Apartments..

[OverdrivE]

Well.. I am currently looking for an apartment this summer. I currently have a girlfriend (who I may ask to marry in the next few years) and 1-1/2 month old son. I currently have around $5,000 saved up in a savings account and thats just used in case of emergencies. I think we are either looking for a one to two bedroom apartment. I was wondering what should I be looking for I make around $45,000 a year. I think I'm going to look for either $500-600 for one bedroom or $600-700 for 2 bedroom. Is that reasonable or too much etc etc?

edit: She is currently finishing school and I don't want her to work until after she is done. So her income is basically 0. I also get insurance through my work for my family. So that isn't a problem.

[Rutabeggar]

It depends on the area you live in. A lot of apartments sound like great deals, but they hike up rent the longer you live there, you may start paying $800 a month or so, but a year or 2 later you may be up to around $1000. Generally 2 bedroom apartments are cheap, even in Charlotte, NC a 2 bedroom in a decent area won't cost you more than $700 a month and the cost of living here is pretty high. Make sure you look at the deposits, what is included in rent and the location it's in. If you can find a 2 bedroom apartment with Utilities included for around $750 you're doing pretty well. Laundry facilities may be in the complex itself, not necessarily in the apartment you choose. Just keep an eye out for good deals, some locations offer a first months free rent if you sign a year's lease or something. Good look, happy hunting!

[GeoKill----->]

Here you go
http://lancaster.craigslist.org/apa/
Not sure if that's your county or not

[Mooga]

You're lucky your not in Chicago or NYC...

[MonoXideAtWork]

I don't know about your area, but here in florida, there are lots of small "project" apartments in the coastal areas. These things look pretty shitty on the exterior, but with some elbow-grease they become great places.

<h1>before</h1>




<h1>After</h1>





this was my apartment when I moved in, and then 3 months later.

I directly raised the property value for my landlady, which inturn she agreed to reimburse me, and lock the rate of my lease for the entirety of my residence.

Same goes for houses for lease, if a house has a crappy yard, but is solid on the inside, you can probably talk the landlord into some kind of deal if you do the renovations yourself.

Make sure you get the last 3 (try for a whole year if you can) months utility bills from the landlord, you need to know if your power bill will jump in the summer due to bad insulation.


Edit: Total cost for materials for that landscaping was $150 (play sand, cypress mulch, stepping stones) a day's labor (10am through 5pm) done with old dull hand tools.

[Ihmhi]

Apartment hunting is not easy. I haven't looked for an apartment for myself, but I've gone along with a lot of friends due to my experience with construction.

Firstly, know your local laws. In Newark, NJ (where I live) for instance, any house/building with 3 or more apartments has to have emergency lights and smoke alarms in the hallways, smoke alarms & CO2 alarms in the apartments (one of each in the living area and at least one smoke alarm in each bedroom), and doors that automatically close and have a deadbolt lock.

So when we go to an apartment, I ask the landlord where that stuff is depending on whether on what's missing. One has said the place is under renovation and those have yet to be added in - the place clearly was under renovation so that passed muster. He also stated that he had talked with the city inspector and gotten six months time to do it. That shows to me that the landlord knows what they are doing, because a house without all of this stuff (especially if it has none of it) can rack up tens of thousands of dollars in fees for the landlord. Pay attention to your surroundings in the apartment and grounds and don't be afraid to ask questions.

Secondly, check the apartment over and under. What I mean by this is look at the following stuff:

Plumbing
Look under sinks and toilets. Are there valves to shut off the water? Do they work? Test them. Also check what kind of condition the pipes are in... are they rusted? That shows that the pipes weren't cared for by either the landlord, the previous renter, or both, and could be indicative of the kind of service you'll expect from the landlord. Also pop the tank of the toilet and check around in there - what sort of condition are the parts in? Ditto on the bathtub - try it out, see how it works, etc.

Electrical
Flip light switches on and off, see how they work, etc.

Structure
Are there any nails sticking out? Wood splintering? Those are signs of bad maintenance. What about holes in the floor, ceiling, wall, etc.? This could be indicative of a rodent problem or poor care by the landlord.

Paint
Is the paint chipping anywhere? Apartments should be painted regularly. If you want to paint the place, first ask if you can hire someone to paint it (or paint it yourself) and if you will get a discount on the next month's rent for doing it. You are improving the landlord's property and not your own (as Mono did above) and they will generally give you a credit on the rent for at least part of the money.

Check for Rodents/Bugs
Open cabinets. Get on the floor and look behind/under the fridge, stove, etc. Do you see droppings, dead bugs, etc.? That could mean that you're moving into a rodent problem. Don't forget to look into the little dark places such as the interiors of closets. Poop the size of a grain of rice means mice or rats, and don't take any bullshit about "the last guy had a pet mouse that ran around" even if there is a mouse still there in a cage or somethin'. It could just be a smart landlord trying to cover his own ass.

Basement
Ask to see the basement. Check out the plumbing - again, look for rust, any signs of damage, etc. Check out the condition of the hot water heater and the boiler. If it breaks, it's the landlords problem, but you're the one that is gonna be without heat or hot water for a few days, not the landlord - and many landlords will not exactly be in a rush to come fix it.

