The time has come for you to leave the cushy nest of your parents’ home. For some, this time comes when they graduate high school and have to go away to college. For others, it entails their parents hiring a moving truck for their kids’ 40th birthday. Whatever your circumstance, when you are moving from your parents’ home into your first place, there are several factors that you are going to want to take into consideration, including your finances, the location of your apartment, when to move, and what to move.
The biggest consideration when starting to look at where you are going to live is finances. There is no doubt that moving in with a roommate is going to substantially reduce the cost of living in your new situation. Having a roommate probably means that you will be able to afford to live in a nicer place than what you can afford on your own, as the price difference between a one and two bedroom place is not often that great. Other savings associated with roommate life include splitting the monthly bills, some household staples, furniture needs and maybe even the cost of groceries. If you can stand it, having a roommate when you first move out will go a long way toward saving you quite a bit of cash.
If you are too much of a prima donna to have a roommate (only child, perhaps?), there are some initial expenses associated with the move that will kick off your now life-long servitude to bills. The first thing you should do is ask some of your friends who already live alone how much they are paying. Do yourself a favour and ask only the friends who are paying their own way. Also, ask them for recommendations and warnings about building management companies they have dealt with to try to avoid the slum lords.
NOTE: Parentally sponsored homes are usually a little nicer than those we pay for on our own, as a parent who is willing to pay will usually not let their child live in a dump (parents are used to the good life, and don’t realize how low we can live on the totem pole when forced to pay for it ourselves).
Once you have an idea of the range of costs from a range of areas, choose the area of town you would most like to live in, taking into account how close it is to work/school, balanced with how close it is to the night life you enjoy. Your time will most likely be split fairly evenly between the two, and transportation can get expensive when you are filling the gas tank (or buying the public transit pass) yourself.
Pick up a renter’s guide, these are usually published free, or find an online site offering the same info. Also, pick up a weekend edition newspaper for the next few weeks. Often, the listings will be different. The best time to look for an apartment is between the months of April and July. People who are moving out of apartments will most likely do so in the spring/summer. If there is a university or large college in your town, go to the campus and check out bulletin boards in April and May, when many out-of-town and international students will be looking to sublet. Often with subletting, you can score a signing bonus, like reduced first month’s rent, or no security deposit. Similarly, if you live in a college town, August will be a hot month with lots of competition for places from returning students.
When trying to narrow your search, start with your price range. Eventually, you will probably figure out that you might have to raise it a little in order to get a place that you don’t have to share with vermin, but you’ll probably have to look at some pretty bad ones before you come to this conclusion. After you have found some in your price range, decide what amenities you absolutely need. For example, do you require parking (indoor or outdoor), in-suite washer and dryer, dishwasher, balcony, character (old, with hardwood floors) or new and carpeted. There will be a lot of things you think you’ll need until you start looking around a bit and see what is being offered in your price range.
You will notice that where you are located in a building may affect the price. Usually, basement apartments are cheaper. This is because they are crappier. People will look in your windows, it will be chillier in the winter (unless you have radiator heat, in which case it will be hotter), and it will be more prone to flooding and mold. While a top floor apartment might be a pain to move into, the benefit is that no one will be stomping above you with their elephant feet at all hours of the night.
