Looking for an apartment is not an easy process.
Not only does it involve finding a place that will meet all the needs and necessities of you and your future roommates, there are a lot of financial aspects involved.
Here are the five financial factors (or triple F) that you should take into account when looking for an apartment:
1. Application and Application Processing Fee
Once you find an apartment, you have to apply for it. Apartment buildings usually have a fee with their applications, so remember to save money for that fee. Sometimes the application fee can be split between all people planning to live in the apartment, or each person applying to live in the apartment may all have to pay the same fee. Some buildings also charge processing fees, along with the application fees. These processing fees are usually non refundable. In some cases, the processing fee may be higher than the actual application fee.
Once you get approved for the apartment, you will have to pay your landlord a security deposit. This deposit ensures that you will take care of your living space until your lease is up. When your lease is up, and it is time for you to move out of the apartment, you get your security deposit back if nothing in your apartment was damaged. Different buildings have different rates for a security deposit; some places use first month’s rent as a security deposit. Be sure to also save money for this.
3. Credit Score
When processing your apartment, the leasing property or landlord will run a credit check or you and your potential roommates. So find our your credit score in advance of when you apply for the apartment! There are several ways for you to find out your credit score. Just because you don’t have a credit card doesn’t mean that you don’t have credit. Credit can be racked up just by having a job. If you don’t have credit, it is more than likely the landlord will request that you have a co-signer on your lease.
4. Employment
Obviously, if you are looking for an apartment, your application will have a section on it talking about your current employment or your employment history. The section will also ask about how much you make at your place of employment. If you don’t currently have employment, or don’t plan to find employment, it will be just like not having a credit score and the landlord will request that you have a co-signer on your lease. If you don’t currently have employment, it would be wise to provide the landlord with a reason as to why you are not currently employed.
5. Utilities and Renters’ Insurance
Don’t forget to activate all utilities (if the costs are not already included in your rent) and ensure that you have rental insurance before you move in to your apartment. If some of all of your utilities are not included in your rent, then you will need to take the extra steps to set them up and to budget these utilities on top of your rent. Getting renters’ insurance is also an additional step in which you and your potential roommates need to find the best deal that is right for you.
The Aspiring Adult 