MY MEDALLION
The date on the calendar has been marked off and you are finally ready to move out! However, before you settle into your new place, it is important to ensure that you have everything you need for renting your first home. Make the transition simpler by following some of these guidelines to guarantee that you are prepared when the time comes to move into your new space.
Financial Plans and Emergency Funds
Part of renting your first home is being financially prepared for any unexpected costs that may arise. Ensuring that you have a solid financial plan and budget will prevent you from overspending and guarantee you can pay rent every month. An emergency fund will allow you to pay any unanticipated expenses that you may encounter and prevent you from getting into financial trouble. It is also wise to order cheques in advance so that when the time comes to pay rent, the process is much simpler, or you can opt for the pre-authorized monthly rent payments that Medallion offers, so you don’t need to worry about it. Overall, being financially prepared will make your transition to your first rental easier, and you’ll find you can settle into your new place without any worries about debt.
Renter’s Insurance
One of the most advantageous investments you can make when renting your first home is renter’s insurance. Many rental companies highly recommend getting coverage, just in case an unexpected emergency or damages should occur. A good policy can cover you in the event of flooding, fire, or natural disasters, and it can give you peace of mind. Even insurance that covers the contents of your apartment is better than nothing, and at 15-20 dollars a month, it isn’t a huge investment. Overall, having some kind of coverage is a good idea before you rent your first home.
The Essentials
Renting your first home means you will be able to decorate it and furnish it to your taste! With that in mind, one of the things you will need to consider is the essential furniture; like places to sit, work, and eat. If you are on a tight budget, consider only purchasing the furniture you really need, and filling the rest of the space at a later date. This will save you from going over your budget immediately. It is also important to remember that you will need basic items like a shower curtain, cleaning supplies, toilet paper, and bedding. Remembering the essentials will help you feel more at home on your first night in your new place.
Power Sources
Although modern day apartments and rentals are well equipped with electrical outlets, there may be some spaces in your new place that need extensions. In order to properly plan and execute the layout of your home, complete with lamps and technological devices, make sure that you have some power bars and extension cables. This will make setting your entertainment system easier and eliminate the frustration of not being able to plug everything in.
Trash Cans and Recycling Bins
During the first week of living on your own you will produce a significant amount of waste products. To eliminate a mess in your kitchen, purchase some indoor recycling, compost, and trash bins. Ensuring you have a place for all of your waste will make that first week in your rental space simpler and will reduce the clutter that can add up when you are unpacking; making your new place feel more like home.
Groceries
After you have unpacked the essentials into your new place, you will need to stock up on some food to get you through the first few days or weeks of living on your own. The first grocery shopping spree can be one of the most difficult and most expensive trips you make. Before you go, make sure to write a list of everything you need to make all of your favourite meals. This includes items like spices, salt and pepper, vinegar, baking supplies, condiments, and non-perishable food items. Doing an initial grocery shopping spree will save you from making multiple trips to the grocery store and will stock up your kitchen to make cooking easier.
Planning ahead and ensuring you have everything you need before you move into your new rental will make the process much easier and stress free. Getting the essentials, (like toilet paper and a shower curtain) and ensuring you have a financial plan will make your new rental home feel more comfortable when you move in. For more ideas on what you need for your first rental home, visit the Medallion Blog.
