If you’re speculating about renting your first Eagle apartment, you might be equally excited and nervous. It seems normal to feel that way: nevertheless, there are a couple of components that you need to understand, from finding the right place to recognizing if you can afford it and everything in between. Simplify the apartment hunting by performing some important things in advance. By following these basic strategies now, you can instantly search and rent your first apartment like a pro.
Crunch the Numbers
Before you go to your apartment search, you need to confirm how much you can afford. To do so, you’ll need to record a monthly budget that shows all of your income and expenses. Then you can calculate how much rent you can afford. The right guideline is to keep your apartment rent at about 30% of your income after taxes. Analyze the exact dollar amount. Then take a glance at your budget. Do you have enough money left over after your other expenses to cover that sum? If not, you may need to take a few additional actions before you’re ready to begin apartment hunting.
Look Beyond the Rent
To start with, you need to determine how much monthly rent you can afford, but there are some costs involved that you will need to consider. In general, you are required to pay a security deposit upfront along with the first month’s rent. The amount of this security deposit may change, but it is usually the same amount as the rental payment.
There may also be other deposits and fees, including credit check fees, utility deposits, and so on. In addition, you’ll need to find out if utilities are included in the rent or if you will be responsible for paying that all alone. Internet, cable, electricity, gas, water, and trash disposal are all essential utilities that you’ll need to have sufficient money to get set up if they will not include that in the rent. To clarify, you could think of it this way: you’ll need to have at least 2 – 3 months of rental payments saved up to ensure that you have what you need to get into your first apartment.
Once you’ve got your finances worked out, it’s time to start searching and applying for your first apartment. It’s a good idea to have your application materials prepared before you begin so that when you find a place you like, you’re ready to get that application done promptly. To rent an apartment, you’ll need a list of documents and information.
While this list may vary from area to area, it’s a good idea to have the following available:
- Your last two pay stubs or a bank statement
- Social security number
- Driver’s license or state ID
- Credit report
- Contact information for at least two references
Read the Lease
Once you’re proceeding with the rental process, carefully read through all of your lease documents – including the fine print. A lease is a binding legal contract, which means that once you sign it, you will be on the hook for all it includes. Get a clear understanding of your responsibilities, what your landlord will provide, how things like maintenance and repairs will work, and more. Moreover, make sure that the rental payment amount, security deposit amount, and other numbers are correct.
Lastly, check for any unusual or unexpected rules or clauses to secure that you are comfortable following the rules stated in the lease. If you have questions or you notice something strange in your lease, feel free to contact someone you trust. In reality, the more you know about the apartment, the neighborhood, and your landlord before you rent from them, the better off you will be.
Are you looking for your first rental home in Eagle? Contact us online today or call us at 208-494-1800.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.