Getting Your First Apartment

When you feel ready, you will want to go out there and claim your own space in the world. And by that I mean getting a place to call your very own. You’ve been waiting for this moment all your life and now it’s here. You are looking for your first apartment. Ahh, the badge of independence, no more parents nagging and asking you: Where are you going? Who are you going with? What time are you coming back? What are you going to do there for so long? It’s enough to drive you insane, but you have finally saved up enough money to start looking.

Or so you think.

Money matters

The first thing you need to do when you decide it’s time to fly the nest is to find out how much you can rent you can afford. According to Dr. Cheryl Burton, a licensed real estate broker in White Plains, NY you need to:

• Budget what you are able to spend on the apartment
• Save about three times that amount, before you start looking. (This will cover one month’s rent, one month’s security (some landlords may charge two month’s security))
• Be wary of realtors who ask for a finder’s fee for an apartment list, because most times the apartments listed are already rented and your fee is non-refundable

While we are on the topic of realtors, I just wanted to let you know that in some states, realtors charge a fee, so if you plan on using one, make sure you ask first. If you have to use a realtor be advised that they might request the equivalent of one month’s rent as their fee while others may charge 12% to 15% of the annual rent. Goodness! Let’s just look at that for a moment shall we? Let’s say your rent is $750/month — that equals $9,000 annually. Now 15% of that is $1350! You would have to pay $2850 before you step in the place. I suggest you try your best to do the search on your own. Look in the paper or ask friends, family or co-workers. Another option is to look on craigslist.org.

Other related costs

• Most times your landlord is going to check up on you to make sure you are able to pay the rent. You will be asked to pay for them to pull your credit report, usually around $20.
• You’re going to need furniture.
• It would be stellar if your utilities were included in your apt. but if not, that’s another fluctuating cost.
• You plan on watching television? You will need cable and probably a TV too!

Now that we have gotten the expenses out of the way, let’s move on to the apartment itself. Before you start looking, you need have a list of what you want.

• Does your apartment have to be on a certain floor?
• Does the apartment have to be in a building or in a house?
• Is it important that the utilities be included in your rent payment?
• Are you planning to get a pet? You need to know if the place is pet friendly and which types of pets are allowed.
• Think of everything that is important to you to have. Is it closet space, bathroom connected to your bedroom, etc.?

When you check out a prospective apartment, really look to determine if it is in good condition. Are the building and hallways well lit and elevators operational? It would be great if there is a security person at the door or a security system. If there are windows facing fire escapes, check to see if they are locked and secured. Other things you want to check are where the emergency exits are located; if there are any phone jacks for phone and modem; if the outlets in all the rooms are operational; that any appliances included: refrigerator, dishwasher, microwave, washer and dryer are in good condition; locks on all doors are secure; if there is enough natural light, closet space, and so on.

Before you sign the contract

You should ask if you are allowed to paint, knock down a wall, put in fixtures such as a washer and dryer or ceiling fan?

When you move in

Make a checklist of all the contents and the condition of the apartment so when you move out you won’t have any problem getting your security deposit back. Take lots of pictures and change the locks on your doors! You don’t know why the previous tenet left. Did they get evicted and are now bitter and want to sneak back in to get revenge. Were they being stalked and had to leave suddenly. You also don’t know who they gave copies of keys to. What if that person didn’t know the former renter left and tries to come over and surprise them and finds you instead? Just a thought.

I used to think that you automatically had the right to “quiet enjoyment” once you moved into your apartment. That means your landlord or their designee should not be running in and out of your place whenever he/she feels like it. But Susan Hanson of the Hanson Realty Group in Norwalk, Conn. says that that needs to be stated in the lease.

So, now that you are armed with a little real estate knowledge, sneaky landlords and realtors won’t be able to pull the wool over your eyes. And when you get all set, let me know. I may be looking for a place to crash soon.