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How Much Rent Can I Afford?

How Much Rent Can I Afford?

Calculating Rent Costs for Gainesville Student Apartments

Is budgeting the bane of your existence? Do you prefer to merely wing it and hope there will still be money in your account? Now that you are on your own, this philosophy will not work because you will have monthly bills that you are legally obligated to pay. If you sign a year-long lease for student housing near UF, you will be required to pay the set amount every month for that length of time. Therefore, it is vital that you sit down and calculate how much you can reasonably afford to pay so you will not find yourself in a difficult situation.

Figure Out Your Ideal Rent

A lease is considered a legally binding contract. If you fail to pay rent in full or constantly turn it in late, you will face the consequences. Depending on the severity of the situation, your credit score will suffer, your landlord will be less likely to recommend you as a tenant to your future management or you may even be evicted from your Gainesville apartments. You will want to find a balance in your budget, a rate high enough that allows you to afford housing that meets your preferred criteria while remaining low enough that you will not be straining to be able to pay the rest of your bills. Many people believe rent should be about 30 percent of your income. To calculate this, you should begin by adding up all incoming money you may receive annually including, grants, scholarships, loans, money from your parents and your paycheck from work. Then multiply it by .3 and divide it by 12. Keep in mind this is only a guideline. If you are someone that spends the majority of their time in theirstudent apartments in Gainesville, FL, you may increase this amount a bit more.

Take All Factors into Account

Determining your budget is an individual decision that must be based off your lifestyle. Do you spend a lot of time in your UF housing or are you rarely home? Would you rather spend your money on shopping and eating? Once you are able to answer these questions, you will be better able to determine how much of your income you should set aside for rent. Be sure that you consider all of your expenses and allow for unexpected costs. For instance, if you have a family emergency and must purchase a plane ticket home or your car breaks down, you will want to make sure there is a bit of flexibility in your budget to cover these costs.

Consider Renting at The Standard at Gainesville

When you are calculating how much rent you can pay, consider what is included in the rent. Does it merely include room and board or are there other services provided? At The Standard at Gainesville, you will have access to a rooftop pool, tanning beds, Internet cafe, study lounges and fitness center. All of these luxury amenities are included in rent, which you may otherwise be paying for. Additionally, you will want to determine if any utilities will be included in rent as well. For instance, at luxury apartments in Gainesville, FLsuch as The Standard at Gainesville, water is included so you will not need to pay for it separately. You will want to keep these factors in mind because you will be able to pay a bit more for rent.

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