First-Time Apartment Hunting: Fees And Costs You Need To Consider

Posted on: 8 February 2017

So you've made the decision to get an apartment. Congratulations! While it can be super exciting, it can also be extremely terrifying. You have no idea what to expect and there are numerous things that you need to consider. You have never done this before, and there is a lot of information to take in. To get started, it is important that you consider the fees and costs that are associated with renting an apartment. This will help make the process a bit smoother and understandable for you so that your head doesn't spin when all the money talk starts.

Fees You Will Have to Pay Upfront

You know you will be responsible for paying a set amount of rent on a monthly basis; however, there are other fees that you will be responsible for as well. These costs are extremely easy to forget about when you have never rented an apartment before. So, aside from the monthly rent, you are also going to have to pay for a security deposit. As a general rule, this is the same price as the monthly rent or sometimes a little bit more, depending on how the landlord wants to go about this. Ultimately, though, the security deposit is in place to protect the landlord in the event that you leave the apartment completely trashed when you move out. If you make sure to leave your apartment clean and the way that it was when you moved in, then you will get your deposit back when you move out. Another fee that you may be responsible for paying before you can move in or even sign the lease is an application fee, as the landlord wants to make sure that you are a solid lessee before allowing you to move into their apartment complex. 

Costs You Be Out in the Long-Term

While there are some upfront costs that you need to consider, it is also important that you look at costs for the long-term. While you will be paying rent on a monthly basis, there are also other things you will be paying on a month-to-month basis, including utilities (electricity, water, etc.). Some of these may be covered within your monthly rent and some may not be, so it is important to find this out ahead of time. If it is not covered in your rent, you may have to pay a deposit with the utility company in order to get the services started. In addition to utilities, you need to consider renter's insurance. Some landlords actually require that this insurance is carried. This insurance will protect you in the event that there is a disaster, theft, or accidental damage. It usually isn't very expensive and can come in handy should something happen.

If you're in the market for an apartment rental, you don't have to look alone. Reach out to a realtor in your area and let them know what it is you're looking for so that they can help you find the perfect apartment based on your needs, wants, and budget. 


Saving Money On Real Estate

After I got promoted at work, I realized that there were a few things I wanted to do with all of the extra money. One of the biggest goals that I had was investing in local real estate, because I wanted to experience what it would be like to own multiple properties. It was really overwhelming at first to put in the offers, but after awhile I got really good at saving money on real estate and seeing the rewards. This blog is all about knowing which properties to invest in and focusing more carefully on the art of getting a great deal.