*Note: This was written by a Yahoo! contributor. Do you have a personal finance story that you'd like to share? Sign up with the Yahoo! Contributor Network to start publishing your own finance articles.
I've always enjoyed living in apartments. I've typically found the experience more enjoyable than owning a home and like the freedom in living environment and the ability it provides to adjust my lifestyle and living arrangement relatively quickly and easily.
There are however, several rules that I've tended to follow during my apartment living experiences that have helped make my situations more pleasurable and economically feasible and reasonable.
Get Renter's Insurance
Some people might think that since they don't actually own the apartment in which they live, that they aren't liable for certain things that could occur within the premises or due to their actions there within.
A toaster or iron left on that starts a fire and burns the entire building down. A tub that overflows and floods the two apartments below yours. A visiting guest who trips over your dog and breaks an arm. A thief who breaks into your place and steals your new flat-screen and laptop.
These are just a few examples of where a renter might be liable for damages or medical bills and why he or she should have renter's insurance.
Read the Lease
While it might seem that a lease is a simple piece of paper that just notes how long you'll be living in an apartment and what the rent will be, it's typically a legal agreement that binds you to much more than you might first suspect.
The way in which the property must be maintained, what utilities you may be responsible for, whether or not you can have pets, how your damage/security deposit might be used and for what, how many people can reside in an apartment, and all sorts of other legally binding rules and regulations that you must abide by might be found within your lease.
Meet Your Owner/Janitor/Landlord
Over the years, I've found that it's often been beneficial to meet and get to know the person who will be maintaining or managing the apartment building or complex in which I will be living. Having a good relationship -- or at least decent one -- with this person can pay off big, if or when you find yourself in a bind.
When you're in need of a speedy fix on an apartment repair, need help dealing with a noisy neighbor, or require assistance in handling some other issue, having this person on your good side could come as a relief.
Look for Inclusive Items
I've learned that it's the inclusive items that a rental might present that may be most advantageous. From free heat, water, trash removal or cable service to the pool, workout facilities, hiking trails, or tennis courts, inclusive items may not only be great forms of entertainment, but real money savers as well.
Consider More Than Just the Apartment Itself
A brand new, snazzy looking apartment can draw your eye away from other issues. While a luxury living space can certainly make up for other shortcomings, it might not make up for everything a certain living environment lacks.
I find that it's easy to fall in love with a brand new apartment, with new appliances, a new clubhouse, new fitness center, and all the other shiny trimmings. However, as a rule, I find that it's critical not to get so caught up in the look and feel of a new complex so as to overlook things like its actual location, its proximity to entertainment and shopping, where it is in relations to local transportation and routes, the area's infrastructure, the quality of schools, and similar area factors.
1 comment