Friday, January 28, 2022
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SIFE Financial Corner

Welcome back Roos! At the beginning of each year, many people around the world set their goals for the year, whether it’s losing weight, making more money or taking their dream vacation. For many college students, the goal can be finally moving out of their parents’ house or out of the residence halls. This is a huge step which requires one to start building a credit score.

Finding a place is exciting, but make sure to look at all your options. Be sure to consider:

Cost

The cost of a home or apartment isn’t as simple as the rent and utilities. Having roommates or finding a place that gives the first month of rent for free saves money. Another cost is renter’s insurance, though some discounts are available through a parent’s insurance company. There can also be a huge difference in paying rent that includes amenities and paying rent and utilities separately. Usually, having all-inclusive rent is the best way to go, because monthly rent also includes utilities.

Location

Location, location, location. Not only does it matter based on your preference, but a dream apartment can cost a lot more depending on its location, in regards to the neighborhood, shopping area and the housing market around it. With the new UMKC bus pass, finding a place that’s located near a bus stop will be beneficial as well. Living in the city, it is nice to find the place that is a short commute from school, work, groceries, and for nightlife.

Questions

Most importantly, don’t forget to ask questions. Leases are for 9-12 months, so it is important to make sure there are no loose ends. A lot of questions can be answered online, but there will be many different questions that come up at the complex. What’s the average age of the residents? What’s the average cost of utilities? Have you treated this room for bedbugs? How much is the deposit? Do you have any specials for college students? It can go on and on. The more questions asked, the clearer it becomes whether the apartment is the right fit or not.

The SIFE Financial Corner is created by members of UMKC Students in Free Enterprise.

For more information, find us on Facebook and Twitter, or attend our weekly 7 p.m. Tuesday meetings in the Brookside Room of the Administrative Center.

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