Moving into your first rental home is exhilarating and daunting in equal measure. The thrill of finding your new home and living a life on your own terms has a nice ring to it, doesn’t it? At the same time, know that house-hunting is tedious and has a lot of moving parts.
From searching for a rental home to the application process to having a budget for rent and expenses to initiating the moving process, it involves time, energy, and money. Also, while you shouldn’t assume that things will go wrong, it’s wise to be prepared so that you know what steps to take to resolve any situation you might run into. To smoothen the entire journey of looking for your first rental home to moving into one, we’ve put together 13 tips for you.
Here are 13 tips to follow before moving into a rental home for the first time:
1. Look at your credit score
As far as rental applications go, a credit score is crucial because landlords consider it a measure of your financial worthiness. In other words, it helps them determine whether you have the means to pay timely rent. So, if you have a poor score, your rental application’s likely to get rejected.
So, the ideal thing to do is request online credit reports from the three credit bureaus, Experian, TransUnion, and Equifax, and browse them well. Check where you stand in terms of your score. If you have a high score, celebrate! Else, give yourself some time to enhance your score by ensuring that you have no debts and making payments before they’re due.
If time is of the essence for you because you don’t want to lose out on a perfectly good house, think about getting a co-signer or selecting several rentals for viewing. That way, you might come across at least one where the landlord’s willing to overlook your credit score if you have a steady income or are willing to offer a little more money (as rent for several months).
2. Set a budget and follow it
Moving into a new home, whether for the first time or the tenth time involves costs, and rent is only a portion of it. If you don’t figure out how much you have and how much you need, you might end up spending more money than you thought would be required. Therefore, it’s important to put together a budget so that you can draw the line should you go overboard.
Here are the costs you need to think about:
- Upfront costs: Includes application fees, security deposit, first and last month’s rent, and maybe even a pet deposit (if you have a furry friend).
- Long-term costs: Includes utilities and daily items such as gas, electricity, internet and cable, groceries, water, sewer, and trash, and clothing.
- Moving costs: Includes the cost of transporting your belongings to another place.
- Costs of items required for the first rental: like cleaning supplies, toiletries, furniture, and kitchen items.
You could think of using a rent calculator to determine how much you need to fork over as rent. Add your gross income, the number of bedrooms you’d prefer, and the ideal location, and the tool will throw up a figure you can consider. Remember regardless of what you earn, not more than 30 percent of your gross income should be used to cover rent.
3. Consider needs versus wants
Everyone has an idea of their dream home and what they see in it, but not everyone can afford it. In other words, it makes sense to think about the things you can’t do without and the things you wish you had but need to forgo. For instance, some people prefer an onsite fitness center to stay in shape while some might want a rooftop terrace to entertain friends and family. Likewise, if we consider the inside of the house, people might be keen to have an upgraded kitchen with multiple upscale appliances or even a massive bathroom.
So, what are the next steps? Reflect on what you see yourself keeping inside your rental home and buy only need-based stuff that doesn’t cost you an arm and a leg. For instance, after moving in, the very first items you’re going to need are cleaning supplies, sheets, and towels, paper and otherwise. You can later move on to tables, chairs, a bed, and other basic furniture pieces.
The more important question is: Will your wants fit into your budget? If they do, buy them, but be careful to not overdo it. As a first-time tenant, it might be wise to hold off your temptations for extravagant items till you can save enough to buy a place of your own.
In the end, while many apartment complexes these days offer amenities like swimming pools and fitness centers, individual properties may or may not have such facilities. So, based on your needs or wants, know where to look!
4. Select a suitable location
Choosing a good location is important because many of the ‘perks’ you’re looking for are tied into it. You need to think through several things when choosing the neighborhood you want to live in. Living in a place close to work is a deal-breaker because if you end up spending half your time traveling, everything else, including housework or recreation, goes out the window!
So, ask yourself some key questions like:
- Is the community close to my workplace or other venues I frequent?
- Do I want to live in the city or a more peaceful locale?
- Are decent public transit options available nearby? How’s the traffic situation? Is parking a concern if I drive?
- Does the area have basic facilities such as grocery stores, eateries, bars, shopping centers, salons, banks, and other entertainment options?
- Is the community safe? What do the crime rates in the area look like?
- Does the area have many parks and green spaces?
If the answers to most of these questions are in the affirmative, you know you’ve found the perfect place to live!
5. View and scan prospective rentals
While checking out prospective rentals, it makes sense to look at multiple rental properties that are listed within a locale before you find something that fits your requirements and budget. Why? Because there’s more than one decent place, and a critical decision such as this shouldn’t be based on a handful of options.
When touring a rental, here are some things you should examine:
- Every room that you go through, check for chipped paint or holes in the walls, dark spots on ceilings, loose doors and windows, stained carpets, leaky faucets, mold, and so on. Look out for pest infestations as well.
- See if the place is secure enough in terms of its security systems, has plenty of fire alarms, and has fire escapes. Check whether the windows are safe and difficult to break into.
Finally, right after you move in, be sure to click pictures and make videos of the rental and share them with your landlord. You’re essentially letting them know the existing condition of the property so that you’re not held liable for any damage after you start living there. If you’re found responsible for any damage that goes beyond the regular ‘wear and tear,’ you might not get back some or any of your security deposit.
6. Have your application documentation ready
As part of the rental application process, landlords and property management companies ask you to fill out an application form and share documents as proof of the information furnished, such as rental history, credit score, pay stubs as income proof, personal references, and reference letters from previous landlords. There’s also an application fee that the potential tenant needs to bear.
