Would you like to become a tenant for the first time? Click here for our top five tips for anyone preparing to move into their first rental – you'll thank us later!
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First tenant? In addition to packing, updating your shipping address, and planning your first warm up, check out our top five tips to prepare for the future. Thank you later!
1. Get covered
When we think of people "making investments" we are more likely to think that they are putting a significant amount of money into a business, for example, to make more money over time. The thing is, tenant insurance is an investment too – and an incredibly valuable one. Avoiding a host of potential outcomes that can destroy your finances is essentially an investment in your future. From fire to theft, accidental damage or injury to temporary living expenses, tenant insurance ensures you are protected from the effects of a bad result. According to the top provider Lemonade, tenant insurance should offer “a safety net for you and your belongings” against a multitude of worst-case scenarios. Click here to learn more about how tenant insurance works, from eliminating the myths to determining what – and who – is covered.
2. Focus on low-impact decor
For anyone looking to enjoy their first impression of freedom after years in the family home – or of course in the shared student dormitory – one of the first things they want to do is find the place they want by using these Pinterest Use inspiration from catering and investing in lots of unique decor.
The only problem is that renting still places a number of restrictions on what you can and can't do. While individual landlords have their own guidelines – some allow you, for example, to paint the walls (assuming you paint them back at the end of your tenancy), while the vast majority do not allow these types of changes. If you don't stick to the rules of your tenant agreement, you could lose a large chunk of your security deposit and you can guarantee that the cute decor isn't "worth it" at this point.
From vinyl stickers to the washi tape tactic, there are plenty of rental-friendly decor tricks you can use to create a unique, landlord-approved space.
3. Take the time to find and document damage
When you move in, your landlord will inform you of any damage or deficiencies in the house or apartment. You will then have the option to do the same, and a grace period will be set within which to document other shortcomings to ensure you are not held liable for any issues or breaks that in the end were not your fault.
It is tempting to go through this step, but doing so could prove to be a fatal mistake when the time for your move comes. Check the condition of any paint, fixtures, or furnishings that are already in the property when you move in. Take your time and notify your landlord as soon as possible to make sure you are outdoors.
4th Start rebuilding your savings right away
For the vast majority of people, moving to a new property – especially as a beginner – will take a huge toll on their savings. From putting that down payment together, to paying a moving company, to buying enough furniture to make the house comfortable, and getting used to paying for groceries and bills, it will all put a totally new charge on your bank account.
This is inevitable, of course, but you can learn from the lesson in your first step to make sure you are ready to do it all over again when the time comes for you to move on. While it may be tempting to spend all of your savings turning that rental into a perfect home, it will turn out to be the best decision you ever made in a year to spend a portion of your paycheck each month on rebuilding your savings put aside.
5. Stay up to date on rental payments
While this seems like an obvious tip to share with renters, it will never lose its relevance. If you are left behind on renting without being able to discuss it with your landlord, it can cause significant damage to your tenant rating and make it much harder for you to find an apartment once your agreement takes its course. It can even escalate, affecting your creditworthiness or requiring you to pay your landlord damages.
There are still things you can do to pay the rent even if your bank account runs out at the end of a difficult month – although avoid payday loans, which offer short-term relief at the expense of high interest rates, with a repayment period that is a diabolical monthly one Cycle could give way.
