3 Strategies To Afford A Luxury Apartment As A Solo Renter
If you really want to move to a luxury apartment but can't stand the idea of having a roommate, you'll need to figure out ways to afford this more high-end residence. Take note of some strategies that could allow you to make the move without breaking your bank account.
Consider a Studio
Studio apartments might have a separate kitchen and living room, or they might have the entire living space in one big room. Even though a studio doesn't have a bedroom, it still may be considered a luxury apartment depending on its size, location and the building in which it's situated. Some are very spacious.
If having a separate bedroom is not essential, strongly consider renting a studio and using a hide-a-bed couch, daybed or futon for sleeping.
Don't Overspend on Luxuries
Renting a luxury apartment may tempt you to buy new upscale furniture, window treatments and kitchen items. It may seem silly to move some of your older furnishings into your fancy new place. If you can't afford to pay cash, however, wait until these items fit into your budget. Otherwise, you'll wind up feeling strapped as you struggle to pay high rent along with higher credit card bills.
You also might be better able to afford your luxury apartment if you decide you don't need cable TV -- or if you only choose the most basic service.
If you'll be responsible for utility payments, determine ways you can keep your costs lower, such as turning down the thermostat in winter and turning it up in summer. You might want to keep the air conditioning off unless it's really hot outside. For most people, air conditioning technically is a luxury, even though society has become very accustomed to it.
Be Patient
If you've looked over your budget and are unsure whether you can truly afford this apartment now, be patient. Start putting money aside from every paycheck to designate for your new place. Create a savings fund that will pay for the first and last month's rent plus a security deposit, since that is the standard initial payment to be made with a luxury rental.
In the meantime, keep an eye on apartment ads for specials. Sometimes luxury apartment building owners offer a discounted rate if they want to fill some empty units quickly. You might be able to get one month's free rent, for instance, or discounted rent for signing a six-month or one-year lease.
