Moving out on your own for the first time is an exhilarating experience, but it’s easy to get into financial trouble if you are not careful from the start. Fortunately, there are many steps you can take to ensure you get the best possible deal on an apartment. By following these simple steps, you can enjoy independent living without going overboard in your budget.
Contact a Realtor
If you are new to the area or simply inexperienced in terms of leasing, it’s an excellent idea to contact a realtor. While it does not cost you anything to utilize their services, a realtor obtains a fee from the complex when your contract is signed. As you are not directly compensating the agent, you can be assured that you will be directed only to the apartment complexes that meet your specific requirements. In addition, a realtor may be familiar with school districts, crime rates, and more general location information that you may not be acquainted with personally.
Contact Complexes to Check for Move-In Specials
Oftentimes, complexes will offer special rates at a reduced fee if you plan to move in within a specific time frame. In addition, if you plan to move in to your apartment home during an off-season (typically the winter months), you may be able to get a discounted rate. Check around: you may find a special rate that wasn’t advertised, allowing you to save some money on initial moving costs.
Check for Energy-Efficient Appliances/Sturdy Fixtures
One of the major costs beyond monthly rent is utility fees. You can save hundreds of dollars per year in utility costs by moving into a recently renovated apartment with energy efficient appliances. Also, it is important to check the moldings and sealing around windows and doors. If there is not a secure seal, heating and cooling costs are more likely to be high. Speak to your leasing agent to find out when the apartment complex has last been remodeled, and obtain the approximate age of your appliances before signing your lease.
Inquire About Your Contract
When leasing for the first time, it is important to fully discuss your contract and be aware of any fees that exceed what is included in rent costs. Some complexes charge pet fees, valet trash charges, maintenance fees, etc. If you are not aware of these, is it is easy for your rent to surpass what you originally budgeted.
Choose a Lease Duration that Meets your Needs
While securing a long-term lease may reduce your monthly cost, it is important you do not agree to a lease term that you are not sure you can maintain. If this is your first apartment, it is often best to go with a short-term lease (ie. 6-9 months) rather than a yearly lease, as you may not be able to fiscally maintain the payments. This may also be wise if you have not yet obtained full-time employment or are living with a roommate for the first time.
By becoming an informed renter prior to signing your lease, it is easy to save money without skimping on your major needs in a home. Through simple budget skills and knowledge of your complex’s procedures, you can avoid any major surprises in your monthly expenditures, leaving you free to enjoy your new space.