Your first rental home
Hey there, My name is Annika, and I have the pleasure of working with EfTEN Living’s first rental building in Mustamäe, Tallinn. I am personally so very excited about this project at times, that I often have thoughts about renting a home. Why, for whom, how and in what way?
Today, I chose the topic of young people starting out on their own:
Who among us hasn’t felt the unbearable excitement of starting their own life and flying out of their parents’ nest? Yay, now I’m finishing school and starting my real life.
Goodbye, parents – now I am making my own decisions, doing things my way, the way I want. We usually start dreaming about it in our early teens and as we reach adulthood the feeling becomes unbearable. We are already imagining what our future home will look like. Our dreams are beautiful, bright and big.
Depending on our plans for the future, sometimes we may have to move to another city, sometimes even to another country, but other times there is the option of staying in our home town.
We’re excited to browse the real estate web-sites and find wonderful homes for rent, we keep looking and dreaming, but pretty soon we’re hit with the reality of “Jeez, how can I afford this?”
Those with generous parents are lucky, but usually parents have their own responsibilities and still have to manage their own lives. The reality hits that I don’t yet have the income and means to rent the most beautiful home.
You then have to think – so, how can I go about making a smart choice and getting a good deal?
For example, expenses can be reduced by choosing a smaller home, but in a newer building. In a new building, you will not have to pay large sums to renovate it, the communications are new and the solutions are modern. It is especially good if your monthly costs are fixed and you can calculate your monthly expenses fairly accurately.
On various real estate web-sites you will see that you must generally pay a deposit in the amount of one month’s rent, the first month’s rent and a commission fee immediately after signing the contract. A serious amount of expenses right from the beginning.
Deposit – what is it? It is a deposit that stays in the lessor’s account until the end of the contract, and if you have kept your rental home in good order until the end of the contract and have no debts, then it will be paid back to you. Sometimes it is also possible to have the deposit, so to speak, taken care of with the help a service provider that offers a guarantee to the lessor. You do not have to pay the whole amount at once, but instead pay a small percentage of the rent to the service provider each month as a monthly payment.
Rental homes are usually offered for rent by real-estate brokers, and it pays to know that a professional will introduce you to the apartment and sign the contract in accordance with the legislation in force, while also helping and advising you. A real estate broker’s fee is usually the equivalent of one month’s rent, which is an incredibly high amount for a young person, but what can you do?
Sometimes it is a good idea to rent together with a good friend, to split the costs. If your parents can help, or if you’ve been particularly prudent and have already managed to save and put money aside, that’s great.
But by now there is already a pleasant alternative to this in our property market – rental buildings. What does this mean?
It means that the building has been purpose-built as a rental building and is run by a specific company that is in the rental business on a daily basis. There is usually a specific person who deals with the whole building and the customer is usually not charged a brokerage fee. The advantages of the rental buildings are that they are new, well-located, have transparent bills and reasonable costs. As a bonus, you may also end up with lovely neighbours and, if things go particularly well, your little pet will also be allowed there. Doesn’t that sound great?
You’ll save money, live in a new building with a good location and be surrounded by nice people with your pet.
If you’re planning to start your own life soon, keep an eye on EfTEN Living’s first rental building on Instagram/Facebook, and leave your request on our website. I’ll be in touch with you very soon 🙂
Looking forward to seeing you,
Sales Manager/Project Manager