Thus, it’s sensible to have these documents ready before you start touring properties, rather than compiling them after you’ve decided where you want to live. Since most of these places operate on a first-come-first-serve basis, you don’t want to let go of a great deal just because you weren’t prepared!
7. Give your lease a thorough read
Once your rental application’s approved, you reach the lease-signing stage, which needs your undivided attention. Spend as much time as you need to go over every clause in the contract, especially those related to reimbursement of your security deposit, rent payment, past due rental payments, eviction, guest, and pet policies. Understand your duties as a tenant, as well as those of your landlord, so you know they’re on the right track. If not, you can point it out to them.
If you don’t follow something in the lease, clarify it with the landlord while you’re there instead of deferring it. In addition, if you have reservations about a clause or want something to be added per an earlier discussion, make sure you get them done in your presence. Remember to read the edited version of the document carefully before signing the lease.
In summary, it might be wise to read up tenant rights since they differ state-wise. That way, you’ll know what action to take if you face an unpleasant situation.
8. Keep a floor plan of your new house
Being familiar with the layout of your new rental home can give you an insight into the places you might reserve for each of your belongings. So, while you’re getting ready to move in, find time to take measurements of different areas of the house, where you envision placing furniture or larger homely items. The exercise will help you figure out what to discard, what to bring with you, and what you need to purchase.
In a word, the floor plan that you acquire will ensure that the stuff you carry with you or buy is positioned in places they belong, turning your rental space into a comfortable and relaxed home.
9. Pack need-based belongings
While growing up, you may have bought and collected many things that hold a special place in your heart and that you’re unwilling to let go of. Logically speaking, since all of them won’t fit into your new place, you’ll need to sort through them and put them in separate piles comprising those you’ll sell or donate, those you’ll trash or recycle, and those you’ll be moving to your new home.
On the whole, make a list of everything you’ll be taking with you so that you can find a place for each item in your house.
10. Determine a move-in strategy
As far as moving into your new rental home’s concerned, you could consider doing it with the help of friends or neighbors as it doesn’t involve large expenses. Or seek the help of a professional moving company if you believe that you have too many things, in terms of quantity, size, and weight that need help transporting. Before you get started, speak with your landlord and agree on a move-in date that works for both of you.
If you decide to do it on your own, all you need is a moving van and a group of loyal friends. At the same time, if you choose to hire the services of a moving company, ask around to get the names of reliable and seasoned movers. That way you can ensure they don’t do a shoddy job while ripping you off! Have them share quotes and see if there’s room for negotiation before picking the most reasonable one.
Purchase boxes, packing paper, bubble wrap, and markers, and you’re good to go. Start packing early in bite-sized chunks so that you don’t get a panic attack a day before moving!
11. Prepare your rental for move-in
Once you’ve finalized the move-in date, the next critical step is to ensure that your rental home is in habitable condition. Look into the following things before moving in:
- If you feel the need to repaint the walls and ceilings or shine the wooden surfaces, run it by your landlord before making any changes that might later come out of your security deposit.
- The three most basic things you’ll need once you move in are water, electricity, and gas, so make arrangements to get them up and running before you step foot into your home.
- Since your security is a priority, have your landlord set up smoke detectors and replace the locks with sturdier ones. Keep a few fire extinguishers handy just in case.
- Spruce up your rental home by having it scrubbed clean. It’s a great idea if your landlord hires the services of a professional cleaning company so that they do a more thorough job.
12. See if you need a roommate
Renting a home and its associated expenses aren’t cheap by any means. Should you end up living in an upscale place with plenty of amenities, you might end up spending more than 30 percent of your gross income. As a first-time renter, the most feasible option in such situations would be to find a perfect roommate with whom you can share the rent and utilities with.
Depending on your earlier experiences of living with someone, take a call on whether you’re willing to relive it. If your independence takes precedence over your expenses, you need to rethink the whole situation. On the other hand, if your financial commitments are making it difficult for you to make rent and utilities, put your ego aside, and search for a roommate.
You could make things easier on yourself and your potential roommate by meeting up and discussing issues concerning splitting expenses besides rent and utilities, guests and party hours, lifestyles and cleanliness habits, pets, and so on. Come to a consensus about ways of dealing with these problems. Consider putting together a roommate agreement and strictly following it when you start sharing a roof.
To conclude, think of the added advantage of having a support system in a new place and someone to count on should an emergency arise.
13. Consider renter’s insurance
Although the law doesn’t require tenants to get renter’s insurance, landlords should encourage them to buy it because it benefits both parties. Landlords stand to gain because they’re not held liable for the damage to a tenant’s belongings. In other words, the onus of protecting their possessions lies on tenants.
Tenants, for the most part, assume that the landlord’s insurance will take care of their belongings should a fire break out or something similar happen. It’s a misconception that needs to be clarified. Landlord’s insurance protects the landlord’s property and the area housing it. In a hypothetical situation where all your stuff gets destroyed or stolen, think about the costs you’d incur to replace them and where that would leave you, financially.
Therefore, a more sensible decision would be to do your research, talk to a few insurance agencies, and have them explain the basic plans to you. Choose one that has a doable premium. In fact, the premiums for most plans are more than reasonable. You’ll be doing yourself a favor!
Conclusion
So, as a first-time renter, are you all geared up to start looking up your first rental home? We believe you are! While the entire process may seem scary at first, you won’t be able to savor a journey unless you start traveling, will you? However, before searching for a rental home, be sure to read up all you can, have your funds in place, keep your application paperwork ready, and take a leap of faith! Good luck!
