According to the UN, most of the world now lives in urban areas and that number will increase in the coming years. Some of the reasons for this increase include a growing population and the various opportunities present in cities.
As areas urbanize and more and more people need to be housed in a certain area, apartment living will likely rise as well. Despite the growing popularity of apartment living, it still requires a few preparations. You’ll need to consider some factors before renting an apartment.
We’re happy to help with this. We’ll talk about some of these considerations in the paragraphs below.
Table of Contents
1. Overall Costs
Before you rent an apartment, make sure you can afford it, not just the various upfront costs, but also the monthly rent and any maintenance or repair costs you might be responsible for. Much of this will depend on the area you plan to live in. New York, for instance, is notoriously expensive, claiming the title of the 2nd most expensive city in the world next to Hong Kong.
Ask yourself if there are any additional things you want to add to your new apartment, be it furniture, a stronger lock, picture frames to hang on the wall, or whatever else you’re bringing in.
2. Additional Inhabitants
Who, if anyone, is living with you? Do you have a family? Are you planning on getting or roommate or bringing in a pet?
These are important questions when apartment hunting because much of this will determine which apartment you should live in. There are a lot of apartments that won’t allow pets, for instance. Background checks are still legal in some states, so anyone with a previous criminal record, even for a minor offense, might be barred from moving in with you.
3. Condition
Nobody wants to live in a filthy, run-down apartment, which is why it’s important to do a walk-through before committing to anything. If you can, get a home inspection done.
Certain issues are hard to detect in a home, especially if you’re not a professional, such as a malfunctioning heating and cooling system, or appliances in need of upgrading.
The good news is that you’re not responsible for any issues that existed when you moved in, but they might make your living experience less pleasant.
4. Renter’s Insurance
One of the key perks of living in an apartment is the renter’s protection. Renter’s insurance and other forms of personal insurance will help cover the damage or theft of your property while you live in the apartment. It will also cover temporary lodgings if the apartment becomes unlivable.
Keep in mind that there is a limit to how much coverage you can have. Insurance also won’t cover any damage you do to the property, so if you have to seek temporary housing for an issue you caused, your housing will be covered but the damage won’t.
What to Consider When Renting an Apartment
Renting an apartment can be a great option, regardless of your situation, but there are things to think about first. We’ve discussed a few of those things in this article, but you can never do too much research.
If you want to know more about renter’s insurance and related coverage please visit our site.
