8 Mistakes Everyone Makes When Applying for Their First Apartment

Applying for an apartment for the very first time? It can be exciting and a bit intimidating. But don't let your exhilaration get in the way of being smart and practical. Stay focused on the prize — your dream dwelling in your dream location. It's a process, especially for rookies.

We're here to help you succeed and avoid some typical newbie pitfalls. We've organized eight common mistakes. We can't wait for you to sign your name on that legally binding dotted line, get your key fob and move in!

1. Not setting a realistic budget

Are you venturing out of mom and dad's nest? Are you a recent college grad? Or renting for the first time because of a life change such as a divorce or death of a spouse? Then get ready to do some serious calculations. No fudging allowed.

Do the math and choose an apartment you can pay for at the time you find it. Gauge what you can afford. What's your monthly income? Deduct the max rent from your monthly nut to determine if you'll be able to pay for that swanky one-bedroom you've been eyeing.

Tally up other everyday expenses and living costs. Search online for information and tools that can help with the calculations. And don't think you can afford something based on hopeful expectations of a raise or some kind of financial windfall.

2. Not doing research on a new neighborhood

Moving to a new city? It's imperative to do research. Are there friends or colleagues who can assist with recommendations for neighborhoods that fit your needs? Go online and do some basic scouting on city data.

Are you moving for a job? Is there a relocation service to help with information on rentals? Ask for suggestions from people already living and working there. Would you be able to walk around safely at night? Is the rental convenient to public transportation, shopping, a dog park and more?

3. Not looking around before you leap

You've seen a place and you're sure it's the one. But before you take the leap, do some homework. Is it a competitive market? For cheaper rent, maybe you could move during off-peak months. Or, maybe there's new construction offering move-in enticements.

If you're enamored with an area or even a specific rental community, try to observe the complex and surroundings both day and night. Ask locals about the pros and cons of living in the community.

4. Failing to really check the place out

You love the location and the community looks great, too. The building is 100 percent your style. But have you actually seen it in person? If you're moving from another city, you can't make a decision off a photo or real estate listing. There's no guarantee that what's online is what you'll see in the flesh.

Once you're there, do a walkthrough. Ensure that's everything in good working condition, note cracks, leaks and more. You'll want to address any possible issues with the management company or landlord. Take pics of what needs to be fixed prior to signing the lease.

5. Not getting renters insurance

Renters insurance is a priority. Most apartment communities ask tenants to carry it before they'll even allow the lease to be signed. So, don't think it's something you won't need.

Even if your community doesn't request renters insurance, get it anyway. You can easily bundle it with your car insurance. There could even be a discount for doing so. Get peace of mind in the event of weather damage, fire or water damage, burglaries and other mishaps.

6. Not fully reading the lease before signing

A lease is full of legal language that a layperson doesn't always get. But if you want to dwell independently, you need to face reality. Familiarize yourself with the document. It's an important part of the move-in process!

Be savvy about how you go about evaluating the lease agreement. It's great that you trust your landlord or management company. But trust isn't going to protect you if a problem happens after you've moved in.

Your lease will detail what you can and can't do, what you're entitled to and all the other details surrounding your residency. Make sure the rent listed is what you agreed upon, and that the pet, parking, visitor and other policies reflect what's expected.

7. Not realizing the impact of your credit score

Your credit score matters when it comes to renting an apartment. Whether you're a college graduate or already in the workforce, you should be aware of what qualifies as a good score.

You should also know what the results of a poor credit score might mean. Are you prepared to have someone co-sign your lease with you because of a poor credit score?

8. Getting seduced by amenities you'll never use

Don't let the amenities reel you in. Is an on-site gym included in your rent? Is it comparable to the off-site gym that you pay a membership for? If you're able to save money by cutting out your gym membership, it could be worth it.

Think about the pool or clubhouse in a similar way. How often will you use the pool? Is it your thing to invite friends over for a game night in the clubhouse? Leasing companies raise rents to cover the cost of amenities. Don't waste your money by paying for things you don't use or need.

Be smart about your apartment hunt

If you stay focused and are smart about your tactics, you might not have to worry about making mistakes. Keep your eye on the end goal — and the apartment of your dreams.

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