Finding an Apartment

Objectives Students will be able to determine the most you are able to spend on an apartment Students will be able to choose wisely between different apartment options Understand and sign a lease

Do Now What criteria do you look for when choosing an apartment? (Hint! Location, Cost, Amenities…. Etc)

Checklist

Apartment Considerations  Salary: How much money do you bring home every month? How much of that can you allocate for paying rent?  Start-up costs: What will you need to buy initially for your apartment? Additional money for deposit or for renters insurance.  Ongoing Costs: Will you have enough left each month after paying the rent to cover utilities? Groceries? Transportation?

Choosing an Apartment Type of Apartment: A Flat or a Townhouse How many bedrooms? Garage or parking lot? Extras: Swimming pool, workout center Would pets be allowed? Most important consideration is financial!!!

Where to Look for an Apartment Start with the classifieds section of your local newspaper “Apartment for Rent” Yellow pages of the phonebook: Under “Apartments” Both the newspaper and yellow pages have an online classifieds section as well Websites: Local Realtor

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Location, Location, Location Is the apartment in a safe part of town? Will you feel comfortable and secure in this apartment? Is the location convenient to your job? Do you drive? Do you need to be located near public transportation?

How Much Should an Apartment Cost? Based on its size and amenities offered…. Garage space, swimming pool, furnishings, etc…. Does the cost include some or all of the utilities such as electricity, phone, or heat? Upscale areas of the city or newer apartments will cost more money. RULE: Do not spend more than 30% of your monthly earnings on your base rent, not including utilities.

Utilities and Unexpected Cost Does you apartment include gas and electricity? Compare apartment cost using the total cost of the apartment. Other costs: Furniture Dishes Cleaning Supplies Household items Security Deposit: this is a sum of money that the landlord holds until you move out of the apartment. If there is any damage to the apartment, the deposit money will take care of the repairs.

Signing a Lease Both you and your landlord will sign a document called a lease. This legally binding document describes the terms that you have both agreed upon. The term, or length of time you wish to rent the apartment will be stated in the lease. The lease tells you Amount of rent paid monthly When its due How much notice you must give the landlord if you decide to leave Security deposit Which utilities your are responsible for paying Whether pets will be permitted If you decide to have a roommate

Renters Insurance Liability: Pays for damage you might do to the building or if someone tries to sue you. Contents: this covers your belongings and will pay to replace them or repair them in case they are stolen or damaged by fire or a leaky pipe.

List Your Expenses List the cost of the expenses you should take into consideration when renting an apartment for the first time. What would be the cost of a couch, food, television, bedroom furniture, electronics, electricity... etc? How much money do you need?

What did you learn?