What To Know Before Renting Your First Place

There are no courses at school or college that teach you how to go about moving into your first place. When renting for the first time, you need to find out most of the ins-and-outs yourself. This creates a scenario in which you are not fully prepared for all the costs and responsibilities associated with renting.

To help you get started with renting the right place, these are the things you need to know about.

Negotiate the lease

First-time renters assume that the lease is a document that cannot be altered. This may be true if there are many potential tenants applying for the same home. But most landlords are willing to negotiate on certain conditions in the lease.

Go through the lease and mark every item that concerns you or that you think is unfair. These may include the responsibility of maintenance and repairs (which should always be on the landlord), whether water and electricity are included in the price of rent, and the conditions under which your security deposit can be revoked.

Once you are clear about what you want and need, speak to the landlord. If they say no to your requests, you can then decide whether you're willing to rent anyway.

The security deposit

Many young Americans are living month-to-month. An issue you're going to have to manage when renting for the first time is having enough money available for the upfront costs. You need more than just the first month’s rent.

All landlords will ask for a security deposit which usually amounts to an extra month’s rent. You will get this deposit back when you move to your next place (if you leave the apartment in good repair) but for now, you’re going to have to find the extra cash.

Some landlords will ask for an extra month’s advanced rent in addition to the security deposit.

Renters insurance

Although you do not yet own a home, you're going to be buying a lot of things for your rented place. Whether you buy everything you need right from the start or slowly collect items over time, you are going to spend a significant amount of money. If something happens to your apartment or home, you can lose thousands of dollars worth of possessions.

This is why you need to know about renters insurance. Renters insurance is a cheap monthly cost that you pay to cover your possessions. Your possessions may be covered even if they are lost or stolen while you are out with them.

Find out more at https://www.lemonade.com/renters about how renters insurance can save you a lot of financial distress:

The things you need

Every new renter needs different things when they move in. Some people need nothing more than a mattress, a bar fridge, a microwave, and a plate. Other people need a fully-stocked kitchen to feel at home.

Before agreeing to rent at a certain price, make a list of what you need for your first rented home. Price these things to see how much money you need available when you move in. You can also decide to look for a home which already has furniture and appliances, in which case you will pay a bit more for rent but won’t have to worry about buying everything in advance.

Location matters

Choosing to live in a less-than-perfect location gives you access to bigger and better homes at a lower price. If you don’t particularly care about where you live, this might seem like a worthwhile trade-off.

But the reality is that the wrong location can cause chaos in your life. The extra distance to work may mean hours lost in traffic. You can also feel very isolated from your family and friends who you can’t just meet up with when you are feeling lonely.

If you don't have your own car, living far away from a grocery store can be extremely frustrating, especially if you would rather not shell out for an Uber or Lyft. Not having a gym nearby can also be disheartening if you are trying to stay healthy but don’t have the extra travel time available in your day.

There is a lot to learn when renting an apartment or home for the first time. The above lessons will help you get started on the right track.