Baby boomers can rent
apartments and save money
As time moves on, many baby
boomers are going to be looking for apartments, rather than houses. That might seem to be a frightening scenario for many people, particularly those who have
not lived in apartments previously. A high majority of baby boomers have built their own
homes and never lived anywhere else.
They may face a loss of income
or a reduction of income, in spite of their new pensions. So, how does a baby
boomer rent an apartment and save money?
If you are a baby boomer, here
are some guidelines to follow.
Budget for an apartment:
Organize your budget, so that
you know exactly how much money you can use for rent, on a monthly basis. There
is no sense looking for apartments that are beyond your reach financially.
Sometimes, it is fun to look at them though.
Determine your location:
Decide what area or location
you want to move to, taking into consideration what you will be doing. Are you
planning full retirement? Will you be doing part time work or running a home-based business? Look at your projected needs, rather than your desires. Choose
your location carefully, to avoid the extra expense of having to move again.
What do you like doing in your
spare time? Include recreational activities you enjoy like bowling,
swimming or playing hockey. Do you belong to a recreational center or club?
What church do you attend? Where is your family or extended family located?
What about friends you always visit?
How much traveling will be required?
The less you need to do, the more money you can save. Ideally, you want to move
to an area that does not require a lot of driving, as that is expensive with
the cost of gasoline. Consider the possibility of using alternative
transportation, like buses, subways or trains to save money.
Look at options for apartments, in
that location:
Determine when you want to move
into your apartment. Find out what apartments are available in that area, then. Assess your actual needs. How many square feet do you want
your apartment to be? That may restrict your options, to a certain extent. Consider the possibility of finding an apartment with less floor space than you have in your home. How many bedrooms will you need in your new
apartment? You may save money by renting a one or two bedroom apartment,
instead of a larger place.
Find out what is included in
your apartment:
Many apartments are rented with refrigerators and stoves, washers and dryers. Consider downsizing the ones you have, if they are not included. Downsizing large appliances will reduce your cost in terms of energy
consumption and will help you save money. Find out if you are expected to use
coin-operated laundry facilities. It might be better to purchase your own
apartment size washer and dryer.
Look at the cost of utilities
in the apartment:
Your heat, hydro and water may
be included in your rent, every month. If you can find an apartment that is all-inclusive
in this respect, you may save money. Or, it may be calculated into the amount
of rent you are going to be paying. Ask about the cost of telephone,
cable and internet.
Find out the cost of additional
facilities:
When you rent an apartment,
your rent may include other, additional facilities that you have to pay for. For
example, there may be a swimming pool, recreation room or sauna. If you are
not going to use those facilities, you may be able to avoid paying extra fees.
Update and downsize your
furniture:
By updating and downsizing your
furniture, you may save money because you will be
able to rent a smaller apartment. For example, you may not need your king size, bedroom suite. You may be able to downsize your huge living room and dining
room furniture. It is always fun to shop for new furniture.
Consider sharing an apartment:
Many people moving into
apartments, find that by sharing an apartment, they can split the rent, as well
as the cost of the utilities. Make certain you are compatible with the person
with whom you are planning to share your apartment.
Rental purchase:
Sometimes it is possible to
obtain an apartment on a rental purchase basis. In other words, the money that
you put into your apartment goes towards the purchase of your apartment. Make
certain that you know exactly what your lease is stating, before you sign any
agreement.
Inquire about parking:
If you have a vehicle, find out
exactly where your parking facilities are going to be located and the cost. You may
have to pay extra money for parking or you may have to walk a long distance
from the place where you are allowed to park.
Ask about storage facilities:
Storage in an apartment
building can be relatively restricted. Find out how much storage space is
allotted to your apartment. Check to see whether there is extra cost involved. Dispose
of unnecessary items if possible, so that you don't have to pay to store for
them, either in the apartment building or elsewhere.
Freezer:
You may have a huge freezer in
your current home, that you do not need. Invest in a smaller, more compact
freezer or a refrigerator that has an appropriate freezer unit.
Home Insurance:
When you move into an
apartment, you do not need all of the insurance coverage you had on
your house. Speak to your insurance agent and discuss your move into an
apartment with him or her. By changing your policy, you may save yourself extra
dollars.
Consider subsidized housing:
Many people will qualify for
subsidized housing because of their income levels. Find out how to apply
for that, if necessary.
These are guidelines for baby
boomers. Enjoy your new apartment. Know that it is possible to rent an
apartment and save money.
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