Are you ready to rent?

Renting for the first time can be a very exciting yet daunting undertaking! There are many different areas and options to consider before making a final decision. As you’re looking for the perfect rental, it’s important to know what to expect.  At LYL Realty, we ask our clients if they are prepared for all the steps into finalizing this huge deal.

For one, it is important to ask yourself, am I ready for how much this is going to cost me? Most first time renters know they are responsible for the monthly rent, but it is easy to forget about the upfront costs. It is very common for landlords to ask for a deposit of 1 to 3 month’s rent before your lease begins. In order for you to secure your ideal unit, you must have at least one month’s rent available to give to the landlord.  This deposit will take the unit off the market for you!  After the initial fees, paying for utilities is a more likely cost you’ll have to fit into your budget.  Different buildings have different rules but that is all to be discussed with your landlord.

Secondly, is your landlord the right fit for you? It is very easy to get caught up in the housing process that you forget to ask the small questions. Does your landlord have to keep your home safe and in decent condition? If your home has something wrong with it, will they take the time to resolve the issue? Sometimes people forget that things can go south! Ask your landlord these questions and try to negotiate if you have any concerns.

Lastly, roommates can make or break your first time renting or buying experience. First, decide how many roommates you want. How many roommates you have can affect your living costs and standards of cleanliness.  Try to pick people you know well and can trust.  Secondly, talk about a cleaning schedule and make sure everyone is on board with paying shared utilities. It essential that all roommates sign the same lease. You want to be secure that everyone is in contract and pays their own rent.

Renting for the first time is an exciting life experience. Carefully choose the people you want to experience this with. Remember to stay on budget and focus on the what you need.  And don’t forget, when it’s time to find a new place to live, whether you are looking to buy or rent, LYL Realty Group is here to help you every step of the way!