Looking for an apartment to rent is a stressful task, and it only gets worse when you are looking for that apartment in one of the biggest cities in the world, New York City. When looking for an apartment, you can either enlist the help of a broker or do it yourself, but there are mistakes you will have to avoid that can frustrate and cost you.
Besides being expensive, NYC’s tenant requirements can be quite complex, hence the need to be extra cautious and extensively consultative.
Here are some of the most common mistakes people usually make when renting apartments in NYC and how to avoid them best.
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Insufficient Documentation
When looking for an apartment in NYC, you must have all the necessary documents handy and ready for submission. Why? The laws governing tenants are very strict about this, and landlords have since become extra cautious.
As such, many prospective tenants often miss out on great apartments due to a few missing details. If you need to know which documents to bring, you can check with the selected real estate agent or ask the landlord if you have chosen to cut the middleman. Consider hiring a reputable moving company in NYC to simplify your relocation process.
In defense of the landlords, renting out a property is a serious and binding legal commitment that should not be taken lightly. Your landlord can quickly become liable for the crimes of the tenant if there is no proper paperwork to establish the identity and traceability of the tenant in the event of a crime.
Hesitations and Procrastinations
We all know that real estate agents are quick to “threaten” that specific property has numerous interested parties to get you to sign the lease, right? However, this line is sometimes very accurate, especially in New York, where space is a bit of a hot commodity.
As such, try to avoid hesitating a lot when viewing properties. Instead, educate yourself on the standard rentals to quickly assess any property you see and make fast decisions accordingly.
Also, remember to be ready to pay all the required fees when you find what you are looking for. Have your rent and security deposit prepared to secure the apartment at all times.
Overlooking Your Budget and Your Credit Score
The most important thing is getting an apartment that is within your budget. Tip – Always aim for an apartment below your budget. You might get more for less.
The next thing is knowing where you would like to live. Neighborhoods should have apartments within your budget. Using a real estate agent will make everything easier.
Also, a good credit score is a prerequisite for securing the ideal apartment. The landlord needs assurance that you can pay rent on time, as no landlord wants squatters. You need to check your credit score before you start looking for an apartment and figure out how you will convince the landlord in case it’s not good news.
Renting During Any Season
Winter is the best time to rent an apartment in New York City. Most neighborhoods are calm, and rentals are low. The owners of apartments are willing to charge lower rents to attract tenants.
Searching Too Late or Too Early
Search for apartments when there is still enough time to look at them and choose the one you like. Always keep your moving date in mind so that you start searching early enough, as you might not get something that will fully cater to your needs.
Searching early will allow you to scrutinize all your options and even have the real estate agent negotiate rentals until they are within your budget.
The Number of Apartments You Apply At
The more you apply for apartments, the more your credit will be ran. Landlords will then find you less attractive as a tenant because they will question why other landlords have yet to take you in. You can only apply to a few apartments before you start looking like a bad tenant.
A reasonable number of residences will show that you have been searching but still need to find what you are looking for. To avoid looking alarming, don’t just throw in an application everywhere. Instead, evaluate each available option and only apply if it’s close to what you seek.
Choosing the Wrong Realtor
Use a realtor that fully understands what you are looking for, not one that will try to stuff you into anything available. User reviews are the best way to determine which realtors to go for and which to avoid.
Using many realtors will have you viewing the same apartment several times, so try to stick to only a few, three maximum. The realtor should know the neighborhood you wish to move in, generally and in specific detail, such as the rental ranges. This will help in matching the search criteria with your budget.
Not Going Through the Lease
After everything has been said and done, always get the real estate agent to go through the lease before signing it. The second pair of eyes, eyes that are professional and experienced, will help you to spot any glitches in the lease that may put you in a tight spot later on.
Whatever is written on the lease about the apartment must match. If it does not check out, then there must be an agreement with the landlord as to when somebody will fix the apartment to match what is written on the lease. The lease period as well must be in line with what you want.
Be careful not to sign a two-year lease when you need the apartment only for a year, as many prospective New Yorkers have done before!
As we know, renting in NYC is best navigated with a real estate agent. They will help you get the apartment faster and easier and scrutinize the leasing document to ensure everything aligns with your requirements.
Real estate agents are also handy when checking the lease’s authenticity and removing loopholes. Good luck!
