If you’re contemplating renting your first Orlando apartment, you may be equally excited and nervous. It reasonable to feel this way: however, there are numerous things you need to recognize, from finding the right place to ensuring you can afford it and everything in between. Make apartment hunting easier by arranging some critical things beforehand. By doing the following methods now, you can surely locate and rent your first apartment like a pro in an instant.
Crunch the Numbers
Before you begin your apartment search, you need to work out how much you can afford. To do this, you’ll need to make a monthly budget that shows the entirety of your income and expenses. At that point, you can calculate how much rent you can afford. A general guideline is to keep your apartment rent at about 30% of your income after taxes. Calculate the exact dollar amount. Now inspect your budget. Do you have plenty of money left over after your other expenses to cover that sum? If not, you may need to take the necessary actions before you’re able to start apartment hunting.
Look Beyond the Rent
At first, you need to find out how much monthly rent you can afford, but there are some costs involved that you should give importance to. Regularly, you will need to pay a security deposit upfront along with the first month’s rent. The amount of this security deposit will alter, but it is almost always the same amount as the rental payment.
There may also be extra deposits and fees, such as credit check fees, utility deposits, and other expenses. Also, you’ll need to find out if utilities are provided in the rent or if you will be responsible for paying for your own. Internet, cable, electricity, gas, water, and trash disposal are all important utilities that will require enough money to get set up, if they aren’t provided in the rent. To simplify, you can look at it this way: you’ll need to have at least 2 – 3 months of rental payments saved up to make sure that you are prepared to get into your first apartment.
Application Basics
Once you’ve got your finances figured out, it’s time to start searching and applying for your first apartment. It’s a smart idea to get your application materials organized before you start so that when you find a place you want, you’re able to get that application done fast. To rent an apartment, you’ll need a list of documents and information.
While this list may vary from one spot to another, it’s a smart thought to have 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 going through the rental process, carefully read through all of your lease documents – together with the fine print. A lease is a binding legal contract, which implies that once you sign it, you will be on the hook for everything included in it. Have a clear understanding of your responsibilities, what your landlord will provide, how things like maintenance and repairs will work, and so on. Additionally, ensure that the rental payment amount, security deposit amount, and other numbers are correct.
At last, browse for any unusual or unexpected rules or clauses to ensure that you are comfortable following the rules stated in the lease. If you have any concerns about something you find in your lease, be sure to ask someone you depend on. Besides, the more you know about the apartment, the neighborhood, and your landlord before you rent from them, the wiser you will be.
Are you looking for your first rental home in Orlando? Contact us online today or call us at 407-681-7802.
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.
