Embarking on your first rental purchase and finally having a place to call your own before taking the next step towards Lake Michigan real estate ownership is an exciting experience.  At the same time, the problems that can arise do happen to affect first time renters.  Here are some things to watch out for if you’re about to take the plunge.

Determine the true expenditures.  The monthly rent is one thing but don’t forget that there is also the common security deposit, the utilities which are oftentimes not included and the money needed to purchase furnishings.

Know the lease.  Like any binding contract, it’s essential to read and fully understand what you’re signing.  Some lease agreements will stipulate charging additional money for a late payment, pets or how much freedom you have in customizing your place.

Keep the basics in mind.  Cleaning supplies, towels, bedding even a couch to watch television from is a necessity that often goes overlooked and may require additional money to purchase.