What to look for when buying your first apartment?
Tips on What You’ll Need
- Items you’ll need for a first apartment. If you’ve been sharing an apartment with roommates or crashing with the parentals, you probably don’t own enough furniture and home essentials to ...
- Entryway. ...
- Living Area and Den. ...
- Kitchen. ...
- Bedroom. ...
- Bathroom. ...
- Office. ...
- Important Miscellaneous Items. ...
What to know before renting your first apartment?
How to Rent Your First Apartment: 8-Step Checklist
- Set Your Standards. Here's the thing: you can't find the apartment of your dreams if you don't know what you're looking for.
- Determine Your Budget. One of the most challenging aspects of renting your first apartment is creating and sticking to a budget.
- Find a Roommate (if applicable) If you find yourself in need of a roommate, don’t rush to find one. ...
What do you actually need for your first apartment?
- Mattress and bed frame: If you need to save space or money, no shame in a twin bed. ...
- Mattress topper: Don’t skip this! ...
- Sheets: two sets, ideally
- Other blankets, quilt, duvet and cover, etc.
- Pillow (s)
- Somewhere to store clothes: depending on the type of clothes you own and your closet size, you may or may not need a dresser. ...
- Hangers
How to furnish your first apartment with a small budget?
How to furnish your first apartment on a budget
- Furnishing your apartment on a budget. Are you growing your credit and have a question for Ana? ...
- Ask friends and family. If you can avoid spending money at this point, do it. ...
- Avoid other types of debt. A 0 percent APR card is the only kind of debt I'll recommend in this case. ...
- Shop used furniture. ...
- Look for furniture deals. ...
- Happy housewarming. ...
What to do once you have a budget for your first apartment?
Once you have a good budget plan for your first apartment, you need to make sure you have enough money to cover all the planned expenses – plus some contingency funds.
How much of your income should go toward housing expenses?
Allow for some buffer (money that can go toward savings, emergency funds, and unforeseen expenses – about 20% of your income) and see what’s left – that’s how much you have to spend on housing expenses (rent, insurance, utility bills, and home maintenance costs).
What do you need to move to an unfurnished apartment?
Good to remember: If you’re moving to an unfurnished apartment, you’ll need a lot of money to get everything you need and probably won’t be able to afford buying it all in one fell swoop. So, focus on getting the most essential items first – basic first apartment furniture, basic kitchen items (appliances, utensils, cookware, dishware, etc.), bathroom necessities, essential electrical and electronic devices, bedding, rugs and curtains, cleaning supplies, etc.
How much does it cost to rent a moving van?
You’ll have to pay a rental fee of about $30 for a small moving truck, pay for mileage (usually 99 cents per mile) and gas (you will be required to return the vehicle with a full (or half-full) tank of gas), and buy your friends who come to help you move lunch and beverages – your moving expenses will be relatively low.
What to do when moving to your first apartment?
The first thing to do when considering moving to your first apartment is to assess your financial situation so you know exactly where you stand and how much you can afford to pay for rent and other housing expenses.
How much security deposit do you have to pay for an apartment?
When renting an apartment, you’ll be required to pay a security deposit (usually equal to one or two months’ rent) – it’s a guarantee that you’ll take good care of the rental property and will abide by the rules and regulations set by the landlord. If there have been no problems and the apartment is in good condition when you leave, you’ll get your security deposit back at the end of your lease.
How much of your income should be fixed expenses?
All things considered, financial experts advise that you allot 50%-60% of your income for fixed expenses (rent, bills, insurance, loan payments, groceries, transportation, medical expenses, etc.), 20%-30% for things you want but don’t necessarily need (clothes, entertainment, travel, etc.) and 20% for savings and emergency expenses.
What is a good price for a first apartment?
A good deal for an apartment depends on your income, location and living needs. The right number is different for every person. But here's a general rule of thumb:
How much of your income should you spend on rent?
Aim to spend around 30% of your monthly net income on your rent. Think of this as saving for the future - a new car, less debt or even a home to call your own.
What is 3x rent?
3x the rent consists of first and last month's rent + the security deposit.
How to calculate roommate income?
If you have roommates, you add all of your annual gross incomes and divide the sum by 40. You just want to see if that number is equal to more than your apartment's monthly rent.
What do you have to pay for before moving into an apartment?
