How to Spend Less When Apartment Hunting
I signed the lease on a new apartment this morning and I could not be more relieved. After a slow and steady drain on my time, resources and energy these last few weeks, the daunting task of finding a space to call my own is complete.
As glamorous as HGTV makes everything from moving to remodeling seem, the reality of apartment hunting is far more stressful. The costs alone are good reason to stay put, if and when that's an option. But when it's not, don't discount savings.
The sense of urgency associated with the home search can easily overshadow practical frugality, but throwing mindfulness out the window entirely can lead to a lot of unnecessary overspending. While not applicable in every circumstance, consider at least some of these savings strategies for apartment hunting on the cheap.
Set a budget. Setting a budget might sound obvious, but spending parameters have a tendency to get overstretched when emotional connections between house and human are established. Day dreaming of a life in the beautiful digs just above your budget isn't conducive to your financial health. Remember, you still have recurring costs like utilities and add-ons like Internet to take into account. Consider setting your target price below your actual spending limit. By focusing on the low end of your range, something that's just over that ideal won't present a major blow to your financial plan.
Avoid unnecessary trips. I used public transit for the majority of my housing search and even then, I felt the financial pain. Save yourself a subway ride or gas money by doing as much research beforehand as possible. Beyond the apartment itself, consider the immediate surroundings and the neighborhood at large. A little Google maps "street view" action is ideal for taking a virtual look around. Is there a building under construction next door? A noisy bar below? Is that a major tunnel entrance at the end of the block? Even if it's not entirely current, this kind of investigative approach ahead of time can keep you from making a lot of unnecessary trips.
Bring food. After making the trek to go see a property, I took my time walking each neighborhood to get a feel for life at that potential future address, stopping into a nearby café for a coffee or snack almost every time. While getting a taste of the local flavor isn't necessarily a bad idea, going overboard with quasi-meals after viewing each listing can add up fast. Keep a water bottle and some snacks on hand so you don't deplete your bank account with trivial expenses right before taking on the substantial cost of moving.
Set time limits. It's far too easy to get sucked into the rabbit hole of the house hunt. Every part of the process is inordinately time consuming. Set reasonable limits on your search efforts so as not to totally hamper your professional and personal life in the process. And don't discount opportunity cost! I came frightfully close to missing some project deadlines that could've cost me the income I needed to cover first and last months' rent. Find the balance between getting it done and maintaining life as usual.
Be prepared to apply. Apartment applications don't come cheap. Save money by making sure you're prepared to put your best foot forward when it comes time to apply. Have all of your financial records in order and check your credit to ensure that all is correct and qualification ready. If your credit score is low, you may want to consider holding off on the move until you've improved your creditworthiness; or maybe you can solicit a cosigner with better cash or credit credentials. By shaping up your "financial profile" ahead of time, you can avoid apartment application fees becoming money down the drain.
Broker fees. While many websites help you find and sort through no-fee listings, broker fees often come attached to the apartment of your dreams, even when you do the legwork yourself. Negotiate what you can, citing your own apartment hunting labor as leverage. While DIY apartment search efforts don't necessarily mean you'll skirt the broker fee entirely, you can certainly work it down to less than the standard 15 percent of the annual rent.
Apartment hunting can be a lot of things, but it doesn't have to be prohibitively expensive. Set yourself up to spend less on the search by being well informed and well prepared.
Stefanie O'Connell is a New York City based actress and freelance writer. She chronicles her struggle to "live the dream" on a starving artists' budget at thebrokeandbeautifullife.com and her book, "The Broke and Beautiful Life," is now available.
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