If you’ve just started your first real job, congratulations! You’re well on your way to adulthood. Assuming you’d prefer not to stay in your parents’ basement for the foreseeable future, and you’d like to have a place of your own, you probably wouldn’t want to start with renting a house- rather, you might be best served renting an apartment, which is generally less expensive and easier to maintain.
With that said, you’ll want to make sure a few things are in order before signing a lease for the nice apartment around the corner. Here are a few tips:
Determine How Much You Can Afford to Pay
You’ll want to know your budget, and know it well, before making any lasting, major financial decisions such as signing a long lease. As a rule of thumb, your rent shouldn’t be more than 25-30% of your income, though you’ll also need to be able to cover most of your daily living expenses (groceries, utilities, eating out, entertainment, etc.) on another 25% of your income. Budget carefully and generously so you don’t find yourself with an apartment outside of your price range.
Find the Area Where You Want to Live
When figuring out where you’d like to live, you’ll want to consider a) the quality of the neighborhood and b) proximity to your place of occupation. Some people place having a short commute as a high priority, while others are more concerned with dining options in the surrounding area. Finding a balance between your priorities will be crucial here, so go online and check out your options.
Consider Getting a Roommate
Many people prefer to have their own space, but if you’re strapped for cash, you might want to consider getting a roommate. Considering the size of the place that you’ll need, having a roommate is a great way to ensure that your bills will be able to get paid without going into debt or living in an excessively tight space.
Consider a Range of Property Types
Are you better able to see yourself living in a large complex or a private rental property? Perhaps you’d prefer to live in a high-rise, or maybe a small condominium building? There’s no shortage of property types in today’s rental space, especially in New Jersey, so look over all your options. You might also want to consider calling a few property management companies to find out what they have available.
Look at Five Properties to Start
Not sure where to start the physical apartment-hunting process? Start by choosing up to five properties to look at- if you do more than this all at once, you’ll be exhausted and the properties will start to blur together. Take pictures of the interior and exterior of each apartment once you look at them, consider safety if you’re going to be living alone, and consider a gated community (depending on your area).
Source: The Balance