INSURANCE . RETIREMENT . INVESTMENTS
Leaving the nest is one of those inevitable moments in life; we finally leave the safety and comfort of our parents’ or guardians’ homes and venture forth on our own. Usually the first home or place of rest that we ‘own’ are apartments. This can be an exciting or difficult time in your life as you may not always be able to find the perfect first apartment, given the various factors involved in the decision-making process.
Despite this, we have pulled together these 5 Tips in hope of assisting you in renting your first apartment and making the process simpler:
1. Price – Be wary of the price of the apartment you are considering. After rent, how much income do you have left to cover other expenses? Can you afford groceries after paying rent? Will you have enough gas money? Do you have enough income left to save?
These are the questions you must ask yourself.
It is a wiser choice to rent a less expensive and less luxurious apartment in favour of having more income left for other expenses.
2. Safety – Safety is paramount. Apartment hunting? Be sure to do your research before signing a lease. Some apartments are unfortunately located in areas that are prone to crime and are otherwise not the safest choice for you. Even worse is that these apartments can be priced far less expensive than competitors, which makes them more attractive to the unknowing customer.
This is where your research comes into play; shop around, research and do not make any rash decisions.
3. Location – Location is important because of 2 reasons:
- It is a great decision to find an apartment that is in close proximity to your place of work, or at least close to a source of transportation to your place of work. This cuts down the amount of time you spend going to and coming from work and makes your day less hectic. Additionally, the closer your apartment to your place of work, the less you spend on travel expenses, whether by public transport or by using your own vehicle.
- The location of an apartment directly influences the price of the apartment. Apartments in some locations of a country may carry higher real estate value due to the level of urbanization in that location, the design of the apartment, and the materials used for the apartment.
If you are operating within a budget, you may have to sacrifice luxury and modernity, as well as the convenience of living in certain places, in favour of finding an apartment within your budget range.
4. Space – Studio apartment or two-bedroom? Space is a key factor when considering your first apartment. Some people require more living room, especially if you are moving in with a lot of furniture and appliances while others are totally comfortable living in one room with just a bed and a closet.
Whichever type you are, be sure to find an apartment with the level of room that is within your budget so you can be 100% comfortable.
5. Lease – Leases for apartments are often done for 1 year, with a security deposit being required upon signing of the contract. This deposit is usually the equivalent of 1 month’s rent and can only be reclaimed upon leaving after at least 1 year of stay. The leasing time is important to note as the lease is a binding contract that force tenants to stay for a period of time before they are able to leave and recover their deposits.
A yearly lease is far more binding than a 6-month lease, and should be avoided as your circumstances can change at any time and you may want to leave this apartment and find another. Should this time come, it is better to have a shorter lease to offer yourself more flexibility.
We hope this blog was an informative read for you and wish you the best of luck in finding that perfect first apartment! Join us again next week for more.