Renting for the first time can be an exciting and daunting experience. It is probably the biggest monetary commitment you've made so far, and you're committing to stay in one place for a set amount of time. A renters' guide can help you understand the agreement you're entering into. Relying on a renters' guide can help you navigate the process to ensure that you do not end up in a bad situation or at the mercy of a bad landlord. A renters' guide can help you find the right place, understand the rental agreement and understand your role as a renter.

Finding the Right Place

Finding the right place for your circumstances is the most important aspect of renting your first property. Any good renters' guide will advise you to understand your particular circumstances. You should be realistic about how much you can afford to spend on rent and avoid underestimating the cost of renting. Once you know how much rent you can afford, check out the rental costs of the apartments in the city or neighborhood you want to move to. Browse the rental section of the newspaper, or check online rental sites to determine if you can afford to rent on your own or if you need to find a roommate to help cover costs. You should also understand that rent is not the only cost you should calculate. You need to plan on expenses related to security deposits, application fees, utility deposits, cable fees and telephone fees, as well as furnishings and other items you've probably relied on your parents for, such as food, soap and cleaning supplies. In addition to these start-up expenses, understand that you need to pay utilities every month and eat on a fairly regular basis.

Once you understand the sort of property you're looking for, a good renters' guide will advise you to see the property before you move in. Even if you are moving cross-country, never move into a property sight unseen. Ask the landlord to let you inspect the actual rental property. Bring a tape measure to get an idea of the place's dimensions for moving day, and be prepared to take notes. Check the faucets, flush the toilets, turn the lights on and off and turn on and visually inspect all of the appliances. Check out the laundry facility, or make sure your own washer and dryer fit in the rental's space if it is allowed. You should also check the outside lighting, make sure the parking lot is well-lit and inspect the common areas. Finally, check to make sure you receive cell phone coverage in the rental property.

If your inspection reveals any damage or serious problems, demand they be fixed before you move in. If the landlord refuses to do so or minimizes the problem, that should be a good indication that you do not want to rent from that particular landlord. Your landlord has an obligation to maintain a habitable space for you to live in, and if the landlord refuses to do so upfront, that is probably not a landlord you want to do business with. When you move in, you must perform a second inspection to determine any damage or problems that existed prior to your arrival. Do not try to skip this process. Be as meticulous as you need to be, and write down every possible defect, no matter how seemingly insignificant. Give a copy to your landlord to avoid being held liable for these problems down the road. If you don't and your landlord thinks you caused those defects, the cost of repairs might come out of your security deposit.

Understand Your Rental Agreement

The rental agreement or lease is a legally binding contract you enter into with your landlord. It specifies your rights, the landlord's obligations and the rules you must live by while you live in the rental property. It was probably prepared by an attorney and likely written so as to discourage you with big words and complex sections so you'll give up and sign the contract. Do not give in. Carefully read the contract, ask questions, take it home with you to read if you need to and discuss any questions you cannot resolve with an attorney. A careful reading of the contract can avoid problems down the road.

You should also be aware that the terms of the contract will likely be enforced unless unconscionable. That means that if you agree to something like early termination or lease-breaking penalties, you will have to pay for them if you decide to break the lease. You should also be aware of late rent penalties, pet policies, repair policies and the protocol for reporting damage or requesting repairs. If those policies aren't clear, ask about for clarification.

Then find out what happens at the end of the lease. Most leases are for a year, after which the rental agreement will shift to a month-to-month agreement unless the contract is renegotiated. In a month-to-month lease, your rental agreement no longer has a specific time limit, and you may move at any time as long as you give a 30-day notice. Your landlord can typically require you to move at any time also, as long as he gives the same notice. However, prior to the expiration of the lease agreement, if you need to break the lease, you will likely face a penalty. Most lease-breaking penalties include 30 days notice and one more month's worth of rent. Make sure you understand the provisions of your contract that govern breaking your lease prior to signing the rental agreement.

Some of the most important provisions in your contract will be those that govern specific procedures for reporting damage and requesting repairs. You will be responsible for normal wear and tear of the rental property, and the agreement may require you to repair small items. However, the landlord is typically responsible to make large repairs. You should contact the landlord immediately after something breaks, and check your agreement. Most agreements require written notice of damage. If the landlord refuses to make the repair, your options may include withholding rent, paying partial rent, breaking your lease or contacting local building inspectors or city offices.

Renters' Insurance

Do not assume that your landlord's insurance extends to your belongings. After carefully budgeting for and slowly acquiring all of your possessions, imagine if they vanished in a fire or flood, or if they were stolen. A responsible renter will purchase renters' insurance. Regardless of how little you think your belongings are worth, the cost of replacing them adds up quickly. Your landlord's insurance only covers his investments-the building, the grounds and infrastructure.

In order to cover your belongings, you will need to purchase your own policy and ensure that your belongings are covered by some form of renters' insurance. Not all states require renters' insurance. Meticulous landlords, regardless of whether renter's insurance is a state or local requirement, may require you to purchase renters' insurance. You can probably plan on paying $15 to $20 a month for a renters' insurance premium, so shop around for the best insurance quote, but check with the company that insures your car first. You might be eligible for a discount for having more than one policy with your insurance company. While your premium might be enough to push your budget over the top, replacing all of your stuff in the event of a disaster would really stretch your budget.