Apartment Help from the Wise!!
Thread Starter
Senior Member
Joined: 06-29-2008
Posts: 839
From: Crystal Lake
Apartment Help from the Wise!!
All, Well my Wifey to be, finally found a job which is a job in itself right now. Anyway we are starting are search to be free of the Rents!!
What all should i look for etc. I have a Budget of what we can afford etc. Only thing i can't figure is how much her Student loans will be the first of the year cause it all depends on Interest rate at the time.
What all should i be looking for exactly. We're just looking for a Decent Size Studio or 1 Bedroom its just Us and the Dog.
Needless to say the Car Modding is about to End
What all should i look for etc. I have a Budget of what we can afford etc. Only thing i can't figure is how much her Student loans will be the first of the year cause it all depends on Interest rate at the time.
What all should i be looking for exactly. We're just looking for a Decent Size Studio or 1 Bedroom its just Us and the Dog.
Needless to say the Car Modding is about to End
Senior Member
Joined: 06-05-2008
Posts: 334
From: Puyallup (pew-al-up)
BEWARE: As a couple both of your incomes will be used to qualify you for a loan. If you take and use the maximum loan, any negative change in income will make life uncomfortable and may put your home in jepardy.
Be wise and only commit to a mortage that is equal to 1/3 of the largest income.
Be wise and only commit to a mortage that is equal to 1/3 of the largest income.
Senior Member
Joined: 09-11-2007
Posts: 1,379
From: Palm Bay, Florida
Buy what you can currently afford. Too many people got into mortgages with expectation of a housing market boom and bought too much house, then got burned when the market readjusted.
When I bought my first house the wife and my income qualified for lots of money, but the mortgage I got was one based on my income only. I was looking down the road and if the wife became pregnant and would not want to work, the house was affordable.
That didn't happen and we split and I kept the house as I could afford it.
You need to get a handle on your expenses down the road to see what you can spend on a house. If you look at the cost of renting, use that as an estimate for your mortgage expense. Remember that mortgage interest is deductible as are the taxes you pay on the house. But all those expenses are there as are utilities (water, gas, electric, waste removal etc) which will add to your monthly expenses. My $0.02..
When I bought my first house the wife and my income qualified for lots of money, but the mortgage I got was one based on my income only. I was looking down the road and if the wife became pregnant and would not want to work, the house was affordable.
That didn't happen and we split and I kept the house as I could afford it.
You need to get a handle on your expenses down the road to see what you can spend on a house. If you look at the cost of renting, use that as an estimate for your mortgage expense. Remember that mortgage interest is deductible as are the taxes you pay on the house. But all those expenses are there as are utilities (water, gas, electric, waste removal etc) which will add to your monthly expenses. My $0.02..
Senior Member
Joined: 07-16-2008
Posts: 183
From: Edmond, OK
Word of advice
only apply one income to the application. This way you will be living well within your means if one of you lose your income. You might not get a house on Cribs, but you will be able to do much more since the payment is something you can easily afford.
only apply one income to the application. This way you will be living well within your means if one of you lose your income. You might not get a house on Cribs, but you will be able to do much more since the payment is something you can easily afford.
Banned
Joined: 10-24-2006
Posts: 1,761
From: The Show-Me State
He's looking for an apartment, not a house...
Word to the wise--get a condo or at least a two-bedroom apartment. One bedroom or studio is small enough for one person. Adding a woman and a dog is a recipe for disaster and/or divorce. You can also ask your student loan servicer for an estimate of your monthly payment when it comes due in January. If they're federally-backed loans, consolidate them before the rates go up.
Also, people who will show you the apartments cannot tell you if it's in a bad area or not. They can, however, tell you if they'd live there. Make sure you see your actual unit BEFORE you pay an application fee. If the unit is "not available" to look at, tell the manager you can come back in 48 hours so they can give the tenant 24 hours notice to show the apartment. Every lease I've ever seen has that clause in it, so don't be afraid to look beyond the model. Take notes of everything you see wrong with the unit so that you can make sure it's fixed before you move in. Ask if they have any specials going on now or coming up. People usually move in the summer, so fall and winter will be slower for business for them.
Most states also have legal limits on the amount a landlord can charge you for a pet deposit based on your rent. Check your local laws before paying too much for that deposit. Also, it IS most definitely worth another $50-$100 a month for a unit with a washer and dryer, again, especially with a woman in the house.
Word to the wise--get a condo or at least a two-bedroom apartment. One bedroom or studio is small enough for one person. Adding a woman and a dog is a recipe for disaster and/or divorce. You can also ask your student loan servicer for an estimate of your monthly payment when it comes due in January. If they're federally-backed loans, consolidate them before the rates go up.
