Thursday

5 Smart Frugal Tips for Apartment Hunters

Shopping for an apartment is a very exciting time; but being prepared will help to prevent it from being stressful. There are some money-saving ideas that can also assist in making this transition smooth. Here are some frugal tips that will help apartment hunters stay intelligent and savvy with their decision.

1.    Budget

One major thing to take into consideration is the amount of money that you have saved for this new apartment. This includes initial cost usually resulting in first month, last month, and the security deposit. However, many forget about decorating, maintenance, and a utility deposit that may be required when establishing new accounts. Living a few months without furniture is the least of your issues when electricity can’t be established until the next paycheck.  Having an idea of budget including all of the necessities will help narrow down your search to affordable locations.

2.    Stick To Your Price Range

It’s really easy to be persuaded into looking at other apartments that may be slightly out of your budget. The idea of paying an additional small amount for something amazing will always be an option; so be prepared. It is recommended to only view locations that are within your price range and the goal of deciding on something lower than the highest cost of your budget. Once you look at one property that is more expensive than originally anticipated; expect to look at others. Being in an environment and imaging your life in the home is an easy way to forget about budget and can result in a quick decision. Remember the reason for planning and avoid the temptation by staying away from apartments that exceed financial comfort.

3.    Start Small

That fact is that there are some apartment gems out there just waiting to be found; especially with real estate today. Due to this; apartment hunters are able to find beautiful homes at an extremely low cost. When browsing through the different listings; make sure to start at the low to mid range of your budget. You might be surprised at what you can find. However, it’s important not to settle. If there isn’t anything that has peeked your interest; then it’s best to increase your browsing a little higher, but not to the very top of your price range. Avoid doing this unless there is absolutely nothing else available. 
Remember; just because you’ve allowed that amount doesn’t mean that you have to spend it.

4.    Neighborhood/Amenities

It’s not enough to have a pre-set budget; so make sure to figure out expenses for the term of your lease. If you’re looking to cut costs in other aspects of your life, then finding a location that has a gym, pool, laundry option, and a close affordable supermarket will definitely help. Of course, with these benefits there should no longer be the need for a gym membership, endless quarters for a laundromat, and best of all; a credit card for gas.  The convenience is an added bonus to the savings.

5.    Review Lease/Expect Changes

Remember something important; they need you as much as you need them.  When inspecting the property, make sure to point out things that will need to be fixed prior to signing a lease. Don’t be afraid to request as many things as it takes since it ultimately is the landlord’s responsibility. Make sure that the repairs are documented on the lease for legal purposes and to avoid any issues receiving your security deposit at the end of the term.

With the different options available; there shouldn’t be any reason why you can’t find the perfect home and save money in the process.

This guest article was written by Missy who works for several clients including Abbey Lofts, an Abbey loft conversions London specialist.
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