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Renters must do their homework
As you get ready to move out of Mom and Dad's, some upfront legwork could save you many a headache.
The recession means renters have more choices - from traditional apartments to single-family homes - and more bargaining power. Renters also should be prepared to deal with first-time landlords, who have decided to lease a property they can't sell in the current downturn.
Here are some tips to get you started:
- Set a budget. Look at your income and expenses and determine how much you can afford to pay for rent. A good rule of thumb is spending no more than 30 percent of your monthly take-home pay. And don't forget, some landlords include utilities in the rent, some don't. Some also charge extra for parking and pets. Once you have a limit, you can start looking.
- Research your options. Check Web sites such as apartments.com, rental magazines and newspaper listings. Drive around the neighborhood you want to live in - both during the day and at night. Ask family, friends and co-workers for recommendations. Once you have a few apartments in your sights, take the time to compare living spaces, amenities and prices.
- Inspect the common areas of a property. If the hallways and elevators are dirty or the grounds overgrown, there's a risk the landlord also will take a long time to make any repairs.
- Ask some of the residents about the landlord or property manager. You might get details you wouldn't hear otherwise, like odors from the restaurant next door or the upstairs neighbor's dog that barks all day when the owner is away.
- If you're visiting apartments after work, make sure to come back during daylight. You can see how much natural lighting comes into the apartment instead of relying on a landlord's word.
- Keep a priorities list. What do you want most in your apartment? A large kitchen, a fireplace, many windows, a balcony or a big master suite? Take your pick, but determine what you could do without. And don't forget the small things that could become bigger deals if you have to live with it everyday.
- Background checks, yours and theirs. Once you've made your choice, walk into the leasing office prepared. Landlords or property managers likely will require at least some form of identification, your Social Security number to pull your credit report and criminal background check, employment information. The landlord also may ask you for a nonrefundable application fee.
- Beware of extra charges and penalties. Be aware of what's included in the rent like heat, water, electricity or gas. Are there any extra charges for parking, pool, gym or pets? Can you make changes to the apartment? What's the penalty for terminating early? In what cases can the landlord keep your security deposit? Is it a month-to-month or yearlong lease?
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