Budgeting for your first apartment can be difficult and overwhelming if you’re unfamiliar with what the costs will be.
If you’re considering becoming a first time renter, there’s a lot of factors that go into it. One of the most looming elements is budgeting and making sure you can pay for all of your apartment needs upfront. Finances may not be the most exhilarating topic but there’s no denying that it’s a necessity—and a concern—for many first time renters. If you’re just beginning to think about renting an apartment, try out these budgeting tips to help you get on the right track.
Considering Location
Different neighborhoods and even cities are going to run you different amounts of money. Most rental experts advise not spending more than 30% of your income on rent and in some cases, property managers won’t rent to you if you don’t make enough money. Make sure you set realistic expectations before you even begin looking at an apartment and choose to look in areas that match up with your budgetary limitations.
Know About Upfront Costs
Renting your apartment may be cheaper than buying a home, but there’s no getting around the fact that you may need to spend a lot just to get your foot in the door. Typically, a landlord or rental agency will expert anything from a security deposit, first and last month’s rent, pet fees, broker’s fees, application fees, and so on. Don’t be afraid to ask about all upfront costs when you first view an apartment unit.
Budget Beyond Rent
Do you already have furniture? How are you going to get all of your belongings to your new apartment? What about utilities? These are all good questions that you’re going to need to ask yourself before moving. Moving itself can be a costly expense, especially if you need to purchase new furniture or household goods. Remember you will also need to stock your kitchen so you have groceries to eat. It’s a good idea to list out everything you need and try to price it all out based on averages so you have a ballpark number for what you’re looking at spending.
The Apartments of Wildewood have a friendly community that’s waiting to welcome you!
At The Apartments of Wildewood, located in beautiful in St. Mary’s Maryland, we offer homes with access to pools, an on-site gym, and maintenance whenever you need it – and have access to all the information you need to affordably rent an apartment in St. Mary’s. To set up an appointment to check out an apartment or townhouse rental from The Apartments at Wildewood, call us at 301.737.0737 or visit the website!
For more about renting with The Apartments of Wildewood, check out our Facebook, Twitter, Pinterest, Google+, or LinkedIn.