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You've been waiting for this moment all your life and now it's here. You are looking for your first apartment. Ahh, the badge of independence, no more parents nagging and asking you: Where are you going? Who are you going with? What time are you coming back? What
are you going to do there for so long? It's enough to drive you insane, but you have finally saved up enough money to start looking. Or so you think.
When thinking of getting an apartment you have to consider a number of things. To help us freedom seekers, I have asked Dr. Cheryl Burton, a licensed real estate broker in White Plains, NY to give some advice on how to get an apartment.
Before the search In order to live comfortably, party and manage essential living expenses such as food, phone bill, electricity and hot water, Burton says you should expect to spend at least 1/3 of your monthly salary.
According to Burton, "You should budget what you are able to spend on the apartment and save about three times that amount," before you start looking. That will cover one month's rent, one month's security '(some landlords may charge two month's security)' and a realtor's fee, if you plan on using one. In Connecticut, unlike New York, not all realtors charge so make sure you ask first. If you have to use a realtor be advised that they might request the equivalent of
one month's rent as their fee while others may charge 12% to 15% of the annual gross rent. Goodness! Let's just look at that for a moment shall we? Let's say your rent is $750/month � that equals $9,000 annually. Now 15% of that is $1350! I suggest you try your best to do
the search on your own. Look in the paper or ask friends, family or co-workers. Burton says to be wary of realtors that ask for a finder's fee for an apartment list, because most times the apartments listed are already rented and your fee is non-refundable. You should save approximately two to three month's rent as a cushion, in case you have an emergency such as loss of job, illness without pay, liposuction etc.
Here's something that may have slipped your mind: credit check and references. You have to expect the landlord to check up on you to make sure you are able to pay the rent and that you won't tear the apartment down. "A non-refundable administrative or processing fee
and a face-to-face interview may be required," says Burton. During the search
Now that we have gotten the expenses out of the way, let's move on to the apartment itself. Make sure the apartment is in good condition, the building well lit and elevators operational. It would be great if there is a security system. If you have windows facing fire escapes make sure they are locked and secured.
"You should never make agreements for repairs that are the responsibility of the landlord without some agreement for compensation i.e discount on the month's rent or direct
reimbursement," says Burton. When you move in, make a checklist of all the contents and the condition of the apartment so that when you move out you won't have any problem getting your security deposit back. Another suggestion is to negotiate a clause in the lease for the right to sublet if for some reason you have to leave for an extended period of time i.e work related assignment or sudden imprisonment.
After you obtain the apartment you have the right to "quiet enjoyment" meaning your landlord or their designee should not be running in and out of your place whenever he/she feels like it.
Although they do need access in case you lock yourself out or any other emergency.
So, now that you are armed with a little real estate knowledge, sneaky landlords and realtors won't be able to pull the wool over your eyes. Please let me know how your search went, I may be looking for a place to crash soon.
