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The Guide To All Things Apartment Hunting
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Finding an apartment can be difficult.
Sneak Peek Inside:
When looking for an apartment, you don't want to jump at the first option you see. There are many factors to consider, especially if you're living with other people. Here are a bunch of questions and things to consider when you're searching:
Budget
First of all, you and your roommates (if you have any so far) need to agree on a budget. The most obvious part of the budget is the monthly rent, but there are several more factors. There is the initial payment that you'll need to pay up front if you decide to apply for a certain apartment. This usually includes the first and last months of rent, the security deposit, and the broker's fee.
Paying the first and last months of rent will mean you won't have to pay them again later; you'll just have to pay the rest of the months when they're due. The security deposit (which typically costs the same as one month of rent) is there to take of damage caused by tenants. The more damages, the more money taken out to repair those damages. After the end of a lease, you would get anything left in the security deposit bank.
As for a broker's fee, not every realtor charges it. It's basically a fee for helping you find the apartment. If a broker's fee is too expensive on top of the three rent payments for the initial payments, it might be nice to find a realtor who doesn't charge a broker's fee. If you have a pet, you may have to pay an initial pet deposit and an additional monthly pet rent. If your pet is an emotional support animal, your therapist can write a letter to the leasing office to reduce or waive these fees.
Depending on the apartment, you might also have to pay for certain utilities, including heat, electricity, and gas. A listing will usually specify which utilities are included with the rent (meaning you don't have to pay them in addition to the rent) and which ones are not included with the rent (monthly fees in addition to the monthly rent). If the listing doesn't specify it, make sure to ask the real estate agent or landlord.