Renting is becoming the reality for most young Americans. Owning property, especially in larger cities, is out of the questions thanks to dubious real estate prices and an economic situation that is not making things easier.
Although finding a place to rent isn’t as stressful as finding a place to buy, there are still several things you should keep in mind before you settle down for an apartment. Join us as we go over the most important ones!
Finding a place to live can be tricky. There are so many factors to account for, such as the proximity to your place of work or school for your kids, local infrastructure, venues, and a bunch of other stuff.
Finding a proper apartment in massive cities such as DC can be complicated. Experts over at DARO Apartments claim that finding a good spot to lease in DC can be extremely difficult if you don’t know what you’re looking for, so you should see more to find out just what hunting for a place in DC requires. That being said, DC is a fairly unique city just like NYC.
Sometimes it’s better to pay more in rent if that means you won’t have to commute to work. Alternatively, you can always go the opposite way and lease out in the suburbs if you have a good line of commute.
Lease Terms and Cost
When you go and find a great part of town you want to live in and find a great little (or big) apartment that fits you, it’s easy to succumb to the temptation and just sign your name on whatever document they give you.
Record scratch…Stop. That document you’re about to sign is a legal document. It binds you to service the terms of a lease. Don’t rush into anything. Instead, sit down and slowly go over every single point.
Most lease term agreements are uniform, but it’s known that some landlords like to insert their own terms that aren’t necessarily working in your favor. Double-check the terms and know the most common ones that should be in an agreement.
As far as costs go, make sure to break them down and do a long term evaluation, stuff such as:
- Trash, water, and other services
All of these stack up over time. Put all the costs on a piece of paper, do a one year projection, and see if that’s something you’re willing to deal with.
Lastly, find out whether or not your new landlord is okay with pets. Some are, some aren’t. Singing a lease without clearing this detail up can lead to an awkward conversation and a potential break of lease. Understand that renting with pets is a slightly different experience when it comes to logistics and paperwork.
At the end of the day, being patient is what it’s all about. Give yourself enough time to find a place that matches your needs, but also your character. Don’t rush into a lease unless you’ve just been kicked out and it’s the middle of December. In reality, such situations are extremely rare. Once you find the right place, all of the effort you’ve put into the search will be worth it.