Here are best ideas to Save Money
- Create a budget. This won’t actually save you money, per se, but it will ensure that you don’t accidentally get in over your head when you rent your first apartment. You need to understand that there are all kinds of costs associated with apartments, aside from your monthly rent. You will, for example, have to start with a deposit along with your first month’s rent. And your rental agreement may stipulate that you carry renter’s insurance. You might also have an application fee, as well as deposits for utilities like gas, water, and electricity. Plus, you’ll be on the hook for monthly utility payments and other expenses (food, for example). Calculating these costs in one comprehensive budget is essential when determining the amount you can actually afford to pay for rent.
- List your must-haves. When you’re getting your first apartment it’s easy to get caught up in wants and expectations. After all, your parents’ home is bound to be nicer than what you can afford. But you really need to pare down your list and focus on practical essentials. Start by measuring any furniture you have to make sure it will fit through stairwells, doorways, and in your apartment. This way you won’t have the added expense of paying for new furniture. Consider whether you really need a bedroom or if a studio space or a loft will suffice. If you get hung up on a view, square footage, or other things you don’t necessarily need you could have trouble sticking to your budget.
- Consider location and other amenities. You’ll want to start by looking for a place that’s close to your work, school, or anywhere else you frequent so you won’t have a crazy commute to contend with. Or if you can’t afford a centrally located apartment, at least look for one in the ‘burbs that’s close to a transit system, not to mention a grocery store. This could alleviate the need for (and expense of) a car. And you might want to consider extras like paid utilities, laundry facilities, and even a gym or pool in the complex that could spare you the cost of a gym membership.
- Shack up. There’s no better way to save money when renting than to share the expenses, so think about finding a larger place that you can share with roommates. Just make sure to get everyone’s name on the lease so that you’re not liable for the entire amount. And try to find roomies who are gainfully employed, responsible with their money, and conscientious about sharing living space.
Read the rental agreement. Your apartment budgeting strategy probably doesn’t include coverage for late fees or fines or penalties related to breaking your rental agreement. For this reason it’s important to read the fine print. Some landlords will fine you for painting the walls or adding carpeting, even if you do so at your own expense. Others have financial penalties for moving before your lease is up (in addition to the rent you’ll owe for the duration of the lease) or having roommates that aren’t listed on the lease. An agent from a reputable company like Lincoln Property can certainly help you to find a great apartment, but it’s up to you to make sure you understand the terms of your lease. Otherwise you could end up paying a lot more than you anticipated