Whether you're planning on moving for school or just happen to be moving to a town with a large college or university, it's a good idea to look into the kinds of savings you can enjoy in this unique living situation. If you are financially able to move into an apartment on your own, you should be able to afford the monthly expenses without a problem. However, it may not leave you much room to save up money to a buy a house, car, or to have an emergency fund.
It is helpful to know how you can cut costs with apartment living and what kinds of money-saving benefits come with living in a college town.
Rent a Two-Bedroom and Turn It into a Vacation Rental
On first thought, you may want to look at studios or one-bedroom apartments because they are the most affordable. It is a smart plan, but you can actually save more money by earning money with your rental. As long as you are able to find an apartment that allows subleasing and has a landlord who is approving of your venture, you can turn your extra bedroom into a vacation rental.
Instead of committing to a full-time roommate, you can set your own dates, rules, and fees. It gives you a great deal of control in how much money you want to make, and how often you want to be a host.
Live Near a College and Find a Roommate
If you are comfortable with the idea of having a roommate, you should look for apartments close to a college. It will help you find roommates who are moving there to go to school. These individuals are more likely to be quiet and busy throughout most of the year while they are focusing on their studies.
It is important to take potential roommates through an extensive screening, mainly to find out whether they are responsible enough for you to trust them, and to find out if they are a good fit for you.
Get Used Furniture Around College Graduation
When it comes to getting furniture, one of the easiest ways to save money is by purchasing used furniture around the time that students are graduating from college. Some students will move out as soon as they graduate, while others will end up staying until August or September, when their lease first started. These individuals are generally looking to clear everything out in a short period of time, so you can save a lot of money on furniture, as well as other miscellaneous items that you may not have thought about before.
When you are willing to compromise, you can enjoy substantial savings with apartment living.
For more information and tips on renting an apartment, talk with a real estate agency, such as Kimball Real Estate.