We’d like to say, "Congratulations!" to all the new college grads out there! Perhaps you’re preparing to embark on a career, further your education, get married or make other major life changes? Either way, you’ll be starting a new chapter in your life and it’s definitely something to be excited about.
One major life decision you may be considering is whether to rent or purchase your first home. Many college grads choose to begin their lives as a “grown up” by renting an apartment.
It’s important to know that renting an apartment is an important decision and should be taken seriously. The last
To help make the experience positive and smooth, here are some steps college grads should take when renting their first apartment:
- Research. It’s important to consider all aspects of your apartment search. For example, the location is key. Will it be an easy commute to work? Is the apartment complex close to the conveniences you’ll need, such as grocery stores, entertainment venues, and the family or friends you’ll be hanging out with a lot? Also, begin your search when it’s close to your move. If you’re considering an apartment complex, check online reviews about the management/community.
- Expenses. More likely than not, your apartment will be unfurnished. Make sure your budget will accommodate the items you’ll need to eventually purchase to make your apartment comfortable to live in. Keep track of all your existing budget items too, such as your car payment, student loans, and existing credit card debt.
- Credit. In most cases, a rental application will include a credit check. It’s good to know what that’s going to look like in advance so obtaining a copy of your credit report is a good idea. Sites such as freecreditreport.com will provide you with a copy of your credit reports for no cost. That way if something unexpected shows up that may negatively affect your credit then you can deal with it before you apply. Rental applications usually require proof of employment, documentation of income, etc. Take time to gather those document so you’re prepared to supply that information if needed.
- The big picture. Special promotions that offer discounts or waive application or move-in fees always sound great and most are legitimate. However, make sure you understand all the terms and conditions that are involved. Compare the bottom line costs since those “discounts” may end up being recovered as expenses somewhere else.
- Roommates. Moving in with your best friend or friends may seem like a good idea at the time. But living together can strain even the strongest of friendships. Talk seriously with potential roommates about lifestyle, splitting expenses, divvying up chores, etc. It helps to get financial arrangements in writing too. If your potential roommate has credit or employment/income issues, it could make a difference in where you live – or who you live with.
- Understand your lease. This is especially important since you’re essentially signing a binding contract. Ignorance of rules and stipulations will not help if conflicts arise. However, some provisions may be negotiable, but only if you’re aware of them up front. The lease document often outlines useful information that will help you get to know more about your landlord/management company as well.
- Know your rights. If conflicts do arise, it’s essential to know and understand your rights as a tenant and these may not be obvious in a lease. Check with the state where you’ll reside to find information about any legal rights tenants have there.
Moving to your first apartment should be exciting and fun! Considering all of these important aspects of the process will help you be prepared and confident as you start this next stage in your life.
Related Resource
realtor.com 19 Mistakes College Grads Make When Finding Their First Apartments