Becoming a first-time renter is exciting, but it also requires careful planning and preparation. Before signing a lease, it’s important to understand your finances, what’s included in the rental agreement, and which questions to ask your landlord. Knowing what to look for and how to prepare for your first rental can help you avoid costly mistakes and feel more confident throughout the rental process. Today, we’ll review some of the most important things every first-time renter should know.
How to Financially Prepare for Your First Rental
Moving into your first rental property is an exciting time. However, what you might not realize is that it takes a lot of preparation. One of the first things you’ll want to do before looking for your first rental property is look at your finances. Can you afford to pay rent every month and still cover your basic necessities, like food and utilities?
When you start your search for a rental, you may or may not have to pay application fees. This is the first expense to account for. That said, you can expect to pay anywhere from $30 to $50 to apply for properties you’re interested in.
From there, once you’ve found a rental you like and you’ve been approved, you should expect to pay the first month’s rent and your security deposit, which may be one to three times the rent amount. This can be a large amount, and you don’t want to be surprised when you go to sign the lease. Luckily, most property management companies list these fees in advance, so you can prepare for your total move-in cost.
Aside from the necessary expenses, you’ll want to think about how much it’ll cost you to move. Whether you pay for movers or have to buy boxes to pack up your belongings yourself, think about these costs, too.
What First-Time Renters Should Know About Leases
As you can imagine, lease agreements are a huge part of the rental process. Your lease agreement is a legally binding contract that states a lot of crucial information. For instance, it should include the following:
Move-in date
Lease duration
Rental rate
Security deposit amount
Late fees and payment policies
Maintenance responsibilities
Utilities and services
Pet policies
Occupancy limits
Rules and restrictions
Renewal terms
Entry and inspection rights
Move-out requirements
Consequences for breaking the lease
Amenities and shared space rules
Once you sign your lease, you’re legally required to follow it. So, understanding the rules and your landlord’s expectations is crucial so there are no surprises throughout the duration of your lease.
Questions to Ask Before Signing a Rental Agreement
As they say, no question is a dumb question (especially when it comes to something as important as housing), so don’t be afraid to ask them. For instance, some lease agreements may not be apparent, or may be missing crucial information that you need to know as a renter. So, asking the right questions can help you know exactly what you’re signing, what’s expected of you, and what you can expect from your landlord or property manager.
Some of the best questions to ask may include:
What’s included in the rent?
How do maintenance requests work?
Are there any additional fees I should know about?
What are your rules around pets?
How much notice do I have to give before moving out?
What’s the guest policy?
Will I get my security deposit back?
Can I make any changes to the property?
What happens if I’m late on rent?
What if I need to break my lease early?
Do I need renters’ insurance?
How often will you need to enter the unit?
Understanding Your Responsibilities as a Renter
When you move into a rental property, you have a lot of responsibilities. Not only do you have to pay rent and utilities on time each month, but you’re also expected to properly care for the space and follow the rules outlined in your lease agreement. This includes keeping the home clean, reporting any maintenance issues, respecting your neighbors, and avoiding any damage beyond normal wear and tear.
With that, you’re also responsible for complying with other property rules, like parking guidelines, noise policies, and pet requirements. Additionally, if you live in an HOA community, you’ll want to know any rules or regulations that apply to you.
Some landlords or property managers require renters' insurance, and if they do, you’ll want to make sure you have that. Ultimately, understanding and meeting your responsibilities as a first-time renter is crucial if you want a positive rental experience.
Common Mistakes to Avoid as a First-Time Renter
Renting for the first time is exciting, but through that excitement, it can be easy to overlook important details–especially if you’re new to the process. That said, one of the most common (but most detrimental) mistakes new renters make is signing a lease without fully understanding it. Unfortunately, this can lead to misunderstandings about fees, rules, or responsibilities later on.
Another common mistake to avoid is failing to budget properly. Many first-time renters forget to account for utilities, parking fees, renters’ insurance, and move-in costs like application fees or security deposits.
One important step in the rental process you don’t want to forget is documenting the property's condition at move-in. You’ll want to walk through the property and note any flaws that are already there, such as scratched flooring, faded paint, or broken appliances. Letting your landlord know they’re already there shows they didn’t cause the damage, saving you from incurring fees later.
These are just a few of the mistakes that can cost you later on. Avoiding them can help you, as a first-time renter, feel more confident and enjoy your rental experience from start to finish.
Have a Positive Rental Experience With Stone Oak
As a first-time renter, finding the right rental property and preparing to move can be a daunting process. However, it doesn’t have to be. Working with a professional property management company can help you find a rental property and clear up any questions you may have from the start.
If you’re looking for a rental near Austin, contact us here at Stone Oak Management. Our team of reliable property managers can help you find a home and walk you through the rental process, ensuring you’re left with no questions unanswered. Contact us today to learn more about our rentals and services.
