Maybe it started as an idea.
Either you or the people you are living with might have brought up the idea of you getting a place of your own. At first you were kicking around the idea. Dreaming of how you are going to decorate. Imagining the feeling of inviting your friends and family over to your place. Visualizing your new routine and embracing a new, you. You might be going through a whirlwind of emotions. Except, now you might be feeling a bit worrisome. Worried if you can afford living on your own. Don’t fret. First, read through all the things that you’ll need to consider. Afterwards, you should feel more prepared.
Cost of Rent
The first area that you should consider if the cost of rent. Most apartment companies refer to your monthly income. They may ask that you make three times the cost of rent. This is a general rule of thumb that apartment companies use to feel secure knowing that you are going to be able to pay each month. Meanwhile, because of the ever-changing economy the cost of rent fluctuates. By making three times the cost of rent, you will feel more secure knowing that you will have enough for rent, your other expenses listed below, and maybe have some left over to save. This idea is to make everyone feel comfortable.
What other expenses might you be paying for. Take the bills that you are currently paying for into consideration. Right now, your mind might be solely focused on moving out and finding your own place that you are forgetting the other areas of your life that your paycheck is working towards. Things like student loans, car payments, phone bills, credit cards, etc. If you aren’t paying for these things now, think about if you plan to. For instance, do you plan on purchasing a new vehicle? Do you plan on going to school? Think futuristically, might you be taking out a loan or another added expense that you will need to afford. These are things to be conscious of.
When looking at apartments, know what areas of service they cover. You might get lucky and find an apartment where they pay for all the utilities. Utilities might include: electricity, water, heat, cable, and trash. If the apartment does not, then ask what the deposit is. Each place is different, and the cost might depend on the size of the apartment.
Depending on how much furniture that you have moving with you, chances are that you’ll need more. With the new place comes more ways to decorate. Think about it, you’ll need furniture for your kitchen, living room, bedroom, maybe an office room, or even a guest bedroom and that’s just the furniture. What about all those accessory items to help spruce up the place or even your modern conveniences. Not to mention that you’ll need the basic cleaning supplies and tools.
Lastly, think about the moving expenses. You’ll need some boxes, tape, and some more bodies. Ask your friends and family members to help you move. You will be more efficient and save yourself time and money by finding some people to help you. By asking others to help you, it will be more affordable rather than renting a truck or paying someone else to move all your stuff for you. This way, you might just get by with paying for their lunch to thank them for helping.
After considering each of these areas to moving, we hope that you find yourself more prepared to move into your first apartment.