If you’re like Lauren Crain, a digital marketer, you’ve always lived with either your parents or a cadre of roommates – and you’ve been dreaming of living on your own for a while.
Crain realized her dream but only after living with her parents for a year to save up before she could afford being on her own for the first time. During that time, she learned that there were a lot of details that she needed to figure out before she settled into her own place. Some of those details included saving for things like moving costs, fees, and deposits. She also had to deal with the logistics of finding and moving into her new home all by herself.
Figure Out Your Budget
You might like the look of that swanky condo you toured, but you don’t want to blow your budget on rent every month.
When Nick Corlis, moved to Houston after receiving a job offer, he knew how much he was making. Armed with that number, he took some financial advice he had heard on how much to spend on rent to help him figure out how much he should budget.
“I factored in my utilities, such as electric and gas, tenant’s insurance, and internet with my rent and I considered the entire cost of that when looking for apartments,” he says. “I remembered hearing that your monthly rent really shouldn’t cost more than 2.5 percent of your yearly salary – which ended up being pretty sage advice.”
Add In the Extra Costs
While both Crain and Corlis knew that there would be extra expenses, they were both surprised by how much they ultimately cost. Continue reading “Strike Out On Your Own: Tips for Renting Your First Apartment”