Searching for Savings

Here are 4 hacks to consider when searching for that new place to rent:

1. Just like other property, the phrase “location, location, location” should be at the top of your wants list, even when renting an apartment. If you find a great apartment within your budget, but it’s 10 miles from where you work, shop, or hang out, you’ll need to consider things like your time, extra cost of gas, and wear and tear on your car. If you’re training for a marathon, then that extra distance might be just what you need to motivate you. If not, it can quickly eat up the money you are saving.
2. Consider your shopping habits. If that cheap apartment is on the second floor, and there is no elevator, just how convenient will that be when you have a trunk load of groceries to carry up the stairs? If you only have a bag or two of groceries at a time, then having a second-floor apartment can be a good choice.
3. Does the size of the apartment really fit your needs? If the apartment is empty when you inspect it, it can be hard to visualize how your furniture will really fit. Get room measurements from the landlord just to be sure. The rent could be cheap because a bed doesn’t really fit in the bedroom.
4. Who is paying the utilities? If the kitchen is complete with appliances, in good condition but older models, your monthly electric bill can grow quickly. It might be better for your budget to opt for a place with higher rent, but with more efficient kitchen appliances.

Finding that perfect cheap apartment can help you stay on budget, if it is the right fit for you and your lifestyle. Just be sure to consider the true cost.

Written by Melanie Olsen