As everybody knows, moving can be a very expensive process. In addition to your first month of rent, many apartment communities and
roommate rentals now charge you fees when you move in such as a security deposit, application fee, pet deposit, administrative fee, etc. All these fees are very common and they don't even take into the account the other costs associated with moving such as setting up new utility accounts, hiring movers, or bribing your friends with pizza and beer in exchange for their help with moving.
When you make the decision to move you will have to be prepared for these expenses. Look for communities that are offering move-in incentives such as discounts on rent or a waived fee or two. Often communities will offer what is called a concession, which is basically just a discount on rent and is often promoted as a month or two of free rent. As a word of caution, most communities that offer concessions will make you pay back your concession should you try to break your lease or transfer to another
apartment in the same community before your lease is up. In addition, if you renew your lease your rent might increase quite a bit after your concession expires. Be sure to ask your leasing agent about their policies on concessions before you sign your lease, so that you can be aware of what happens should you need to transfer, break your lease, or renew your lease.
Sometimes when you have had problems with your credit or have had a prior eviction from another complex, your new landlord may ask you for an additional security deposit to offset the risk of accepting your rental application. This is another expense that you may have to plan for if your credit or rental history is not ideal. It is also a good idea to know what your credit score is before applying for an apartment, so that you know ahead of time if your credit is going to potentially be an issue.
If you need to move quickly but are not prepared financially, there are short term loans that you can take out to help you cover the costs of moving. Be careful not to borrow more money than you can expect to pay back within the terms of the loan agreement. If you chose to seek out a loan make sure you read the terms and conditions before you make your decision. Sometimes there are emergencies that do require the need of a loan, but be sure to use your best judgment when making your decision.
It is always a good idea, if possible to plan your move a couple months in advance. Know what is on your credit report before applying to an apartment. Lastly, be sure to ask your leasing agent lots of questions before you sign your lease. It is ultimately your responsibility to know your lease!
Protect Your DepositMake sure you and your
new roommates are clear on all the rules of your new place. Take basic precautions when you and your roommates move in to your new place. Make sure your lease has been signed and a copy is at hand. Your security deposit is refundable when you decide to leave, as long as there is no damage to the rental, beyond normal wear and tear. Make sure to get a receipt for any deposit. Take careful inventory of the condition of the apartment. Check all the appliances to make sure they work properly. Take pictures of the existing condition of the apartment, or videos. This evidence can be very helpful if a dispute arises later.
Moving OutYou and your roommates should have a moving out inspection. Identifying any problems will allow you to make repairs and limits what can be withheld from your security deposit. Review your lease for the agreement with the landlord that says how long they have to return your security deposit.
Make a request to your landlord to move out. The inspection must be conducted during the last 2 weeks of tenancy. The landlord must allow you to fix anything which is damaged. Inform your landlord that the deposit must be returned to you and your roommates within period stated on the lease. The landlord should provide a written statement of the reason for any amount withheld from the deposit. Landlord should only withhold money for the following reasons: Damage caused by you and your roommates or Unpaid Rent.