The Nest

NestApple's Real Estate Blog

Featuring real estate articles and information to help real estate buyers and sellers. The Nest features writings from Georges Benoliel and other real estate professionals. Georges is the Co-Founder of NestApple and has been working as an active real estate investor for over a decade.

4 Important Things to Keep in Mind When Looking for a New Apartment

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Searching for a new apartment can be an exciting yet daunting task. Whether you’re a first-time renter or a seasoned apartment dweller, finding the perfect place involves careful consideration and a keen eye for detail. To help navigate the apartment-hunting journey, here are four crucial things to remember.

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Location, Location, Location: Proximity to Your Needs

The adage “location is everything” holds regarding apartment hunting. Assess the neighborhood’s proximity to your workplace, public transportation, schools, and essential amenities such as grocery stores and medical facilities. Consider your lifestyle preferences; if you thrive in a bustling urban environment, a city-center location might be ideal. On the other hand, if peace is a priority, a suburban or residential area may be more suitable.

Explore the internet, where you may come across, a site dedicated to luxury apartments in Riverwalk, Philadelphia. Visit the neighborhood during different times of the day to get a feel for its atmosphere. Pay attention to factors like safety, noise levels, and the overall vibe of the community.

Remember, you’re not just renting an apartment; you’re becoming part of a neighborhood, so choose one that aligns with your lifestyle and preferences.

Amenities and Features: Beyond Four Walls

Apartments come in various shapes and sizes, offering unique amenities and features. Before making a decision, identify your must-haves and deal-breakers. Does the apartment complex have laundry facilities, a gym, or a pool? Is there sufficient parking space, and is it secure? Consider the in-unit features—a modern kitchen, ample storage, or a balcony with a view.

Prioritize your needs but be open to compromise. Understanding which amenities are essential and which are nice to have will streamline your search and help you make an informed decision. Additionally, please inquire about the maintenance and upkeep of these amenities to ensure they align with your expectations.

Budgeting Wisely: More Than Just Rent

Your budget is one of the first and foremost aspects to consider when searching for a new apartment. While it’s crucial to factor in the monthly rent, it’s equally important to account for additional costs. Utilities like electricity, water, and gas can add a significant chunk to your monthly expenses. Don’t forget about the internet and cable if they’re not included in the rent. Additionally, consider any maintenance or homeowners association (HOA) fees that might apply.

Create a comprehensive budget that covers all potential expenses, allowing you to determine a realistic and sustainable spending plan. This approach ensures you find a place within your budget and live comfortably without financial strain.

Lease Terms and Conditions: Reading the Fine Print

Once you’ve found the perfect apartment, rushing into signing the lease is tempting. However, taking the time to read and understand the lease agreement thoroughly is crucial. Pay attention to the lease duration, renewal terms, and potential rent increases. Be clear on the security deposit amount and the conditions for its return.

Understanding the rules and regulations outlined in the lease can save you from future conflicts. Take note of any restrictions, such as pet policies, subletting, or modifications to the apartment. If you find anything unclear or disagreeable, don’t hesitate to ask the landlord or property manager for clarification or negotiation.

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Finding a new apartment requires a balanced approach to budgeting, location assessment, amenities evaluation, and a thorough understanding of lease terms. By keeping these four crucial aspects in mind, you’ll streamline your apartment search and increase the likelihood of finding a place that meets your needs and feels like home. Happy hunting!

Written By: Georges Benoliel

Georges has been working in Wall Street for the last 16 years trading derivatives with hedge funds. He has been an active real estate investor for over a decade. Georges graduated from HEC Business School in Paris and holds a master in Finance from ESADE Barcelona.

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