simpler if you take the time to ensure that both of you are on the same page before making the decision to live together.
- Get renters insurance: Renters insurance protects your personal belongings—furniture, clothing, electronics and more—from fire, weather events and theft. For less than an average of $20 per month, the added expense is well worth the protection and peace of mind.
We’ll help you find the right coverage. Call Bromell Agency at 318-251-1212 for more information on renters insurance.
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