Have you just landed your very first job in a city that you like? Or are you a student planning to go to another city to further your studies? Buying a property is definitely out of option for now as it is unaffordable. Therefore, renting an apartment could be a good choice for the time being. With so many apartments for rent in different places such as an apartment in Melaka or apartment in Kuala Lumpur, find the right apartment should not be an issue. This article will guide you through the things you need to know when renting an apartment.
1. Sharing Apartment
a. Advantages
Sharing an apartment with a friend comes with some advantages and it is definitely a good option if you are tight on budget. First of all, you will be splitting rental and utility bills such as electricity bill, water bill, internet bill and so on. Moreover, you get to stay with your friend and have fun together so you do not feel lonely.
b. Disadvantages
Staying with a friend does come with its disadvantages as well. One of the most important things that most people prioritize is privacy. Staying with your friend means little or almost no privacy at all. There is also a possibility that the apartment might be very dirty and messy due to unhygienic housemate or roommate. Other than that, you will also have to be prepared for late payments as your friend might take you for granted. If your housemate and you are still a student, be prepared for parties that might happen every weekend. That being said, you are in a danger of having your friendship affected if you were to share an apartment with your friend.
2. Renting Alone
a. Advantages
The advantages of renting the apartment alone are that you will have your privacy protected and enjoy the peaceful environment with less noise from the parties. In addition, you can keep your apartment as clean and hygienic as you want it to be. You could also regulate the utility usage so you will not have to spend much on the utility bill.
b. Disadvantages
The disadvantages of staying alone are that you have to bear all the costs, including rental and utilities bill all by yourself.
Whether or not you are renting an apartment alone or with your friends, there are a few things that you will need to bear in mind before you sign the contract:
1. Set A Budget
First of all, you will need to set a realistic budget and stay within your means. The general rule of thumb is that your rental should not be more than 30% of your monthly gross income. You definitely do not want to end up being caught up in a tight finance after paying for your rental. Furthermore, you will have to pay for utility bill and other miscellaneous fees.
2. Location
The location should be one of the factors that you take into account when deciding where to stay. Choose an apartment that is near to your workplace or your educational institution to avoid the massive jam or extra petrol you need everyday.
If you want to save money, you can always choose to search for apartments on your own instead of relying on real estate agents where you will need to pay them a commission. You could always look for available apartments from the newspaper, Facebook page, college notices or any rental listings you can find on the websites on the Internet.
3. What Do You Need
Have a list of requirements that you are looking out for when it comes to renting an apartment. Is a pet-friendly apartment important to you? Or do you need a parking space? Are there any malls, restaurants, clinics or churches in the vicinity of the apartment? These requirements are important to note down as it will help you to narrow down your options. There are things that you should not compromise, such as the safety within the proximity if you are planning to stay for a long period.
4. Documentation
As ridiculous as it sounds, some landlords will require you to present your monthly payment records to prove that you are a good tenant who will make payment on time every month. You will need to prove to the landlord that you are trustworthy.
It is also essential for you to know what you will be paying such as electricity bill, water bill, gas, and Internet bill. You definitely do not what to end up paying more than what you use.
Before you sign the tenancy agreement, make sure you read the terms and conditions carefully. Do not repeat the common mistake that most people do where they choose not to read the contract carefully. Make sure you understand the rental price, conditions of deposit, termination and other little details. This will save you from trouble in the future.
Once you are familiar and done with the above steps, you can now sign the contract and move in. In conclusion, renting an apartment is still considered easy as compared to buying a property where it is a lot more troublesome. Make sure you set a budget before you sign the contract. Do also follow the rules and regulations stated in the contract to avoid getting your deposit forfeited.
