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#7 Apartment Hunting Mistakes That Can Cost You - US News

Why you shouldn't say “yes” to the first apartment you see.

Apartment hunting can be a gamble for renters. You must decide if an apartment is right for you after visiting it only a few times, or sometimes only once, and signing a new lease is a big investment.

Make sure you’re not spending more money than you have to. Here are seven common mistakes during the apartment hunting process that can end up costing you:

1. Searching through questionable listing websites. While there are many apartment listing sites out there, the search experience isn’t always ideal. Many advertisements don’t include all the details you need, especially photos, to make an informed decision. More importantly, some sites are known to be riddled with scams aimed to steal from you. Don’t waste your time or money on illegitimate listings. Perform your apartment search on a quality listing site you can trust such as zillow.com, trulia.com or rent.com.

2. Going beyond your price range. When you find an apartment you really love, it can be easy to convince yourself that you can afford it – even if it’s outside of your budget. This is an apartment hunting mistake that will cost you for the entire length of your lease. A general rule is that you should never pay more than 30 percent of your net income on housing. If the apartment you love is over the 30 percent limit, or very close to it, you might not be able to afford it. Remember that emergencies and unexpected expenses always come up, and having wiggle room in your budget will make those times much less stressful.

3. Not asking questions and assuming. When you are apartment hunting, you want to make sure you understand the rental terms and what is included in the lease. For example, don't assume the price of utilities is included just because the landlord didn't mention they weren’t during your visit. Ask questions to ensure there are no surprises down the line. It's easy to forget what to ask while you are touring apartments, so keep a list on hand and jot down the answers so you don't later forget what was said.

4. Making quick decisions. Apartment hunting can be stressful, particularly in a city with low rental vacancy rates. However, just because you feel pressure to find a new apartment doesn’t mean you should say “yes” to the first apartment you see. Take your time to make sure you’re choosing a new home you can live in for the next 12 months.

5. Not reading the lease. You may be tempted to just go ahead and sign on the dotted line, but not carefully reading your apartment lease can lead to trouble down the road. The lease is a legal contract. and you are bound by what it says, so don’t sign an apartment lease until you have read it thoroughly. If you are unsure of some of the legal jargon in the contract, seek some help. Have a friend or family member explain what it says, or ask the building manager to go through the fine print.

6. Overlooking pre-existing damage. Your security deposit is probably one of the easiest ways to lose money during the rental process, so set yourself up for success. Before you sign an apartment lease, tour your new place with the landlord and document any damage to the unit in writing and in photos. Make sure your photos are stamped with the time and date. If you skip this step, you may get charged for damage you didn’t cause when you move out.

7. Forgetting to factor in your commute. While you may be looking in a neighborhood because of its affordability, remember that may mean it will cost more to get to work. Keep in mind that a farther drive means spending more on gas, oil changes and vehicle maintenance. It also means more time in your car and less time in your new home.




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