You'll have to pay for some items before moving into the apartment, like moving costs, application fees, and security deposits. Other expenses, like furniture, can wait until you're more settled into your new digs. Once you're settled, you can anticipate these monthly expenses:
Can you use the default value as the average cost?
If you're unsure of the cost of some of these categories, no worries. Just use the default value as the average cost for an item.
Is finding an off campus apartment exciting?
Finding your first off-campus apartment is exciting! But it also comes with its fair share of stress.
What to include in budget for new apartment?from apartmentlist.com
When building out your budgeting checklist for your new apartment, don’t forget to include the below essentials. 1. Moving Expenses. Moving is a one-time expense, but an important one to budget for. If you plan to move cross-country, you will likely need to invest in professional movers.
How much does it cost to hire movers for a one bedroom apartment?from apartmentlist.com
On average, it costs $350 to hire movers for a one-bedroom apartment. For a four-bedroom home, it costs an additional $1,150 at $1,500. These rates are determined by the amount of hours of labor it takes to complete the move.
What expenses can a roommate share?from poplarridgeapartmentsfw.com
Consider a roommate to share expenses on rent and utilities.
How to save $25 a week?from poplarridgeapartmentsfw.com
Eat in instead of eating out. You can save $25 or more a week by packing your lunch with leftovers from last night’s dinner . Invite a few friends over for movie night at your apartment instead of going out. Grab a new release at Redbox and a couple bags of microwave popcorn and save $20+.
How to keep a budget?from apartmentlist.com
One of the most basic, but most effective, ways to keep a budget is to write it all down on paper. Whether you use Google Docs or Excel, mapping out your monthly spending and financial goals in a spreadsheet will benefit you in a few different ways.
How to save money after moving?from poplarridgeapartmentsfw.com
This doesn’t mean you have to starve while you sit at home doing nothing, there are easy ways to save money so you can still enjoy being on your own. Save around $80+ a month by cutting cable.
How often do you have to pay to use your phone?from apartmentlist.com
Whether it is your cell phone or a landline, you have to pay to use your phone every month.
What questions should I ask when renting an apartment?
When it comes to renting your first apartment or house, there are a lot of questions you might have in the process: What is a broker’s fee? How do I get the security deposit back? How much should I spend on rent, movers and furniture?
How to save up for down payment on rental?
In order to save up for a down payment on a rental, you might consider placing your money in a high-yield savings account, some of which offer a rate of return that is 10 times the amount offered by traditional savings accounts. High-yield savings accounts allow people to withdraw money from their account up to six times a month, which makes it a good choice for people who want higher returns but who still need access to cash.
How long does a 0% APR credit card last?
A 0% APR card gives new cardholders an introductory period, typically between 12 and 20 months, where they won’t have to pay interest on new purchases and/or balance transfers. A 0% APR credit card is a great way to finance new purchases but you’ll need to have a good or fair credit score in order to qualify for one. Make sure you know when your introductory period ends so you can avoid incurring any interest on your purchases. Cardholders will, however, still be required to pay the minimum amount on your bill each month.
What is broker fee in New York?
In New York, these fees are typically 10 to 15% of your annual lease amount or the cost of one month of rent. It’s important to incorporate these fees into your budget when calculating the cost of renting in New York.
Is it expensive to rent an apartment?
Renting an apartment for the first time can be a costly endeavor. You’ll have to know how much of your annual income you can spend on rent, how much your upfront costs will be to secure housing and how you’ll pay for new furniture.
Do you have to pay broker fees for renting?
Depending on what city you live in, you might have to pay a broker’s fee. Unfortunately, you won’t get the broker’s fee back. There aren’t broker’s fees for renting in most areas, but you’ll typically find them in New York City, and occasionally in other cities like Boston.
Does the 30% rent rule still hold?
First off, one of the largest expenses you’ll have is your rent bill. Housing — along with food, transportation and medical care — are considered essential costs. They are expenses that you must be able to cover each month. Therefore, the more you spend on housing, the less you’ll have to spend on your other essential costs. You’ll also have less money to put into an emergency fund, invest for retirement or pay off your student loan and/or credit card debt.
How much renter insurance should I pay?
Now, depending on where you live and how much coverage you need, you should expect to pay between $5 and $30 per month. To give you a good idea on rates, I have personally never paid more than $15 per month for renter’s insurance.
How much does a trash bill cost in an apartment?
In an apartment, you will typically pay your trash bill with rent, and it will most likely run in the $10 – $40 range. This also depends on trash valet, which, if you have never lived in an apartment before, will be a new concept.
