First time renting a place?!?

Question

How much should me and my friend save up before we actually go out and get a house or apartment for rent?

I get $500 each month and she gets $400 each month. Bills usually add up to a total of $500-650 a month. And that's just from my household which has 8 people and they use appliances like crazy; (i.e anything water, gas, electric, cable, internet.) We are unemployed for now but I can get my money raised at least to $700 hopefully and I should have a job very soon. So were pretty much both looking. Rent around here is usually under $600 at the most for where were looking $750. I will also be making an extra $80 every month.

So how much should we save up before we decide to go ahead and sign a dotted line for our very first  place?

Livia · Accepted Answer

Save up 12 months of living expenses that you WILL NOT TOUCH except in case of emergency.  

Be sure you have enough to move elsewhere if you discover that your really don't like living together, after all.  This happens ALL THE TIME.  Seriously, even with people who get along perfectly for years before moving in together.  

Make sure your are both solidly employed and in very good health before moving out. Are you covered by insurance?  Will that change if you move out (as in, are you still under a parent's insurance, and will that be cancelled if you move out but are not in school?)  This is an unacceptable risk.  
What "money" are you getting if you aren't working?  

You may be able to furnish your place inexpensively if you have a nice thrift/resale shop nearby.  Google around to learn more about "living minimally."  This is a great time in your life to explore that, before you acquire a lot of stuff.  

Don't overlook the possibility of renting some rooms from someone living in an established neighborhood.  It might be an interesting way to start out, and I personally loved living in a big house with several roommates, it was a lot of fun. There was enough space for us to each have our own privacy, and plenty of room to invite people over.  

No matter where you move, lock up your valuables.  I saw some cool little lock boxes that attach to the leg of a bed.  You should always have cash in case of emergencies (like in storms when the electricity goes out and computer transactions cannot be done at stores, as happened during a hurricane where I live).  Ditto jewelry or other valuables.  I know someone who was robbed by a roommate, and never got his money back.   

Good luck!

imgeminirising · Answer

You do the math (you know the costs where you live better than we do) ...you'll need 1st & last month's rent + security deposit. You will have to pay a deposit to set up new utility accounts. You may need furniture, tv, kitchen appliances, and dishes, pots and pans, microwave, toaster, etc...see, you know more about what you need than we do. If you don't have the basics, it's going to cost a lot....even towels and linens can get costly. I don't know where you could be that is so inexpensive, so maybe you can pull this off...you don't appear to have anything near enough to rent in most decent places.

First thing is for you both to get jobs,,,then start looking.
Good luck!

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First time renting a place?!?

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