Becoming a renter for the first time may be an eye-opening experience, especially for young adults preparing to move out of their parents’ home. But with a little advance preparation and knowledge, the process can be a much simpler transition. We’ve compiled a few tips to help you begin the newest phase in your life.
Budgeting
Choosing an apartment that sits comfortably within your budget is just as important as choosing one that’s visually appealing and located in a safe area. You can calculate your budget by writing down your after-tax income, then writing an estimate of monthly expenses including utilities, groceries, gas, entertainment and more. Once you’ve totaled these expenses, you can see how much you can afford to pay in rent. Remember, you’ll also need an initial savings since most apartment complexes require a deposit upfront.
Read the Lease
Since a lease is a binding legal document, you should know the details of the contract you’re signing. For instance, if you have a roommate who fails to pay his or her portion of rent, are you responsible? Are you allowed to own pets, and if so, are they any restrictions? Can you paint the walls? This information is pertinent and will likely be addressed in the lease. You’ll also be informed of your rent fee and what happens if you’re late in paying. (Hint: set a recurring alarm in your phone so paying rent doesn’t slip your mind.)
Get Renters Insurance
Renters insurance helps protect all of your belongings, as well as your liability responsibilities. It’s one of the most affordable types of insurance, which makes it very beneficial in the event that you experience a loss. Plus, some property managers will require that you purchase a policy as a part of your lease.
We’ll help you get started. Call La Familia Insurance at (888) 751-7511 for more information on Dallas renters insurance.