Key Factors to consider when renting your First Home

Getting into your first house or home is usually an exciting breakthrough in your life especially if you’ve just left college or university and secured your first job. Although this is a simple process, it can be a challenging process to people planning to get their first homes. So the first thing you need to do is to get enough information on how to go about renting your first home. Having gone through the same experience when I was getting into my first house, I will share with you key factors to consider when you are planning to move into your first house as a tenant.

key factors to consider when renting your first home

So let’s go straight to these key factors that can act like a guide when you are planning to rent your first home:

Determine your Budget

Paying for a house usually takes a big portion of your income, so you need to determine the amount of money you would like to set a side say on monthly basis for your house rent. You also need to factor in expenses like utilities (you need to find out if the landlord takes care of the utilities payments); other expenses may include parking space, storage, internet, and garbage collection. When you are moving in for the first time, you have also to buy Furniture and essential house hold items, so also consider this.

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House Type

Having determined your budget, you can now look out for a house that fulfils your goals. For people just starting out, and living alone, they would go for a basic house say one bed room. The location of the house is an important factor to consider. Ensure your house is near the essential amenities; a place you can have access to running water, electricity and good roads. The location should have good security and a clean environment. If you are a parent with school going children then you would want an area near to schools that are good for your children.

Application Process

Having found the house per your budget and other requirements, you can now make an application by filling the rental application form. This is a document that allows a landlord to make an assessment of a potential tenant’s employment background, credit and any prior leasing history, to make the decision of allowing the tenant to lease the property. The landlord may request a small fee for performing credit and background check. When complete, the landlord can make the decision to approve or disapprove the tenant’s application. If approved, the landlord and tenant can now work on a lease agreement.

A lease agreement is a legal document between the landlord and the tenant specifying rules to live by. It’s like a contract document. It provides the details on your rental (start and end date), the amount of money to deposit, if the landlord covers utilities payments etc. Note that the lease terms can be negotiated, so ensure to read the document thoroughly and seek to discuss more with the landlord where necessary.

Renters Insurance

This is also an important factor when it comes to renting a home. Renters insurance provides financial reimbursement to cover a tenant’s lost or damaged possessions as a result of fire, theft or vandalism. A firm like HomeLet provides both Renters and Landlord buildings Insurance.

Moving into your new home

Having completed the whole process and paid the deposit plus the first month rent, you are now ready to move into your first home. This involve carrying household stuff. You can choose to do it by yourself with the help of your relatives or friends or you can enlist the services of professional movers. #MyFirstRentalHome

Note that some people involve the services of real estate agents to locate an apartment, and pay for these services. So it is up to you to weigh the options and choose one that you are comfortable with.

You can also read: Common mistakes job seekers make

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Author: John Mulindi

John is very passionate about Digital marketing. He blogs on topics ranging from Social Media marketing, Search Engine optimization, Internet Marketing, Email Marketing, to Personal Development. In free time he likes watching Football, Reading, Listening to music and taking Nature walks.

10 thoughts on “Key Factors to consider when renting your First Home”

  1. Very nice post and detailed info regarding the renting process, very helpful for anyone who is first time renting out property. Especially insurance part and the application are quite informative and detailed. Thanks for such and lovely post !

  2. These are great tips for first time renters. I remember being a little overwhelmed trying to figure out budgeting with rent and utilities. It gets easier!

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