Friday, October 19, 2007
For What It's Worth: Apartment
Anyone following real estate knows there are tons of condos for sale and rent on the market. In today's For What It's Worth, Seven's Craig Stevens shows us how to find the home that's perfect for your lifestyle and your wallet.
WSVN -- The decision for 26-year-old Leeor Geva to leave home and get his own place wasn't as easy, or as cheap as he expected.
Leeor Geva: "I was hoping to put some money down on a house but I saw that the market was way too expensive for me."
So, this recent grad decided to rent for a few years until he could afford his own place. Both he and his pocketbook were happy with what he found.
Leeor Geva: "As I kept looking around I found that there were new places that I could get, and if I had a buddy of mine move out I could get it for a pretty good deal."
Seven's Financial Expert Allie Jablon says the secret to finding that perfect place, know your budget and ask some simple questions.
Allie Jablon: "The first question you need to ask yourself when looking for that first apartment, is what can you afford?"
Allie says in general, look to spend between 25 and 30 percent of your take home income. If you've found a place you want to call home but don't have the cash. Allie says consider living with a roommate.
Allie Jablon: "But it's very important for you to decide, which is more stressful to you living with a roommate's idiosyncrasies, or with a financial burden?"
Next: Look at the location. Take into account what you will pay for your daily commute.
Allie Jablon: "If the commute is very far, that may subtract from the rent you're willing to pay because of those added gas costs."
And lastly, know your future plans before you sign on that dotted line. If you plan to buy or move in the next six months don't sign a long term lease.
Allie Jablon: "Very often, apartment complexes will offer month to month, or six month leases."
Geva says he's found the oceanfront condo of his dreams, and from his point of view, life couldn't be much sweeter.
Leeor Geva: "The view is unbelievable. So, we'll definitely be heading to the beach just about every day."
Craig Stevens: "And another tip: If you're making that move with a furry friend, find out the development's pet policy. Some places may require a deposit to allow you to keep your pet."
FOR MORE INFORMATION: