Are You Ready for Your First Place? Costs to Consider

As spring graduates (hopefully) secure employment, one of the next major steps on the road to adulthood is to acquire a place of one's own. Are you ready to handle the responsibilities of renting an apartment or house, or should you stay in Mom and Dad's basement for a few more months? Here are some costs to consider before you sign a lease:

• Move-in deposit: Most landlords require first and last month's rent (and/or a security deposit), and if you found the place through a broker, a broker's fee (usually equal to one month's rent) will probably apply as well. This means you may need at least three times the rent just to move in. To be safe, you will also want to have three months' rent in your savings in case you lose your job or in case of any sort of emergency.


• Hook-up fees: If you have never had an account with a utility company before, they may require initial fees for setting up your service. Ask whether or not the apartments you are considering include utilities with the rent or not, as this can be a cost-saver for apartments in colder climates.


• Parking: If you are planning on bringing a car with you, you will want to ask if parking is free or not. In dense cities, parking rules may apply, and in some cases, you may need to pay for a parking permit.


• The bare necessities: Even if you are moving into a furnished apartment, there will be many items you will need to make your house a home. Pots and pans, dishes, flatware, appliances, shelving, fixtures, towels, bedding, garbage cans--the list goes on and on. If you can't afford to buy new, utilize friends and family who may have perfectly useful items collecting dust in storage, check out free listings on sites such as Craigslist.org, or shop at second-hand stores and flea markets for bargain deals.