Figure Out Your Apartment Budget With This Checklist
When it comes to apartment hunting you’ll want to consider a number of things before picking a new place to call home. A major one is your budget. Understanding your monthly budget will help you determine how much rent you can afford and how it all fits into your financial life.
This checklist can help:
- Are you going to have a roommate?
If you’ve committed to living with a roommate, this can have a big effect on your rent budget. By splitting the monthly rent, utilities and other living costs among two or three people, you’ll be able to afford an apartment that comes with a higher price tag. With roommates by your side, this will widen your search scope and even allow for a higher end living space.
- Do you have outstanding debts?
Whether you have student loans or monthly car payments, these additional costs of living have to be included in your monthly budget. These are necessary payments that have to be accounted for.
- Don’t forget about utilities.
Utility costs will differ for each apartment. Some complexes will cover your water and electric, while others will leave all utility costs under your responsibility. These additional expenses can add up. Utilities will include water, electric, cable and Wi-Fi.
- Necessary vs. Optional
Sit down and look at your other monthly expenses. Necessary expenditures include insurances (such as car, health and dental), groceries and gas. If you plan on parking on-site at your apartment, there can also be additional fees. These costs are expenses you can’t skip out on. On the other hand, going out to eat, new clothing and your daily Cup of Joe are all expenses you can cut out when trying to budget.
- Do you have a pet?
Most apartments charge extra expenses for pets. Often, they will have you pay an initial deposit and add an additional monthly expense. If you already have a furry friend, or will be getting one soon, you’ll want to find out how much of an extra cost this will be per month.
Configuring your what you can afford can be stressful. With these helpful tips, you’ll know how much you can afford so you can find your dream apartment within your budget. Happy hunting!