Also, people who will show you the apartments cannot tell you if it's in a bad area or not. They can, however, tell you if they'd live there. Make sure you see your actual unit BEFORE you pay an application fee. If the unit is "not available" to look at, tell the manager you can come back in 48 hours so they can give the tenant 24 hours notice to show the apartment. Every lease I've ever seen has that clause in it, so don't be afraid to look beyond the model. Take notes of everything you see wrong with the unit so that you can make sure it's fixed before you move in. Ask if they have any specials going on now or coming up. People usually move in the summer, so fall and winter will be slower for business for them.
Most states also have legal limits on the amount a landlord can charge you for a pet deposit based on your rent. Check your local laws before paying too much for that deposit. Also, it IS most definitely worth another $50-$100 a month for a unit with a washer and dryer, again, especially with a woman in the house.
Senior Member
Joined: 07-02-2008
Posts: 199
From: Ocala, Florida
Senior Member
Joined: 06-05-2008
Posts: 334
From: Puyallup (pew-al-up)
Senior Member
Joined: 06-16-2008
Posts: 127
From: Indiana
Condos are an actual mortgage, not just rent, so keep that in mind...
I worked at a college apartment complex for a year working for free rent, and then moved to a different place for the following year. The most common thing I found people complaining about was that they only look at the cost of rent and nothing else. Be sure to ask what utilities the property pays for and what you have to pay for. Water, gas, electric, trash, sewage, phone, internet, and TV. Once you find out what you're responsible for ask them who you need to talk to about hooking up your services (some properties have certain vendors they allow, ex: "Insight Communications" 'owned' a lot of apartment properties at Purdue.)
If you get a one bedroom apartment you may have troubles signing the lease in some states if you are not currently married. We faced this a couple of times and it takes some creative paperwork sometimes.
Make sure you get a copy of your signed lease and receipts of all your rent payments. Get EVERYTHING in writing.
If you're concerned about the neighborhood then ask if they take "Section 8s"...if they do then walk away.
Some properties do demographics polls of the residents and you may be able to view the results.
Ask the person trying to sell you the lease if he works on commission, if so, buyer beware. Leasing agents are out for the extra money and may try to push you into something that not right for you. Also ask about their leasing capacity. If they are almost at capacity then they are doing things right (for the most part), and if they are really low then they are having problems and you should be alarmed.
If you're in a college town you may be able to get a furnished apartment with many of the utilities for free, but understand you may not get to bed until 3 or 4am because of parties.
Call the local police station and ask for an area crime report.
Ask about ANY and ALL fees that may apply.
The least favorite part of the leasing process for an agent is sitting down with the renter and signing the lease. This is because the lease is logn, is filled with lots of legal jargon and they don't know what it means and most likely haven't read through it all to know how to explain it to you. This being said, they will rush you through it as fast as possibly. Make them move slowly, take your time and read through each paragraph. If there is something that the leasing agent doesn't understand then have them get someone that does.
All in all, renting an apartment is like buying a car. You need to take your time, find your favorites, wait for specials, learn to bargain, and be willing to walk away.
I worked at a college apartment complex for a year working for free rent, and then moved to a different place for the following year. The most common thing I found people complaining about was that they only look at the cost of rent and nothing else. Be sure to ask what utilities the property pays for and what you have to pay for. Water, gas, electric, trash, sewage, phone, internet, and TV. Once you find out what you're responsible for ask them who you need to talk to about hooking up your services (some properties have certain vendors they allow, ex: "Insight Communications" 'owned' a lot of apartment properties at Purdue.)
If you get a one bedroom apartment you may have troubles signing the lease in some states if you are not currently married. We faced this a couple of times and it takes some creative paperwork sometimes.
Make sure you get a copy of your signed lease and receipts of all your rent payments. Get EVERYTHING in writing.
If you're concerned about the neighborhood then ask if they take "Section 8s"...if they do then walk away.
Some properties do demographics polls of the residents and you may be able to view the results.
Ask the person trying to sell you the lease if he works on commission, if so, buyer beware. Leasing agents are out for the extra money and may try to push you into something that not right for you. Also ask about their leasing capacity. If they are almost at capacity then they are doing things right (for the most part), and if they are really low then they are having problems and you should be alarmed.
If you're in a college town you may be able to get a furnished apartment with many of the utilities for free, but understand you may not get to bed until 3 or 4am because of parties.
Call the local police station and ask for an area crime report.
Ask about ANY and ALL fees that may apply.
The least favorite part of the leasing process for an agent is sitting down with the renter and signing the lease. This is because the lease is logn, is filled with lots of legal jargon and they don't know what it means and most likely haven't read through it all to know how to explain it to you. This being said, they will rush you through it as fast as possibly. Make them move slowly, take your time and read through each paragraph. If there is something that the leasing agent doesn't understand then have them get someone that does.
All in all, renting an apartment is like buying a car. You need to take your time, find your favorites, wait for specials, learn to bargain, and be willing to walk away.