You know what makes for a great “my first apartment†story? Grim memories of late-night arguments with your landlord, lost security deposits, the heat that never worked and countless other grisly memories of that hole-in-the-wall you lived in at 23.
What’s not so great? Actually living in that first apartment.
If you’re a recent college grad and looking for your first place, you might not be clear on all the steps you need to take to line up an awesome apartment. This guide will walk you through what you need to do to snag your dream space and avoid those nightmare apartment scenarios.
Decide what apartment features really matter
Before you dive headfirst into apartment hunting, create a list of everything you want. This may include particular neighborhoods, number of bedrooms, size of square footage and certain amenities. Lee Williams, a New York licensed real estate salesperson at Charles Rutenberg, suggests organizing and prioritizing your list into three key areas:
• Must-haves
• Nice to have, but can do without
• Dream apartment features
Have a list. That way you’ll know when you’re ready to compromise and how your budget translates when you go out to experience a new space.
Timing is everything in real estate
Start looking according to when you want to move in. Most move-in dates are on the first of the month, but some landlords may prefer or be willing to swing a midmonth start date.
Anywhere from May through the end of August is the busiest season for rentals. It’s crucial to start looking a month in advance because you could run into the problem of showing up and not having an apartment in time to start a new job.
Don’t automatically assume you can move in a few days before your lease start date without incurring costs. Talk to your landlord before you book a moving truck or recruit friends to help. Also, since moving companies tend to be busiest on the first of the month, make your reservations as soon as possible to secure a spot if you’re moving at that time.
Make sure you can afford your rent … and everything else
You might have your first salary, but you don’t want to be working just to pay rent. Typically, landlords are looking for an annual income ratio to be 40 or 50 times the monthly rent (40 times monthly rent should equal 30% of your income). To make apartment living more affordable, consider bringing roommates into the equation. Some landlords will let roommates combine salaries to meet the income ratio, but not always.
When you’re looking for a place, don’t forget to factor additional living expenses into your budget. This could include monthly expenses for:
• Utilities (gas, heat, electric)
• Parking
• Storage
• Internet and/or cable
• Pet fees
• Building fees (water, trash, maintenance)
When you apply for the apartment, you may have to pay a processing or credit check fee. And don’t forget the security deposit, which is typically one month’s rent or less. You might also have to pay your first and last month’s rent upfront.
Your landlord might require renters insurance. This insurance protects your possessions in case of an emergency or catastrophe and provides liability coverage for personal injury or property loss. Even if your landlord doesn’t require renters insurance, it’s a good thing to have.
Your landlord will want a complete picture of your click here financial health when you apply. Get one of the free credit reports you’re entitled to each year so you’re not surprised when a landlord runs your credit. You can check your credit report through each of the three major credit bureaus: TransUnion, Equifax and Experian.
Final takeaway
Knowing how to approach finding your first apartment gives you the power to make the best go here for more possible decision. You’re going to have pitfalls and plenty of memories to collect along the way — this is still renting, after all. Just remember: The great thing about your first apartment is that it will always be your first.