Finding a new apartment can be a rough process. However, with the right resources and a bit of planning, it can be easy and fun. Find your perfect apartment, with these manageable steps.
Find Out Your Price Range
The easiest methods you can use to find your budget is to either divide your annual gross income by 40 or divide your monthly salary by three. Whichever method you use, you’ll get a better estimate of what kind of budget you’re working with.
Figure Out Where You Want to Live
One of the most important things to consider when you decide where you want to live is its distance from your workplace. The farther away it is, the more time you’ll have to spend getting there. Pick a location that you like that’s convenient to get around.
Define what Apartment Features You Want
When you go apartment hunting, make a list of everything you want to be included in your home, such as amenities, square footage, number of bedroom and bathrooms, type of neighborhood, etc. However, you should organize your list into three areas of must-haves, nice to have, and dreams. Organizing this list can help your realtor find your perfect apartment quicker.
Save Early
In order to rent an apartment, you need to put down a security deposit, which is usually one month’s rent, as well as the first month’s rent. However, this doesn’t include the credit-check and application fees you might be charged by your landlord or broker. This means that you should start saving now to avoid taking out a loan.
Regularly Check Your Credit Scores
Realtors, brokers, and your landlord will check your credit once you apply for an apartment. In order to prevent your application from being rejected due to poor credit, you should regularly check your credit scores and make sure they don’t hold any incorrect or damaging information, such as neglected debt. However, you request free copies of your scores from the three main credit bureaus.
Find Low Rental Costs
Find the lowest monthly rent possible with these helpful tips:
• Find a roommate to help you cut your rent costs in half. Write up a roommate agreement stating the rules and obligations to avoid any potential problems.
• Consider transportation costs. If you live in the city, transportation expenses are less since there are buses and trains you can take to get around. In more rural areas, you’ll need a car, which could cost you hundreds of dollars a month.
• Save more money by renting a studio or one-bedroom apartment, especially if it’s only you.
• See if you apply for subsidies. The United States Department of Housing and Urban Development offer subsidies to people with low-income jobs who can’t afford their rent.
Begin Your Search
Nowadays, you can do most of your apartment searching online. However, also check the classified section in the newspaper and ask family and friends if they know of any open apartments. Be sure to check PennySaverPlus.com and the print version of the Pennysaver to browse through apartment listings in your chosen area. Watch out for red flags when browsing through listings and visiting apartments in person. Remember, if something looks too good to be true, it usually is.
Take Your Time
There is no need to make a decision immediately. Take your time so you can make sure that you are making the right decision. Don’t be afraid to sleep on it. You might be thinking about the apartment for 24 hours before giving your final decision. Trust your gut when making your final choice, if you do not feel safe in the neighborhood or simply don’t like the space, don’t submit an application.
Fill Out the Application
Fill out an application for the apartment you are interested in. You will need to provide documentations including pay stubs, tax returns, references, etc. You may also need to submit an application fee. In some cases, you may need to apply with a guarantor or cosigner. You don’t need to pay the security deposit, first, or last month’s rent until the day you move into your new apartment.
Do One Last Walk Through
After your application is approved and you have decided that you are pleased with the apartment, do one final walk-through of the new place. The last tenants may have damaged the apartment before they left, ensure that you will not be responsible for any maintenance and repairs that were not your fault.
During the walk through, check the items below:
• Lights
• Faucets
• Toilets
• Outlets
• Smoke and CO2 detectors
• Appliances
• Locks on windows and doors
• Signs of insect or rodent infestation
• Signs of damage to the flooring
• Take pictures of any damage
Congratulations, you just purchased your new apartment, all that’s left is to sign your lease and move in. Just make sure you read over your lease completely before signing it and pay attention to the fine print.
