First Time Renter (Move Far Away or Close to Home?) (apartments, lease)
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I have a simple question here that I can't seem to find any guidance on. Should I move somewhere far from home (a location I'm actually interested in), or stick with somewhere more local near my current job and family?
We are currently in central NJ, but thinking of looking at places in Northern PA, Central NY, or even Western NC. Looking for more access to outdoor recreation in a small town environment.
I've never rented a place before and am new to the whole process, but it seems they do some type of background checks including credit score (nearly 800), income (probably around 40k/yr with my gf), and references (employer?).
My girlfriend and I run an online business and I also work as a part time web developer, so I'm making about $1000-$1200/month plus extra from the online biz) and she's making around $1000-$2000/month (although that's been steadily increasing). Our monthly expenses are pretty low ($600-$800/month), but that doesn't include rent, internet, or water.
The online business is in the exponential boom stage (3rd year) right now so the income has only recently been enough to think about living on for the both of us eventually.
We want to keep growing the business and think of ways to prepare for when we can fully support ourselves easily with it.
Does a rental history matter or is it mostly just about being able to pay the bills or having a cosigner?
How long could the whole process of finding a place to actually signing the papers and moving in take? (We don't own too much stuff haha)
Since neither you or you GF have never rented a place does that mean that you both live at home or in college dorms?
My best advice is to save up first and last months rent, security deposit plus three months worth of expenses (actually six months is better) before you rent an apartment.
Of course, a lot depends on where you live, but think ahead to all expenses and they may even increase. I currently live in an apartment and the (already high) rent just increased $100 a month and my (already high) cable/internet/phone bill just increased from $150 a month to $200 a month. So that is almost $2,000 more a year than I currently pay.
Also, don't forget about the cost of other utilities, depending on the apartments you may be responsible for heat, electric (including air-conditioning costs), cable, garbage pick-up, rental for a parking space or garage, cable, as well as internet and water. When you compare prices be sure to include everything that you need to pay. An apartment with a cheaper base rate might be more expensive if you add in the extras. Even little things like having to use a coin washing machine & dryer can add up fast, compared to having a free washer & dryer in your apartment or in your building.
Good luck. Post back
Last edited by germaine2626; 09-04-2019 at 01:42 PM..
How long could the whole process of finding a place to actually signing the papers and moving in take? (We don't own too much stuff haha)
Once in an emergency situation, I looked at apartments on a Thursday, filled out an application for a lease on Friday, it was approved on Monday, I signed the lease on Tuesday and on Wednesday the movers moved in all the furniture for a two bedroom apartment.
OTOH, in some college towns you fill an application and sign a lease in March for a move-in date of September 1st. And, very few apartments are available at other times (unless they are far away from the campus area).
Once in an emergency situation, I looked at apartments on a Thursday, filled out an application for a lease on Friday, it was approved on Monday, I signed the lease on Tuesday and on Wednesday the movers moved in all the furniture for a two bedroom apartment.
OTOH, in some college towns you fill an application and sign a lease in March for a move-in date of September 1st. And, very few apartments are available at other times (unless they are far away from the campus area).
But, most places plan on maybe a month or so.
I would say a week or so turnaround is usually about all you need. You won’t get the biggest selection, but that is usually enough time for a complex/landlord to clean up an already vacant unit and get it ready to go. With a month or two (most places have 30 or 60-day notice depending on the complex), you’ll get the maximum selection. The pricing will typically depend on the time of year. This time of year tends to be cheaper since school has just started and complexes usually want to get the units filled before wintertime when no one is moving. If you can do winter, that is usually the cheapest time to move because no one wants to move at that time and apartments are not moving at all. I know in my area, some units are a good $200-300 cheaper per month if you can move in during the winter for places costing $1500-2200 normally.
You should be fine to qualify for a rental, everyone has to start somewhere. If you move to a college town, they are more likely to ask for a guarantor but typically that’s only if you don’t make 3x the rent.
I prefer 60 days to find, apply, deal with paperwork (incl signing the lease and lining up a truck and movers). We moved cross-country 6 times in <8 years. If you can, visit the new city first to check it out.
Another thing you could consider if you want to travel is to stay in Airbnbs for a week or two at a time. If you have an online business that could be run from anywhere, why not?
My best advice is to save up first and last months rent, security deposit plus three months worth of expenses (actually six months is better) before you rent an apartment.
Thanks for giving me some kind of goal to shoot for over the next few months, or years who knows haha
Quote:
Originally Posted by germaine2626
Also, don't forget about the cost of other utilities, depending on the apartments you may be responsible for heat, electric (including air-conditioning costs), cable, garbage pick-up, rental for a parking space or garage, cable, as well as internet and water.
We're both living with her father. We take care of a lot around the house including cleaning, yard work, and some repairs, but aren't familiar with how the whole bills/utilities thing works. I guess it really depends on the area and what's included with the place you choose.
I'll keep my eyes on different places around the area and try to piece together any patterns I can find. One trend I've noticed is that there's really cheap housing in bad areas hahaha If you look at houses near Trenton NJ (very high crime rate/drugs/gang violence) you can find super cheap housing. Saving money isn't worth getting shot in a driveby (at least for me)
If you can do winter, that is usually the cheapest time to move because no one wants to move at that time and apartments are not moving at all. I know in my area, some units are a good $200-300 cheaper per month if you can move in during the winter for places costing $1500-2200 normally.
Sucks because everything is all dead and ugly in the winter haha maybe that's a good time to check stuff out though because it's not all pretty with flowers all over and you can get a real sense of the place without the fancy plants.
Another thing you could consider if you want to travel is to stay in Airbnbs for a week or two at a time. If you have an online business that could be run from anywhere, why not?
Very good idea, I think my mom's friend did that when moving to Sequim, Washington. She just researched the place and stayed nearby for a bit.
We really want to take advantage of the location independence of the online business if we move somewhere, but since we've never left our parent's houses it's obviously a nerve racking thought if I've learned anything in my life though, it's that doing the scary things can bring huge rewards.
Some people say to visit a place to truly see what it's like and others say to that it can all be done by researching online (and using city-data ). I obviously have no experience in moving, but feel like being there and experiencing the culture of a new place is hard to search and very personal feeling that would help.
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if I've learned anything in my life though, it's that doing the scary things can bring huge rewards.
). I obviously have no experience in moving, but feel like being there and experiencing the culture of a new place is hard to search and very personal feeling that would help.