Lease
Look over the lease very carefully, and ask about stuff not covered in the lease - smoking, pets, guests over, etc. If you don't like the terms, ask the landlord if you can draft an amended lease with terms you can both agree on. If he balks at it, offer to pay double the deposit in exchange. If he still balks at it, then you should be suspicious. Remember, if you ever move out, the deposit always comes back to you, and a higher deposit will generally show the landlord that you have money to spare and wouldn't exactly be late on rent. If he can't come to a compromise on something like this, how do you think he is going to react when one of your kids wants a puppy? Have everything important you can think of covered in writing.

Discounts on Rent
Ask the landlord about who is responsible for shovelling snow, raking leaves, taking out garbage for the building, and generally keeping the grounds clean. If he says nobody, offer to do it all the time for 10% off of your rent. (i.e. if the rent is $1200, offer to take care of the grounds in exchange for your rent beind $1080). Landlords used to do this a lot, but they don't really do it anymore. They're legally responsible for their property - if the sidewalk is icy and someone falls, the landlord is legally responsible, and usually a small deduction in income is well worth the maintenance. If he balks at the rate of 10%, remind him that you would be paying for weed killer, garbage bags, rock salt, etc. out of your own pocket and that discount is compensation for the work as well as the supplies you've purchased.

Study the neighborhood
Look up the address on Google Maps. Use Streetview to take a look around the neighborhood before you even meet the landlord. Even after you do this, make sure to walk/drive around 4 blocks or so in every direction to get a feel for the immediate area. Many of the pictures on Google Maps are several years old and the neighborhood could have taken a turn for the worse. Keep an eye out for trash, graffiti, suspicious people, etc.

Comparison Shop
Don't - absolutely don't - take the first apartment you see, no matter how much you like it. You should look at a few apartments. If you like something, leave a $200 deposit with the landlord under the conditions that he signs an agreement. (One or two of my buddies have had landlords keep such a deposit after they've changed their mind, so we've since started using personal contracts to keep them from stealing money.) Check out a few places and see the ones you like, paying small ($100-$200) deposits on the ones you're serious about. Sleep on it and make a decision the next day, if possible. Something like this would hold up in court for such an agreement:

Deposit Contract

____YOUR____NAME____, the undersigned Prospective Renter(s), has/have left a deposit of $____ with ____LANDLORD'S____NAME____, the Landlord(s) of ____APARTMENT____ADDRESS____ in good faith to show their/our possible desire to rent the property.

If the Prospective Renter(s) decide(s) to rent the apartment, then the deposit shall go towards the total Security Deposit of $____ as determined by the Landlord.

If the Prospective Renter(s) decide(s) not to rent the apartment, then the landlord shall refund the full amount of the deposit provided within 5 business days. The Prospective Renter(s) will indicate in writing that the money has been refunded in full on all copies of the contract.

X_____________________
PROSPECTIVE RENTER

X_____________________
PROSPECTIVE RENTER

X_____________________
LANDLORD

X_____________________
WITNESS

That should do nicely. Have several copies - one for the renter(s), and one for the landlord. Everyone parts with a copy of the contract.

This is a lot of stuff, but if you find a good landlord you can stay there for years. If you have a bad landlord and don't take the extra 20 or 30 minutes per apartment to check this stuff out then you could end up getting dissatisfied with apartments and moving every 3-6 months. One of my friends has lived like this for the last 4-5 years and has finally found a place with a great landlord (and a great lease!) because I was there to help him and to ask the right questions.

Lastly, never apartment hunt alone. Taking your wife or girlfriend along doesn't really count - bring someone objective like a close friend who can look the place over. People with experience in construction, carpentry, plumbing, etc. are a huge plus. The more eyes on the place, the better.

You know that phrase "Don't attribute to malice what can be explained by incompetence?" It's the opposite for many landlords out there. "Don't attribute to incompetence what can be explained by malice." There are plenty of people that can and will screw you over at every opportunity and you want to do your due diligence to make sure that you don't end up with the apartment equivalent of a lemon.

[Demasu]

Considering I'm going to be looking for a place of my own here soon, that is awesome stuff to know Ihmhi.

[Shadow00Caster]

Ihmhi, lets move in together and have raging anal sex .. you can pick the place.

[uBeR]

The price varies radically depending on where you live. The difference in apartment rent is several times smaller outside of the Twin Cities than it is within it, in Minnesota. Even inside the the Twin Cities, prices vary greatly depending just on the location (that is to say, the apartments can be virtually the same quality, etc. but with very different prices). So I really doubt anyone here is going to be able to tell you what you ought to be paying for where you live.

[Scuzzy]

Originally Posted by OverdrivE

Well.. I am currently looking for an apartment this summer. I currently have a girlfriend (who I may ask to marry in the next few years) and 1-1/2 month old son. I currently have around $5,000 saved up in a savings account and thats just used in case of emergencies. I think we are either looking for a one to two bedroom apartment. I was wondering what should I be looking for I make around $45,000 a year. I think I'm going to look for either $500-600 for one bedroom or $600-700 for 2 bedroom. Is that reasonable or too much etc etc?

edit: She is currently finishing school and I don't want her to work until after she is done. So her income is basically 0. I also get insurance through my work for my family. So that isn't a problem.

