Looking for your first apartment after college may be an exciting and scary experience. You need a wonderful home to live and are starting your first full-time post-graduate career. But where should you go and how much should you pay? What constitutes a fair deposit, and how much should you set aside each month for bills?
Before You Start
Before you start apartment-hunting, there are several things you need to consider:
- What is your budget? Ideally, your rent should not be more than a third of your monthly income, but in this current market that is not always possible. Figure out how much money you bring in monthly, plan for other expenses (like food!), debt, and savings, and determine how much you can spend on rent.
- Ask questions. When touring potential new cribs, ask the landlord/building staff what the building is like. Are utilities included? Is the internet service good? What about parking?
- Explore your options. Look around and tour several buildings and suites, find one that you think suits your needs and fits within your budget.
Hey, Roomie!
Maybe roommates are not exactly what you envisioned when leaving behind dorm life and starting your adulting, but sharing a place with others significantly cuts down on rent (and chores!). Sharing a condo with one other person is worlds different than sharing a dorm back in freshman year, and sharing space with someone else gives you time to save or start chipping away at any student loan debt.
Don’t Underestimate The Cost
Found an awesome apartment, within your budget? Fantastic! Have you taken into account the deposit, any condo fees, parking costs, and utilities? Sometimes landlords and building managers like to be sneaky and not disclose additional fees upfront, only to surprise you with them later. Make sure to ask about all costs that will be included with monthly rent before signing any papers.
Renters’ Insurance
Insurance for belongings is not limited to homeowners. Although renters insurance may initially seem like an unnecessary investment, it can end up saving you a significant amount of money. Renters insurance could assist you in replacing your belongings in the event of a fire, natural disaster, or break-in at your flat.
Tenant Rights and Laws
Reassuringly, tenants—and applicants—have federal rights that protect them from unfair practices. Some provinces and territories have additional local rights, and you should read up on them before you start applying for apartments.
Expecting Perfection
Your first apartment following college signifies a change in your life. You’re moving into the “real” adult world—not just moving to a different location. Many people bring a list of “must haves” with them when they first look for an apartment. There will never be a perfect apartment, so don’t pass up a perfectly fine location in the hopes of discovering your dream residence. Rather, weigh the trade-offs and choose a reasonably priced, well-valued residence. This will not be your forever home, just the place you start.
Looking for your first apartment? Give us a call today! One of the experienced agents at Zoocasa will be more than happy to help you through the exciting home-buying process!
