The perfect apartment for you is really dependent upon two things: your budget and your desired location. One of the first questions we’ll ask you at Dallas Sky Lofts is about your budget. This is information you should be armed with before you start looking at apartments. Different areas of Dallas offer different price points! If your location is your priority, perhaps you could settle for a smaller space to fit your budget.
If the budget is the priority, you might consider looking a few miles away from the most popular apartments downtown. We’re certain that no matter what you’re looking for, the Dallas/Fort Worth area has it!
The big question is, how do you know how much rent you can afford? You don’t want to strap yourself to a huge monthly payment only to find out later that you can’t pay your cell phone bill or afford to buy groceries. We’re here to help you out.
Dallas Sky Lofts Apartment Budget Tips
Don’t let what you get approved to rent dictate what you spend.
Landlords and property managers may approve you for a large monthly payment. What they won’t take into consideration are your other expenses. Calculate your own budget and stick to it.
Estimate utilities, pet rent, and consider sharing with a roommate!
Ask friends or potential apartments in your area what the average monthly cost of utilities might be. Factor this into your total monthly payment, even though it will likely be paid separately from rent.
Consider your long-term goals.
Do you eventually want to buy a house? If you can pay a little less in monthly rent now, you’ll be able to contribute more to your savings.
What other expenses should you take into account?
Don’t forget other things like parking costs, valet trash, and renter’s insurance that should be considered as part of your rent.
How Much Can You Afford?
Most financial gurus will tell you that 30% is a good portion of your income to dedicate to the roof over your head. Let us clarify that even further: don’t look at your overall salary. You should calculate what you can afford with 30% (or less) of your take-home pay.
For example, let’s say you make $65,000/year on your salary. Your take-home might be closer to $49,000/year after taxes. To calculate what you could reasonably afford for your rent, 30% of $49,000 is $14,700. We take that number and divide by 12 months, and the monthly rent you can afford is….
To build in extra padding or savings, try calculating with less than 30% and put the rest into a separate account so it won’t get spent.
Now that you know your budget, call Dallas Sky Lofts to find the perfect apartment for you or click on the button below and start your apartment search!START YOUR APARTMENT SEARCH!