Finding an Apartment
Finding an Apartment
ObjectivesStudents will be able to determine the most you are able to spend on an apartmentStudents will be able to choose wisely between different apartment optionsUnderstand and sign a lease
Do NowWhat criteria do you look for when choosing an apartment?(Hint! Location, Cost, Amenities. Etc)
Apartment ConsiderationsSalary: How much money do you bring home every month? How much of that can you allocate for paying rent?Start-up costs: What will you need to buy initially for your apartment? Additional money for deposit or for renters insurance.Ongoing Costs: Will you have enough left each month after paying the rent to cover utilities? Groceries? Transportation?
Choosing an Apartment Type of Apartment: A Flat or a TownhouseHow many bedrooms?Garage or parking lot?Extras: Swimming pool, workout centerWould pets be allowed?Most important consideration is financial!!!
Where to Look for an Apartment Start with the classifieds section of your local newspaper Apartment for RentYellow pages of the phonebook: Under ApartmentsBoth the newspaper and yellow pages have an online classifieds section as wellWebsites: www.Rent.com, www.ApartmentGuide.com, www.Craigslist.org,Local RealtorVideo https://www.youtube.com/watch?v=MnSx078Bl4wLocation, Location, LocationIs the apartment in a safe part of town?Will you feel comfortable and secure in this apartment?Is the location convenient to your job?Do you drive?Do you need to be located near public transportation?
How Much Should an Apartment Cost?Based on its size and amenities offered. Garage space, swimming pool, furnishings, etc.Does the cost include some or all of the utilities such as electricity, phone, or heat?Upscale areas of the city or newer apartments will cost more money.RULE: Do not spend more than 30% of your monthly earnings on your base rent, not including utilities.
Utilities and Unexpected CostDoes you apartment include gas and electricity?Compare apartment cost using the total cost of the apartment.Other costs:FurnitureDishesCleaning SuppliesHousehold itemsSecurity Deposit: this is a sum of money that the landlord holds until you move out of the apartment.If there is any damage to the apartment, the deposit money will take care of the repairs.Signing a LeaseBoth you and your landlord will sign a document called a lease. This legally binding document describes the terms that you have both agreed upon.The term, or length of time you wish to rent the apartment will be stated in the lease.The lease tells youAmount of rent paid monthlyWhen its dueHow much notice you must give the landlord if you decide to leaveSecurity depositWhich utilities your are responsible for paying Whether pets will be permittedIf you decide to have a roommate Renters InsuranceLiability: Pays for damage you might do to the building or if someone tries to sue you.Contents: this covers your belongings and will pay to replace them or repair them in case they are stolen or damaged by fire or a leaky pipe.
List Your ExpensesList the cost of the expenses you should take into consideration when renting an apartment for the first time.What would be the cost of a couch, food, television, bedroom furniture, electronics, electricity... etc?How much money do you need?
What did you learn?