Thinking about moving into your first apartment? Whether you’re moving out of your parent’s house or student dorm, moving into your own place can be expensive and overwhelming. But, don’t panic. Everything is possible if you take it one step at a time!
Step 1: Look at your resources!
Yes, moving into your first apartment is going to cost money. To secure your first apartment, you’ll need to deal with application fees, a security deposit, your first and last months’ rent, and, in some cities, an agent’s commission or rental agency fee. Ask your friends what they had to pay when moving so that you have a better idea. You will need cash up-front for your move.
Step 2: Establish a budget.
You need to know you can afford to live in your apartment. A widely-used standard says that your housing costs should be no more than 30% of your monthly income. In fact, many landlords use this standard and will ask you to prove sufficient income before renting to you. Even if landlords are more lenient, for example, in high cost of living cities, you should be realistic about how much rent you can afford. Besides paying your rent, you also need to commute to work, feed yourself, and pay for other financial necessities. Take a good look at your own expenses to know how much you can realistically afford to spend on rent, and try to match that to going rents in your area.
Step 3: What are your requirements?
Now that you’ve taken a good look at your finances, you need to start narrowing down your search and making a list of what you actually need in your first apartment. This could include deciding which areas would provide you a reasonable commute to your job, actual monthly costs, and your space requirements. For example, if you work from home, you will need at least a corner that you can set up to work in but if you’re not a gourmet chef then you can probably skip having a large kitchen. Don’t forget to distinguish between your must-have requirements, and your nice-to-have wants. If having enough space to work-from-home is a must-have, you may have to compromise on living in thattrendy (read: expensive) neighborhood with the cute brunch places.
Step 4: Go look at actual apartments.
The true test is when you go and look at apartments and see for real what you can get with your money. Hopefully, you’re pleasantly surprised, but maybe you need to revisit your budget or your requirements. Also, when you go look at apartments, you’ll start to realize what is really important to you. Maybe you thought you wanted to be downtown but then realize an apartment further from the city center with access to a park is better for going running 3 times a week.
Step 5: Finding your dream apartment.
When you finally find “the one”, you need to keep a cool head to make sure it becomes yours. The process is likely to start with an application form and credit check by the landlord. If it’s your first apartment, you might not have a long rental or credit history. Be upfront about this and ask the landlord what additional documents or information you can provide. Make sure you get a copy of the lease in advance. Don’t sign anything before you’ve read through it carefully to make sure you understand everything!
Happy Apartment Hunting!
