If you’re thinking about renting your first Georgetown apartment, you might be equally excited and nervous. It’s alright to feel that way: after all, there are a few things you need to comprehend, from finding the right place to determining if you can afford it and everything in between. Simplify apartment hunting by arranging such vital things early. By doing this handy advice now, you may be able to find and rent your first apartment like a pro instantly.
Crunch the Numbers
Before you proceed with your apartment search, you need to find out how much you can afford. To achieve this, you’ll need to create a monthly budget that displays all of your income and expenses. Then you can calculate how much rent you can afford. A standard guideline is to keep your apartment rent at around 30% of your income after taxes. Compute the exact dollar amount. Now take a look at your budget. Do you have enough money left over after your other expenses to cover that amount? Otherwise, you will need to take some further steps before you’re ready to begin apartment hunting.
Look Beyond the Rent
Recognizing how much monthly rent you can afford is a great initial approach, but there are other costs involved that you should be aware of. Most of the time, you will need to pay a security deposit upfront along with the first month’s rent. The amount of this security deposit will change, yet it is normally the same amount as the rental payment.
There may also be other deposits and fees, like credit check fees, utility deposits, and additional charges. Aside from that, you’ll need to find out whether utilities are part of the rent or if you will be responsible for paying for your own. Internet, cable, electricity, gas, water, and trash disposal are all necessary utilities that require adequate money to get set up if they are not provided in the rent. To simplify, you can consider it this way: you will need to have at least 2 – 3 months of rental payments saved up to ensure that you have what you need to succeed in your first apartment.
Application Basics
If you’re done computing your finances, it’s ideal to start searching and applying for your first apartment. It is suggested to set up your application materials before you start so that when you find a spot you need, you’re ready to get that application done right away. To rent an apartment, you’ll need a list of documents and information.
Although this list may change from area to area, it is advisable to prepare 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
As you’re progressing through the rental process, carefully read through all of your lease documents – including the fine print. A lease is a binding legal contract, which shows that once you have signed it, you will be on the hook with all the items that are contained in it. Get a clear understanding of your responsibilities, what your landlord will provide, how things like maintenance and repairs will work, and so forth. Aside from that, make sure that the rental payment amount, security deposit amount, and other numbers are correct.
Ultimately, search for any unusual or unexpected rules or clauses to guarantee that you are comfortable following the rules stated in the lease. If you have any doubts about something you discover in your lease, remember to contact someone you trust. Indeed, the more you learn about the apartment, the neighborhood, and your landlord before you rent from them, the more benefits you will have.
Are you looking for your first rental home in Georgetown? Contact us online today or call us at 512-806-0606.
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.
