3 FINANCIAL TIPS FOR FIRST-TIME RENTERS

[Yusra3]

First-time renters can be intimidated by the idea of paying rent. But as long as you're aware of some of the things you'll need to think about before moving into a new place, it's not so scary. Here are 3 financial tips for first-time renters:

1. Make a list of all the expenses associated with renting an apartment or house including utilities, internet, and property management fees and write those down on paper so you won't forget them. You'll also want to ask your landlord what they charge for garbage pickup and water usage, which could save you money in the long run.

2. Don't make any major decisions about your new living situation until after you've signed the lease agreement and received your security deposit (which is usually one month's rent). That way, if there's something that comes up between now and then (like damage from an earthquake), you can fix it without having to worry about losing money.

3. Once your lease is signed, go ahead and put some money aside each month for emergencies like unexpected car repairs or medical bills. If something does come up unexpectedly while living there, don't freak out because this will help keep things under control!

 

[niche]

It is also advisable to make a list of items which are already there in the home, especially in the kitchen and the items which the tenant will bring to the home. This prevents confusion when the tenant is vacating the house, they will not miss the items they have purchased or accidentally take away the items which belong to the landlord. Most landlords will inspect the house, to check if all the items are there, before refunding the deposit to the tenant.

 

[Carpon]

Rent is actually something that sounds scary and even to me personally. I always feel it is safer to own the property rather than getting a rented one. And when talking about a house, it may even get worse because something like a business will generate money for you and you may get what you need to pay your rent from the activities going on in the rented apartment.

But a house won't really directly become a source of money to you and so renting a house will more or less sound like a liability.

But as you said, when you properly plan and put things in place, that won't be a fear factor at all. First, ascertain the entire cost of the rent and all that may be affiliated to it and then make budgets that will cover for all that even before hand. This will help reduce the strain that it may have on your finances.