With less than a month away from making your New Years resolutions, why not promise to find an apartment that you love this year! Whether you are moving on to apartment living for the very first time, you are unhappy with your current apartment situation, or you are downsizing from a house – there are some basic tips we can all keep in mind when renting. Below are the “7 Sins of First Time Renters” compliments of MSN Real Estate:

1. Underestimating the cost
A few keys things to remember is that your rent should typically equal 33% of your total income. To figure out how much you can afford on housing, add up all of your income and subtract your expenses. Do not forget to add “start-up” expenses to your rental budget which include deposits, down payments, turn-on fees and furnishings for your space. Now that you are moving to a new place, do not forget to add in the monthly extras that you will be responsible to pay for (i.e. electric, water, cable, internet, trash removal, etc.).

2. Not getting your priorities straight
The apartment features that you need and those that you want are very different. Figure out which things are necessities and which are not. Be reasonable with your expectations as you will need to make some compromises. At the same time, make sure you are not settling for an apartment that will lead you to feel  renter’s remorse in the matter of months.

3. Not seeing the apartment before moving in
Visiting the location and actual unit before moving in is very important. Will your furniture fit? Are the leasing staff friendly? How much closet space do you have? Can you hear the outside traffic in your apartment? Where is the laundry room? Does your cell phone get reception in the apartment? Bring a tape measure so you have the dimensions of each room. Take note of the number of electrical outlets and cable jacks that are available. Turn on the faucets and flush the toilet to make sure the water is running properly. Turn on all the lights and appliances. It is best to know what you are getting before you move in!

4. Failing to read the lease
A legally binding contract should always be taken seriously. The technical lingo may make it difficult to focus, but take your time and mark anything you have questions about. Pay close attention to policies regarding late fees, pets, utilities, painting your unit, roommates, noise and other small issues. Make sure you take note of when your lease is up and any automatic renewal policies.

5. Not asking about utilities — or forgetting to turn them on
You want to be able to take a hot shower, turn on your lights, use your stove and make phone calls. From trash removal to cable, there are many utilities you may be responsible to turn on and pay for each month; be sure you get a list of all of them and who you need to contact to have them turned on.

6. Going without renter’s insurance
Your landlord probably has insurance, but it only covers the building and its infrastructure. Renter’s Insurance will protect you and your belongings from mishaps involving you and your apartment such as:

-         Fire, Smoke & Lightning

-         Theft & Vandalism

-         Broken Glass

-         Water, Ice & Snow Damage

On average, basic policies run from $100 to $300 annually. Don’t fall into the trap of thinking a mishap will never happen to you. The cost to replace all of your belongings far outweighs the small upfront cost!  Check with your auto insurer first for discounted policies or ask your landlord for any discount insurers they may have relationships with.

7. Forgetting basic items to make a home
Don’t forget about the little details and the big pieces which really make a space feel like home. From a can opener to a computer chair, make sure you have your essentials covered. It may be helpful to write out a list of all the things you have and what you still need to stay organized and cover each room.

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Good luck finding the apartment of your dreams in 2009. Beware of the 7 deadly sins, and the process will be smoother than you expected!