Why is it important to have a checklist when moving into an apartment?
But, with all the hustle and bustle, it can get a little chaotic. That’s why it’s so important to keep everything as organized as possible with a first apartment checklist.
Why are platform beds good for apartment living?
Platform beds are great for apartment living, because you don’t have to worry about moving box springs, and they open up some under-bed storage options that you wouldn’t otherwise have with a traditional bed frame. You will also want to assess the clothing storage options in your new apartment.
How long does it take to get water bill in apartment?
This is normal. Water bills are almost always 2 months behind. Just check with your leasing office to confirm when to expect your bill, and rest assured you haven’t missed a payment. The good news is, water bills in an apartment tend to be low, because you won’t be paying for things like a sprinkler system, which you would pay if you were renting a house. Though, I recommend you keep your water consumption as low as possible until you see your first bill, and learn what you can expect to pay each month.
What is the last thing you want in an apartment?
The last thing you want in your brand new apartment is a muddy floor, littered with shoes and coats. But you also don’t want to pay through the nose just so people can wipe their feet when they walk in. So, take a little time to make your entry a welcoming place for yourself and your guests with the following items.
What to expect after moving into a new apartment?
After moving into a new apartment, you will quickly realize that rent is only part of your monthly expenses. You need to heat your apartment in the winter, and cool it off in the summer. And, I’m guessing you will want wifi, so you are going to need to pony up for internet. Additionally, you’ll need to get renter’s insurance so that you aren’t on the hook if anything catastrophic were to happen to your apartment. But how much can you expect to pay for all this? Here is what you need to know.
How much does heating raise rent?
Summary: Heating can be a bug-a-boo, and can effectively raise your rent by $100 or more a month in the winter. Make sure you know how much you will have to pay before you sign the lease.
How much does it cost to heat a whole house?
Heating a whole house could cost over $300 a month, though this would likely be split three or four ways.
How much does forced air heating cost?
Gas or Forced-Air Heating: In the winter months, this can be quite expensive. Budget at least $100 a month in the deep winter, though the cost can vary based on the size of the apartment, the quality of insulation, and the efficiency of the heating mechanism. One good way to find out is simply to ask the landlord or previous tenant, since each building will be different in its heat costs.
How much do you tip a doorman?
Usually, it’s about $50-100 per doorman, so if the building had three doormen, it’ll be $150-300. It’s expensive, but it’s also important you do it – you want to be on the good side of the doormen, since they watch your packages, greet your guests, and keep a set of your keys.
How much is renters insurance?
As Alissa touched on, renter’s insurance is worthwhile. Think of it as protecting your stuff, come what may. It’s also affordable, at only about $150 a year, or less, depending upon where you live.
How much does cable cost?
Summary: While it’s not a necessity, it is nice to have cable, and you can usually find introductory deals that include cable and internet for about $90 a month, or you can use a streaming service or two for about $20 a month.
How much is a month for a router?
Forty-five dollars a month is roughly average. Keep in mind that you can split the cost with as many other people as are using your connection. For example, when I lived in Minneapolis, my next-door-neighbor and I set up the wireless router so that she could get a signal, too, and then me, my roommate, and her were all using one forty-five-dollar signal.
What are additional costs for an apartment?
Additional Costs: Consider things like the security deposit, apartment application fee, and the cost of utilities when budgeting for an apartment.
How Much Rent Can I Afford On My Salary?
Need a quick and easy look into how much rent you can afford? Here’s an idea of the ideal rent for various salaries, based on the 30% rule.
What Percentage of Income Should Go To Rent?
As mentioned above, our rent calculator uses the 30% rule as a starting point to calculate your ideal rent. The percentage of your income going towards rent will largely depend on your situation. Here are a few things to consider:
What Lease Length is Best For Me?
Debating between a traditional 12-month lease or a short-term lease? While a short-term or month-to-month lease offers more flexibility, they’ll typically be much more expensive than a year lease.
What is rent calculator?
Our rent calculator is designed to help renters calculate how much rent they can afford. To find out a renter’s ideal rent price, we consider three factors:
What is the ideal rent price for 40,000?
On a $40,000 a year salary, your ideal rent price is $1,000.
What is the most common short term lease?
Short-Term Leases: Short-term leases can vary, but 3-month and 6-month are the most common short-term leases. The monthly rent will be more expensive than a 12-month, but the leases come with flexibility.
