Going away to college or starting your life as an adult can be intimidating, as it is full of many firsts. Renting your first apartment can be an exciting time when putting all the stresses behind you with some simple tips.
When August rolls around each year, parents across the country prepare for back to school. Backpacks, notebooks, calculators and school supplies are purchased for the little ones. College freshmen, however, will need a completely different set of supplies. Comforters, mini fridges, shelving units and Renters Insurance are all part of the new chapters in their lives.
As parents, sending the kids off to college is the first step in untying the purse strings. Oftentimes, after the first year of college passes, college students wish to live off campus and begin to “adult” on their own. This is a great opportunity to teach our children important life skills which can last a lifetime. Renting their first apartment will teach them how to budget, prepare, and believe it or not, save. They will take these skills with them into the future and will serve them well.
Whether they are renting an apartment for the first time, or enjoy leaving the responsibilities of homeownership to others, here are 3 things to consider when signing a lease:
Budget: Knowing how much you can afford is key to living stress free. When looking for an apartment, consider finding a suitable apartment which meets their needs while staying under budget. Doing so will allow for saving money for additional expenses, and the unforeseen “emergencies”.
Save: Obtaining an apartment may come with many rules and guidelines, which you may think would, make it impossible to save on
expenses. The usual home improvements people make to save on utilities are often permanent fixtures to a residence and not likely to be a prudent choice when renting an apartment. Items such as energy efficient appliances or water heaters are expensive and cannot be taken after they are installed in a rental unit. But you should not be discouraged. You can still save money by investing in items which will save you on utilities AND you can take with you to your next home. Consider purchasing, energy efficient light bulbs, or black out curtains to save on the electric bill.
Insurance: Although many apartment buildings and complexes require renters’ insurance, renters rarely understand why they need it or how it works. Yes, a landlord is responsible for the building, the roof, walls, plumbing, etc. However, as our Chief Legal Officer, Stacey A. Giulianti explains, “typical policies cover the customer for a wide variety of damages and negligence: pipe bursts, kitchen fires, lightning strikes, slip and falls, vandalism, and even theft. The landlord’s policy does not cover the tenant’s possessions, nor does it cover injuries to guests inside the unit.” While obtaining renters insurance will add to your monthly costs, the average policy in Florida is approximately $196 a year or $16 per month. For the price of two McDonald’s Combo meals, you can enjoy peace of mind in your new apartment.
Moving is stressful. In today’s economy and real estate market, you do not have to be a college student to be signing your first lease. Younger generations are opting for the convenience of renting more and more. Obtaining the proper insurance and following a few budget friendly tips can give you the peace of mind you will need to enjoy your new home. Proper coverage for your new apartment is easy, visit our website at www.floridapeninsula.com to find an agent near you.