Renting an apartment for the first time is a rite of passage that celebrates a major transition in an individual’s life. It is a mark of financial and personal independence. However, making hasty decisions might actually mean taking a completely wrong first step. Instead, follow this 4-step checklist to judge whether you are ready to rent your first apartment.
Research shows that there is a marked increase since last year in the number of single men and women who are still living in their parents’ homes until the age of 25-30. The very basic reason or this is that individuals just starting out in their employment fields do not earn as much as their parents who are well established in their income potential. As such, it is important to analyze if your financial freedom has come up to the mark where renting an apartment is possible and would not throw you in to potential credit card debts. For instance, if you are looking for apartments in Corpus Christi, check for the following points to ensure you are ready to rent.
Start by calculating your budget for renting an apartment. The annual apartment costs should come up to about one-third of your gross annual income. You should look for apartments that fall within this budget range to make sure that you do not fall under the red line on your debts. Again, your monthly income might be less than what you actually earn if you are still paying off education loans, car loans or any other credit card debt that you have accumulated so far. Start by calculating all your monthly expenses including gas or transportation costs, estimated utilities and grocery bills. This constitutes your overall monthly expenses and they should amount to less than your overall monthly income.
Again finding an appropriate apartment can help you restructure many of your budgetary concerns. Apartments located on the outskirts of the main city will cost lower than those located within the very city limits. If you can adjust in a studio apartment, it will cost you less than 2-BHK apartment. These are just some of the minor adjustments that can save you quite a bit on your monthly rentals. For instance, Corpus Christi apartments in the main city are costlier than the outskirts.
If you have a budget in mind, look at all available housing options for those budget criteria. You can look at Affordable housing units for rent, micro units, or even modular apartments to cut costs during your initial stages. If you cut the budget for the apartment choices, you might afford renting furnished apartments. While unfurnished apartments are cheaper in general sense, you will still have to account for the costs of buying or borrowing a bed and essential furniture pieces.
Finally, the budget should be kept in mind when looking at the lease contracts for the apartment. The lease contracts might differ greatly for various apartments. You should check for additional expenses mentioned in the lease such as parking fees, huge security deposits and other maintenance costs. Always negotiate your rental costs with your property owner to get the best bargains before signing the lease.