Preparing for Your First Place

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So, you’re getting ready to move into your first place… Here’s a couple things you’re going to want to do to prepare yourself.

• When you’re selecting your first place, make sure you pay your rent! Seriously, experts suggest that when you’re looking for a place, the rent should be no more that 25-30% of your annual wages. You want that new place, you want to stay there, and you want to make sure that you still have the ability to order a pizza every once in a while (and have it delivered too).

• Make a budget before you sign a lease! Ask your landlord what the average utility bills are (if they are not covered in your rent). Take into consideration monthly food, transportation (gas, public transportation, car payments, etc.), renter’s insurance, entertainment, school loans, phone and other utilities, clothes and credit card bills. Make sure you know exactly what bills are covered in your rental costs and which ones you need to take care of yourself.

• If you use a real estate agent to help you find your apartment, be aware that they will usually charge you a fee for this service. (If you use Apartments.com to research your new place, you won’t have to pay a finders fee!)

• Make sure your new place is really what you want, it’s pretty tough to break a lease, and if you do, there might be some severe fees you’ll have to pay as penalties. If you’re looking for a place that allows pets, or one that has a pool, or one that has central air conditioning, or even one that has a doorman, make sure you ask all those questions before you sign anything. If you visit Apartments.com to find your new place, all you have to do is select which apartment and community features you’re looking for, click one button, and there you have it…. All the places that fit your exact needs!

• The average security deposit is one and a half times the monthly rent but may vary depending on your lease agreement. Be sure that the refunding of your deposit is clearly understood and agreed on by all parties.

• Once you take a look at your income, you’ll need to decide if you’re going to want a roommate. If you get a roommate, make sure that both of your names are on the lease. If you’re the only name on the lease, if your roommate leaves, you’re stuck with the bill with not a lot of legal recourse. Make sure you speak with your landlord about what would happen to the rent if you were to lose your roommate.

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