Apartments for Cheap

Questions and Answers

Your Questions About Apartments For Rent

June 7, 2013

William asks…

When it comes to living in an apartment, what are the different payment options and how do they work?

I’ve heard of renting apartments, rent-to-own apartments, and apartments that you can buy like a house (with a mortgage). Are there other options? What is a “rent-to-own”?

Administrator answers:

Renting, of course, is you paying the landlord a monthly fee for the use of the place. You have no ownership rights.

Buying the place is done with condo’s. In this case you own everything within the walls of the place (the common areas and pipes between the walls are owned by the association) and you get a loan to buy the place and pay off the loan like any mortgage.

Rent to own is where you are renting a place but you also have the option to buy the place at a specified price and a specified time in the future. You may pay extra rent (if the market rent is $800 you may pay $1000, for example) but this extra rent goes toward your downpayment if you buy the place. You also would have to typically pay a fee to be given this option and you can decide not to exercise the option when the time comes.

Thomas asks…

How can one be able to afford and apartment and go to school full time?

I know apartment rent is cheaper when you split it with friends, but if you are going to school full-time, there’s no time for a part-time job. I mean, how can people afford it? I don’t want to live on campus, so that’s not an option. I just don’t think between times to study and homework and classes, I can really make ends meat.

Administrator answers:

I paid for a my off campus rent for a whole semester using loans. Thanks to scholarships I only owed my school about $600 (fees and books only, no tuition, meal plan, or room and board) and I qualified for $3000. Had I lived on campus, I would had owed the school more money then I qualified for (a dorm room costs about $1750 and you had to get a $2500 meal plan).

Anyway let’s get back to loans. Left over money from loans will be refunded to you through the school and you’re free to do whatever you want with that money. You don’t have to pay back that money until after you graduate. I got $2400 back as a refund and payed my landlord $1600 for four months rent in one payment. After that I only had to pay for monthly electricity and my personally expenses like cell phone and internet.

I tried to get my best friend to roommate with me, but she kept saying that she couldn’t afford to leave off campus. I saved money and she didn’t.

Sharon asks…

Can I get a decent apartment with bad credit but good renting history?

I have horrible credit but ive never missed a payment on rent for over a year. Will apartments rent to me?

Administrator answers:

Probably but may want cosigner

Lizzie asks…

For how much money would I pay for renting a 1 room apartment in Greenwich, UK ?

I’m planning on studing at the University of Greenwich , UK.
I would like to have an idea about apartments rent prices overthere,and what/where are the best deals I can get there ?

Administrator answers:

Can’t give you an exact figure, but wouldn’t be surprised if you’re looking at £800 / month upwards for something in the middle of London which is half decent. Being London it’s seriously expensive.

Probably best contacting the university however as they might have their own accommodation at least for the first year and might also have a list of more reputable accommodation in the area. A lot of “student accommodation” is very iffy, and some of the nicer bits won’t take students.

Ken asks…

Where are people going to live when rent keeps going up?

I live in Northern Virginia and probably one the most expensive places to live. I am a college student and think about my future a lot once I graduate. The thing is where are people going to live in the next 3-4 years from now when apartment rent, house market value, and other things just keep going up? Lately I’ve been hearing about foreclosures and the house market plummeting. What about the low-income families? Does anyone think about this? I know I am not the only one. Many you might say go to the politics and government sections but I thought I post my comment in this section. Can I get some feedback please. Thanks a lot.

Administrator answers:

Yes-we live in a high cost area. I am about 2 hours from DC and we are a satellite local for commuters-houses are selling RIGHT now for $199,000 for a 15,000 sq ft 3 bed 2 bath. We have a good bit of folks who commute to DC from our area. And rent is high in the area too.

As for the poor-honestly no one thinks about it because it is too depressing to admit many families live in poor conditions and that means kids too. I worked in social services foryears and in public housing. I worked with a lot of nice families who live pay check to pay check and will likely never get out of that. Buying a house today is a luxury that sadly not everyone will get and some people who never should have gotten a loan did and they are caught in this foreclosure mess.

I got out of social work because after 10+ years it was just to depressing. I think the notion of the American dream to own a home is going down the tubes for way to many people. Until wages are higher for lower income families or until more people are able to get into higher education and get a better job this will continue. The really bad thing is that services to help low income families with housing are beng cut at the federal level. So you have more people in competition for fewer service dollars. Not really sure what the answer is or if there is one. Maybe more college age folks like you will come up with better solutions than we have now.

If you have the means, now is a good time to buy a home. And by means I mean income level, savings, and good credit-that magic combo that not enough folks have to actually get a home and be able to also live comfortably let alone send a kid or two to college. Maybe you (being near the nations cap) could look into becoming an advocate for low income families. And try not to stress over getting a home of your own in a few years or where rent will be.

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