What's it like, money wise, to have an apartment?
During college, depending on which one I go to, I was thinking about getting my own apartment, something cheap for now until I save up more money than I do now. I want to have the feeling of living on my own, to try and see if I can handle it. #financial-planning #mortgage
10 answers
Robert’s Answer
Also, what does your budget allow for? If the least expensive option still leaves you without any wiggle room, another option must be found. Allow for 10-20% flexibility in your assumed expenses to ensure the likelihood that you are accurate. When budgeting, do your best to not spend without being to save. If you have no emergency fund, yet really want a new smartphone, consider setting a goal to reach before buying the thing you want. Time is one of your greatest assets, use it accordingly!
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Emily’s Answer
If you are planning to do this, I'd suggest starting one first and then the other rather than going out on your own and starting school all at once. Depending on where you go to school - if it's a regional campus in a smaller town, you'll likely be able to live somewhere cheaper and tuition will be less. If you have to go to a main/larger campus keep in mind that rent will likely be higher which may require roommates.
Jeff’s Answer
An apartment has more expenses than most people consider besides rent, security deposit (usually) and utilities. If it's your first apartment you need to buy a lot of small things you've never thought about like furniture, trash cans, dish towels, and spices. Before you decide to get an apartment, try going through a big box store and add up the costs of everything you would buy to stock a living room, bedroom, kitchen and bathroom and add them up on the calculator on your phone. Doing that makes many people want to live with a roommate and split those costs. It's also why many college students live on campus at least the first year. Some schools require that you do so.
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Jonathan’s Answer
The way to make it work is to realize that you need to operate within a budget. It doesn’t have to be restrictive, but you need to tell yourself how you plan to spend the money. This is key to having your own apartment/house. This will give you a lot of peace of mind and stability as you transition to college and life as an adult. Make budgeting a habit now that you are young and a student just starting out in your first apartment so that when you are making more money you will not have to work as hard to develop the habit.
Will’s Answer
Lamecca’s Answer
It can be expensive if you try to tackle the responsibility alone. Try to get a few roommates to help with expenses. Split everything equally, except for food. Trying to take on the responsibility without help can be overwhelming and take away from your primary focus, education. Good luck and take one step at a time.
Jared’s Answer
Having rented an apartment in a couple of different states and in a high cost of living city, it can be expensive. It's really important to not forget that rent is not the total cost of living in an apartment. Things like internet, water, garbage service, electricity, parking, or pet rent may factor into the total cost.
There's also all of the smaller costs of outfitting your apartment! This can be easier if you have roommates or get household items from friends and family.
I think the key thing is to do research on housing costs where you live, there are a lot of great resources online. Most apartments can also provide you with an estimate of the cost to live there with example water, internet, and electricity costs.
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RAFAEL’s Answer
It is a solid financial commitment. Must know your budget upfront in order to determine affordability, location, and lease options. It is a great experience to learn the financial ethics required to maintain the monthly rental payments including any additional utility payments. Will also expose you to the independence many seek as young professionals.
James Constantine Frangos
James Constantine’s Answer
Understanding the Financial Aspects of Apartment Living
Apartment living offers a flexible and convenient lifestyle, making it an appealing choice for college students and young adults stepping into independence. However, it's crucial to grasp the financial implications of renting an apartment before making your decision.
Monthly Rent: The main cost associated with apartment living is the monthly rent. The amount can vary greatly, influenced by factors like location, apartment size, amenities, and the local rental market. It's vital to plan for this recurring expense and ensure it fits comfortably within your income.
Utility Bills: Besides rent, tenants usually bear the cost of utilities such as electricity, water, gas, internet, and sometimes, trash removal. These expenses can accumulate rapidly, so remember to account for them when budgeting for an apartment.
Security Deposit: Most landlords require a security deposit upfront, typically equivalent to a month's rent. This deposit covers any potential damages beyond normal wear and tear when you move out. It's important to fully understand the terms of the security deposit and the conditions for its return.
Renter’s Insurance: Although it's not always compulsory, obtaining renter’s insurance is strongly advised to safeguard your personal belongings against theft, fire, or other unexpected incidents. Renter’s insurance is generally affordable and offers valuable protection.
Maintenance and Repairs: While landlords are usually responsible for property maintenance, tenants may face minor maintenance issues. It's crucial to know your responsibilities regarding maintenance and repairs as per the lease agreement.
Extra Charges: Some apartments may include additional costs such as parking, pet, or amenities fees. Be sure to be aware of all possible extra charges linked to the apartment rental.
Money-Saving Strategies: If you're looking to economize while living in an apartment, consider strategies like sharing the apartment with roommates to divide costs, selecting a more budget-friendly location away from city centers, or choosing a smaller unit with fewer amenities.
Budgeting: Before deciding to rent an apartment, prepare a comprehensive budget that includes all expected expenses related to apartment living. Make sure your income can comfortably cover these costs while still enabling you to save for future objectives.
In summary, while apartment living can offer a sense of independence and autonomy, it necessitates meticulous financial planning to ensure it's affordable and sustainable.
Top 3 Credible References Used:
The Balance: A reliable source for personal finance advice, covering topics like budgeting, saving money, and managing expenses.
NerdWallet: Provides extensive guides on financial planning topics, including apartment renting, housing cost budgeting, and understanding rental agreements.
Apartment Guide: Offers insights into rental market trends, tips for finding affordable apartments, and advice on managing finances while renting.
Stay Blessed!
James Constantine Frangos.
Christina’s Answer
It can be expensive if you try to tackle living on your own.