Renting a Home in College
Renting a home in college is very much a rite of passage, like your first kiss or learning how to drive a stick shift. In fact, even if you plan to live in the dorms, the odds are you won’t live there for your entire four years: many colleges require you to live in the dorms your first year, but after that, you’ll likely want to find your own housing.
When the time comes to do this, it can be stressful: finding the right location, finding something you can afford, and finding a place that doesn’t look like it’s violating every section of the local health code can all be stressful.
But, if you’re prepared, renting a home in college doesn’t need to be an overwhelming experience. Rather, it can translate into some of the most exciting times of your life.
Know the Market
The cost of rent is quite varied depending on the location of your school. For instance, per Forbes, universities in Indiana and Houston are among the least expensive places for housing while those in California and Boston are among the most expensive places.
Before you go looking for a place to rent, take time and research the real estate of the area: knowing what you’re in for can keep you from wasting effort, being blindsided, and ending up frustrated.
Rent What You Can Afford
It’s tempting to want to rent a home that is very posh, modern, and nice. However, doing so can leave you “house poor” – a term used to describe people who have enough money to pay their rent or their mortgage but no money to do much else.
College is a time of many experiences – from Spring Break to ski weekends, from nights at the bars to road trips, from pizza addictions to mud volleyball tournaments - all of which cost money. If every cent you have goes towards rent, you might miss out on all the fun.
Get Roommates You Really Like
There is a reason that the internet is full of roommate horror stories: the fact is, it can be difficult to live with the same people for nine months of the year (especially when you’re all learning how to navigate the waters of adulthood). But, roommates and horrors stories don’t have to be a joint package: it’s highly possible to find people you’ll not only enjoy living with, but cultivating a friendship with as well. So, choose people with whom you have similar values and habits (particularly habits regarding partying, studying, and cleanliness) and – if you have reservations – listen to your gut.
Having bad roommates doesn’t hurt just your social life. According to the Huffington Post, problems with roommates are one of the biggest stressors of college. These problems can ruin your grades and lead to a less fulfilling university experience. So, when you choose your roommates, do so wisely.
Take Your Deposit Seriously
When you rent a home, chances are you’ll be asked to put down a deposit for any damage you do while you live there. Many deposits are only comparable to one month’s rent, but – when you’re in college- any small amount can seem like a lot more. Thus, take your deposit seriously – don’t trash your place and fix what you break. It’s not only a good way to get your deposit back, but it’s a good lesson in respect.
Furnish with Craigslist
As reported in CNN, the average 2013 college graduate left school with 35,200 dollars in total debt. Some of this debt was warranted and used to pay for things like books, classes, and computers, but some of it was not. Sometimes debt has to do with young people struggling with financial management, and other times it’s simply because credit card companies fly towards universities like moths to a flame.
Even so, you can minimize your odds of accruing a ton of debt by furnishing your home as cheaply as possible. Instead of buying new couches and flat screen TVs, go to places like Goodwill, Craigslist, and garage sales. College towns are usually hot spots for used items – many of which you can get for free. Go and take advantage of this; don’t buy new until the days of drunken ragers and broken lamps are a couple years behind you.
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