Your First Apartment - Tips to Consider

Will you be looking for an apartment soon? This summer there will be thousands of college graduates in the market for their first apartments. My son will be one of the thousands.

I can remember my first apartment, my first roommate. It was so exciting, I thought, finally I'm on my own.

Getting you first apartment is exciting but can also be scary. So here are some tips on finding your first apartment. I hope these will help in your decision-making.

1. What kind of Lease
There are 3 basic types of leases, month-to-month, six months, and year lease. You will have to sign one or the other. So how long do you think you will want to live in your first apartment? Will the career you have chosen play a factor in your decision? Do you know for sure you will be staying in this city or moving on in six months? Make sure you think hard on this. Breaking a lease is costly!

2. Having a Roommate
Can you afford an apartment on your own? This is an important decision to make. Having a roommate is much cheaper than living alone. If you would like to live alone, research the cost of apartments in the area you are interested in, this might answer the question about having a roommate. There are some people that would not be able to live with someone else; you might be one of those. If you can't afford an apartment on your own then expand your research area.

3. Budget
In choosing an apartment you have to balance what you can afford with how nice of an apartment you want. Apartment complexes come with different amenities. The more amenities offered, the higher the rent will be. Amenities can include swimming pool, laundry room, and work out room.

So before you head out apartment hunting, try to figure what you can afford, with or without a roommate. Decide what you think you can't live without, like a laundry room. Do you want to be hauling your laundry to the laundry mat down the road? Basically you need to budget more than a third of your income for your rent but if this budget will mean living in an unsafe condition, then consider adjusting your budget or even better, adding another roommate.

4. Where to Live
Part of finding an apartment is knowing where you want to live. Do you know the city? Did you grow up there, or are you new to this city. Take the time to research and explore. Driving around and observing different neighborhoods will give you a feel for the environment. Ask yourself, is this me, would I like this. You also might want to consider what is around each apartment complex. Do you want a park, playground, grocery store, gas station, and is it close to work?

5. How Long, the Hunt
Actually finding the right apartment might take two weeks or two months. Once you have decided on a roommate, or not, your budget, and location, start looking. The rental market will basically decide your timing. If you need an apartment in a week, you might be out of luck. Start your search two months before the move in date you have chosen. Apartment landlords, property managers and residential office on campuses can help you in your search.

6. First Month's Rent and Security Deposit
Typically apartments require first month's rent and a security deposit up front at the time you sign your lease. The security deposit is usually a full month's rent. Depending on where your located in the country, some require cash, certified check or a money order. They might even take a personal check but this is rare. When you are touring the apartment complexes, make sure you ask.

If you are new to the city, open your checking account at least two weeks before you need to pay the money. This way if there is any problem in transferring your account to your new bank, it gives the bank 7 to 10 days for everything to go through.