Date Posted: 2012-06-07 10:54:00
Site Posted: Myproperty.ph
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When doing something for the first time, you’re bound to make a few mistakes, and renting an apartment or condo is no different. Finding a place to call your own can be both exciting and worrying if you’re not sure what to do first.
Aside from the inevitable small space and the occasional bothersome neighbor, there are a lot of other things that you need to prepare for. Here is a rundown of some things that you have to think about before moving into your new apartment or condo.
1. Do not misjudge the costs you will incur – The first item that you need to think about is how much you can afford to spend on a rental. Check out ads and compare various housing options in different locations to get a picture of what apartments or condos are renting for these days. Figure out if you can pay for the cost alone on your present income, or if you should get a roommate. Don’t forget that aside from the security deposit one month’s rent, you also have to compute your monthly utilities and your basic essentials like food and gas (if you have a car).
2. Check out the rental thoroughly before signing the lease – Don’t just coast from room to room and declare your love for the place. Keep a mental note of the floor space for your furniture or better yet, bring a measuring tape with you when viewing a unit. Check how many electrical outlets there are and if there is a phone jack already available. Switch the lights on and off to see that they are all working, and turn the faucets and flush the toilet to find out how much water pressure there is. It would also be a good idea to make a note of all the damages already in the unit and to tell the landlord about them before you move in.
3. Read your lease, and then read it again – Every legal concern about renting the apartment or condo is indicated in the lease, so even if the landlord has discussed everything in it, you still have to read it carefully. Don’t just focus on the deposit, advance and rent that you talked about; pay attention to other parts like fees for late payments, penalties for moving out before your lease is over and which utilities you are responsible for. Be sure that you also understand non-financial issues like pet ownership and unit renovation.
4. Apply for renter’s insurance – Homeowners are not the only ones that get hit by emergencies like fires, earthquakes or burglary, so don’t assume that you don’t need insurance. The landlord does have insurance for the condo or apartment itself, but he’s not going to replace anything you own that gets destroyed or stolen from your unit. Scout different insurance providers and compare their rates to get the best service for you.
Whether you are downgrading from owning a home or living on your own for the first time, it’s important to be a smart first-time renter. Know what you need to know about things like expenses, your lease contract and insurance beforehand to make the transition as smooth as possible.
Jillian Cariola, Writer
(cover image by Jasper Greek Lao Golangco)
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