Apartment shopping? Four things to think about

So, you’re in the market for a new apartment. There’s lots of fun to be had when shopping for a new place to live. But don’t let the excitement of moving and all the flashy amenities at your new pad overwhelm the decision-making process.

Here are four important things to consider while you’re looking for that great new place. This will help you watch your wallet as you find your new home sweet home.

1. How will your new rent and utility costs fit into your current budget?  Ideally, you should start your apartment search with a range of costs that has a firm ceiling (Example: I can’t pay more than $1500/month) and a comfy midrange ($1250 a month is what I pay now, so I know I can afford that).
2. Will this new place increase my overall cost of living?  Keep in mind that moving can change your financial dynamics. If you’re suddenly halfway across town from your favorite discount food store but right next door to the pricey specialty grocer, then your food costs may go up. Your drive to work could change, too, affecting your gas bill and other commuting costs.
3. How much new furniture will I need? Finding a nice place might be easy, but then you need adequate décor and furnishings to make it look nice. When brought new, furniture can be very expensive. Price out what you’ll need before making your rental decision so you know the expense won’t be cost prohibitive. Or, plan to look at Craigslist and second hand stores to get what you need cheap.
4. How much is the deposit? Be sure to ask this important question during your first visit to look at a place. Deposits can run up to twice the first month’s rent, so make sure you have adequate savings to cover the expense.