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I currently live in The Bronx and plan on moving elsewhere in the city (most likely Brooklyn) so I need some tips and have some questions...
1) Should I seek out a real estate or should I search on my own? Please provide suggestions and/or links if needed.
2) Normally for a new apartment the landlord asks for First month rent, Last month rent, and security as a down payment which is about equivalent to three months worth of rent. Does that mean once I submit my down payment, I do not have to pay rent for three months? (That probably sounds like a very silly question but of course I rather be sure.)
3)Lastly, I do not want to pay a silly broker's fee so any tips to help me avoid that would be much appreciated.
Thank you in advance for your help and I look forward to your advice!
I currently live in The Bronx and plan on moving elsewhere in the city (most likely Brooklyn) so I need some tips and have some questions...
1) Should I seek out a real estate or should I search on my own? Please provide suggestions and/or links if needed.
2) Normally for a new apartment the landlord asks for First month rent, Last month rent, and security as a down payment which is about equivalent to three months worth of rent. Does that mean once I submit my down payment, I do not have to pay rent for three months? (That probably sounds like a very silly question but of course I rather be sure.)
3)Lastly, I do not want to pay a silly broker's fee so any tips to help me avoid that would be much appreciated.
Thank you in advance for your help and I look forward to your advice!
1) If you use an agent, expect to pay a broker's fee.
2) I've only had to pay security and first month's rent and in those cases, you just pay again the second month. Security doesn't cover any rent, it's just something the owner holds on to until you move out.
If you find a no fee apartment, you will have to put up first, last, and security. That does not mean you're not paying rent for three months. It means that you will have to pay again at the beginning of your second month in the apartment. When you vacate the space, you won't need to pay the last month and if you've kept the place clean and damage free - you'd get your security back.
Using a broker, you'd most likely be asked for first and security.
There are plenty of no fee apartments that are being rented by property managers or by the owners themselves.
1. You can search on your own and view apt listings that brokers and non brokers advertise. Not all inventory is put out there by management companies believe it or not.
2. Depends on the LANDLORD/MANAGEMENT COMPANY, not the broker. Sometimes first month and security is asked, sometimes first, last and security is asked. If you have bad credit extra security or a few months advance rent may be asked as well.
3. Brokers can show you no fee apts too, also sometimes when a management company/landlord advertises a no fee apt the rent tends to be a bit more expensive then advertised. Also sometimes no fees are more expensive than fee if you calculate exact money that was spent in the entire yr and depending on what fee was negotiated if you went that route.
Most importantly dont limit yourself to thinking no fee, and brokers fee is silly. Yes lots of shady bs comes from people in my industry but doesnt mean everyone. I wish you luck on your search and would suggest to begin with a website called Naked Apts.
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