Every one that is looking for their apartments near USC can attest to the fact that it is an exhilarating experience. You might be on your first job, or trying your hand at entrepreneurship by moving to the most exciting city in the world.
However, once the excitement gets over, and you spend more and more time with brokers and understanding how expensive the NYC market really is, the intimidation starts to set in. everything seems to start becoming overwhelming and you are left confused and scared.
To be honest, this is a quite a natural feeling, that almost all first-time apartment renters experience. The important thing to note is that if you do your research and due diligence, you might be able to lock down on the best apartment in NYC.
In this article, we try to take an alternative approach to help individuals and families looking to rent their first apartment in the Big Apple. Specifically, we are going to focus on five mistakes they need to avoid making when looking for their first apartment.
List of 5 Mistakes First-Time Apartment Renters need to Avoid Making in NYC
- Thinking that the rental is the only cost they have to contend with-
If you are renting an apartment for the first time, you should be aware that there are other costs that are attached to your cost of living.
In other words, the monthly rent is not the only financial expenditure you need to focus on. At the very start, you will have to pay a month’s equivalent of rent to the broker as his fee.
If you want to save on this additional financial strain, you should look for no fee apartments that are offered by credible establishments like Heritage Collection.
- Not checking out the neighbourhood and locality during the research phase-
If you do not want the guard telling you that dogs are not allowed at the local park, you might want to do research on places where there is a dog park near to your apartment.
If you are a single woman, you might want to find out about crime rates in the locality and whether you will be able to walk home alone at night.
If you are keen on using public transport, check out the distance between the apartment and the train and bus stations first.
- Failing to compare the rental rates in the neighbourhood before agreeing to a figure-
Make sure that you are doing your research and comparing the average rentals in the neighbourhood.
You can do this online on various property listing sites, or by gaining the confidence of your broker. Never make the mistake of seeing just one apartment in a neighbourhood and signing on the dotted line.
You might be getting overcharged for an apartment in terms of the monthly rent. This is why making comparisons is important.
- Overlooking the underlying problems that many apartments come with-
What is on the outside is not as important as what problems lie underneath. In other words, cracked glass panes and paint coming off on the kitchen counter are not as serious as a faulty air conditioner or a leaky washroom drainage pipe.
If the agreement mentions that you will be responsible for the maintenance and repairs, then you are looking at heavy financial losses.
This is why you need to be thorough when making the inspections in the apartment.
- Signing the agreement hastily before going through the terms and conditions-
Anyone that has ever worked with brokers will testify how they want you to always sign fast. They do this simply because all they care about is their broker’s fee.
However, in their attempt to make you sign fast, you might be overlooking some important details. Make sure to get the agreement checked out by a legal expert before you sign the papers.
Do not fall for the ‘someone is already in talks with the landlord and you should move fast’ statements.
The Final Takeaway
If you are in the market for your first apartment, you need to be careful not to make the above mistakes. The more mistakes you are able to avoid, the better will your final selection process gets.
Individuals and families should also pay attention to elements like renter’s insurance, no-fee apartment listings, and understanding the amenities that are on offer in the apartment or the building premises.
Make sure that you are taking your time on the hunting and inspection parts of the process.