I think everyone here is trying to let you know if your quotes are acceptable for housing. What I think you're asking is, considering your incoming, is the amount your looking at for house reasonable for your budget. So, to answer your question:

Your income of $45,000 gives you a take home (before deductions, of which you have 2) of $37326.25 if you use the 2007 tax brackets. The costs for housing in a budget include Rent (or Mortgage), repairs, cleaning, decorating, furnishing, and utilities. A standard family budget should not spend more then 33% of your income on housing.

Let's guess on utilities and say $400 for Cable, Electric, Phone, Internet, Heat, and Renters Insurance (GET THIS), cleaning, etc. Chances are an apartment may cover some of these for you in your rent, but I wouldn't go lower then $400 for an apartment's expenses. (Calculate them out for yourself to get a better number, could very well be higher for utilities where you live, bigger apartment=more elec/heat/etc) 33% of your take home income would be $1026.48, minus the $400, gives you $626.48 for rent/mortgage costs.

That's the absolute maximum I would say you could spend on rent. If you find something cheaper, put the extra into a long term savings account for a down payment on a house.

Sit down with your significant other and make a budget, you're going to need it with a kid. Include everything you spend money on, and I mean EVERYTHING, from hair cuts to gas fuel, to car repair budgetting, clothing, diapers, etc etc. If you want help with that let me know.

Scuzzy

[EquilibriuM]

Screw that Cartboard box FTW. cheap, and you can move anytime, if you need the net find a location near by, per say a 7eleven, etc.

[Ihmhi]

Also on the note of a budget, I have my friends operate on the six month rule. (I live at home with my parents and don't pay rent, so I am exempt from said rule.)

Here's a hypothetical month's bills for a household (rough averages, highballing it):

Rent:                   $ 1200.00
Groceries:              $  600.00
Power:                  $  200.00
Water:                  $   30.00
Renter's Insurance:     $   30.00
Heat:                   $   40.00
Cable/Internet/Phone:   $  150.00
Misc:                   $   50.00
------------------------------
TOTAL:                  $ 2300.00

So in a month, this family would spend $2,300.

You need to establish a seperate savings account that holds 6 months expenses. Yes, a seperate account - a bank won't care if you set up an extra account.

6 x 2300.00 = 13800.00

This savings account should have $13,800 put into it as fast as possible. This is your "Holy shit, I lost my job" or "Holy shit, I broke my leg and can't work for 6 months" money. You do not touch this money except for emergencies. You do not touch this money except for emergencies.

The wife can't have $50 out of here to buy Junior an Xbox for Christmas. Sorry kid, you're gonna have to do with a basketball. This is so your family's combiend asses are not camped out at Grandma's house because you didn't have the sense to have savings.

Keep this seperate from your regular savings in a low-risk, interest earning account. Do not invest it in stocks or bonds, just leave it in the bank where you can access it readily in an emergency. If you have to take money out, put it back in as soon as you can afford to.

Every year, reevaluate this account. How much did you earn? What was your monthly budget like over the year?

Let's say you found out that you've actually had way more money than you needed in this account. Your kid moves out and your monthly expenses are now more like $8,500. Do not take the difference and buy a Hyundai or some shit. Put the difference in your main savings account and let it grow.

The reason our country is so fucked up partiall has to do with bad bankers and investors out to make a quick buck, but a lot of the reason is because people are just plain stupid with their money. If you have to live cheap on a month (sorry, no Outback tonight kids) and scrimp and save to have this safety net, do it. You will never regret it and you grew up just fine when your parents said no to you.

[GeoKill----->]

Originally Posted by Demasu

Considering I'm going to be looking for a place of my own here soon, that is awesome stuff to know Ihmhi.

Yeah same here

[Shadow00Caster]

What Ihmhi said

Keep a separate account from that bitch regardless...

+1 for having a decent knowledge on economics and basic accounting skills.

On another note, we need a system to award IQ points to people for having intelligent posts on the forums, but make it limited so someone can only award any given user 1 point every 5 hours or something.

[zSilver_Fox]

First the dating talk from Ihmhi and now this? He's my new God.

[Shadow00Caster]

Puberty.

[Anshinritsumai]

Originally Posted by OverdrivE

I think I'm going to look for either $500-600 for one bedroom or $600-700 for 2 bedroom.

Your lucky you don't live in California... those prices don't exist here.

[GeoKill----->]

^Yup

Mostly what you payed for a 2 bedroom apartment in Cali is what you pay for a 2 bed 2 bath house in the dfw area.

[Demasu]

Originally Posted by GeoKill----->

^Yup

Mostly what you payed for a 2 bedroom apartment in Cali is what you pay for a 2 bed 2 bath house in the dfw area.

Holy shit, I just realized, in the past year I could've been just minutes away from you many times and not realized it. It's only a 5 hour drive from me. But yeah, the price for you is about the same for me, so glad I'm not in cali.

[GeoKill----->]

The funny thing is, I'm moving to cali