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How much money will I have to save up to get my 1st apartment & furniture?
I'd like to move out of my parents house and move in a 1 bedroom apartment. This would be my first apartment. I saw some nice apartments that were 375-$435 for 1 bedroom
How much should I have saved up for bills & furniture cost?
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Want to answer more questions in the Work & School category?
Maybe give some free advice about: Personal Finance?
It honestly depends on where you live and your income level. The first thing you should do is, price EVERYTHING.
Figure out the average monthly cost for utilities (electricity, gas, water), phone, cable (if you want it), internet, renter's insurance, and any costs associated with your car (if you have one) and don't forget the cost of groceries, cleaning supplies, hygiene products, etc.
Then I would suggest taking all those costs, addin in the cost of rent (don't forget the security deposit!) and saving up 3 months (6 would be better) to a year, just so you have some cushion in case of an emergency.
As for the furniture, you can find some inexpensive items at thrift/second-hand shops or yard sales. Also, Ikea has some cheap picks. Or maybe a friend or relative has some things they don't want anymore and will give to you for free.
In any case, it might be best to price the items you want and save up the cost of those (in addition to the savings from earlier) that way, if you do end up getting less expensive stuff, you'll have even more in your "rainy day" fund.
Anyway, I hope my answer helped. I also answered in video form, if you would like to watch that it's here: [Link](Mouse over link to see full location)
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Unfortunately, most property management places will want to know your income and know that you make two to three TIMES the monthly rent just to insure that they will more then likely get their money each month. this is in addition to deposit first months rent, and possibly last, and sometimes they will make you get renters insurance. but you will want to ask about that when you go to see the place.
they'll want to know how long youve been employed and where at, and sometimes do a credit check on you which can take a few days and sometimes they will make YOU pay for it. (ive had that happen before) Ive lived in three different apmts. since i was 18 and im 27 now and in my years of hunting for a place you have to not only make sure you can afford the place but that once you get it, make sure you have money left over to actually LIVE. AKA buying food, doing laundry if you have to pay for water. so here are a few good questions to ask yourself while your making your budget:
once you have first, last, and depost AFTER youve got the place, in your first month how much money will you have left to live? hooking up cable, internet, turning the electricity on.
ask if youll have to pay for water or not and if theres a shared utility room or if theres a washer and dryer inside the unit. if theres none of these you will have to lug your dirty laundry every week down to a local laundry mat and back. ((not fun))
Is there an on sight manager? if there is youll be able to talk to them about any problems your having and they should more then likely be remedied much faster then if you have no on sight manager and you have to call the property management and wait for them to call you back to send someone out.
also find out if its a lease with a stable monthly rent, or if its month to month. if its month to month that means it can change at ANY TIME and you will have no choice but to pay it or move. ((rent controlled is good))
and lastly go and SEE the place in person! look for bug droppings, broken window panes, things that dont work properly, look for black mold in the bathroom and make sure the garbage disposal works if there is one.
Also be sure to take pictures!! and have them printed out once your moved in with the time stamp and date in the corner of the picture! this is one of the biggest issues renters can have with management or landlords. i know cause it happened to my family and we were kicked out because our landlord was able to get away with blaming us for braking things we didnt break. those pictures will be your best friend should anything ever happen. keep them in a safe place.
dont let this overwhelm you, once you get out there and start checking places out youll see how fun it is picking out your first place! = )
and youll feel much more independent and accomplished!
furniture you should check out thrift stores if your on a tight budget or ask family or friends if theres anything they dont need that they could stand to give up. good luck and have fun!!
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This depends entirely on where you live, and what you need.
You are best to make a budget.
You'll need to know what your one-off purchases are (like, a bed, or a sofa) and things like dishes, a broom, towels and baths mat. And you'll also need to know your ongoing costs like phone bill, utilities, rent, food, and even laundry. (When you are young and starting out, the expense of laundromats and household cleaning products can sneak up on you. I know I forgot laundry and toilette paper in the very first monthly budget I ever wrote.)
$374-$435 is dirt cheap for a one-bedroom. I'd strongly recommend that before you think about actually renting, or decide exactly how much you'll need to spend on a place, that you visit a few just for practice and to see what is out there. Sometimes a cheap place that looks great online, is actually a dangerous, difficult to access place to live. Or smells like cat piss. Or is covered in mold. Going online is not the best way to find out what an actually livable place will cost you. You have to get out there in the flesh to learn that.
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It is very hard to say just what you need in funds for furniture as everyone’s taste is different. Then are you going to look at new furniture or will you purchase at a second hand store for most of your furniture. You can find some really good used furniture at second hand stores at really low process if you take the time to shop. Once you are in your apartment then you can start saving for the items you want and when you purchase them you sell your used furniture back to the second hand store. You will recoup a fraction of what you paid which will offset some of the cost of the new furniture.
I recommend doing so for most of your initial furnishings as you do not want to go into debt just starting out on your own. The best thing is to try and pay for everything you need in full in cash. If you shop right you can find some really good furniture by named manufacturers at a fraction of the original cost.
Now as to what you need to save for and have in reserve:
Rent: Most landlords want the first and last month’s rent up front.
Utilities: If the electric and water is not part of the rent you will need to budget for these as well. Not ever having paid utilities before the utility company will want deposits. You can call the electric company and the water company and they will give you an estimated monthly bills to use to budget with for the apartment you are thinking of renting.
Cable and internet Service: If you want these services the cost will depend on what you select and the service provider you select. Once again you will need to provide a deposit for this service before they provide it. All this information will be given to you by calling and asking for it.
When renting an apartment the two primary services being the Utilities and the cable service are your major costs plus your rent payment that make up the basic cost of your rent. For furnishings you need a bed and a nightstand in the bedroom. In the living room you want something to sit on, here again there is money to be saves depending on what you want and where you shop. IKEA has good furniture that is inexpensive and you could probable furnish your living room for under $500 with new furniture. You need a table to eat at and that too can be purchased at IKEA along with chairs for under $500. If you allow $1,000 for furnishings you could purchase nice furniture new at a store like IKEA or very nice used furniture at a second hand store for about half that amount.
So your initial cost of your apartment could be: 2 months’ rent +Utilities + Cable service + Furnishings.
In order to safely stay in your apartment you need to write a budget and have six times you’re monthly budget in the back so that in the event of an earnings short fall you do not fall behind on anything. Your budget would include monthly:
Rent, Utilities, Cable service, Food, entertainment, transportation, insurance (health, car and renters), clothing, savings, doctors, medicine and any other monthly expense you may have. The total of this budget is what you should have in the bank as a cushion against an earnings shortfall. IF you can do this you will live very comfortably on your own without being apartment poor and be able to enjoy living on your own.
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