Rental Basics in Minneapolis>Question Details

Devon Letofs…, Home Buyer in Brooklyn Center, MN

Renting and the price tags that come with it...

Asked by Devon Letofsky, Brooklyn Center, MN Sun Jul 28, 2013

A friend & I want to rent a place coming September for $1000-, the only thing is, we are scared about being able to afford it. Advice or sumthin please!? :/

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Hi, Devi!
I'm not sure what type of information you're looking for. Is this your first rental?? If so, good for you for taking the leap in to your life!!

Here's what I would do if I were you, take a pen and paper and write out an entire list of all of the expenses you think you will have and how much they will be for a month (i.e. car payment, rent, electricity, gas bill, food, gas for the car, insurance, laundry, eat out, paper goods, groceries, cable TV, internet, etc.). If you're not sure how much these things will cost, look online to get estimates. For example, a month of groceries for one person eating normally will usually cost $150-$200. Some pay less if they eat out more, some pay more if they like lots of gourmet foods, that kind of variable. Your electric bill will most likely be more in the summer than in the winter months.

Then, factor in the "things" you're going to need to live on your own, like furniture, dishes, pots and pans, lamps, etc. Based on this list you will be able to determine if this fits in with what you're earning. If not, then you should find something cheaper or wait until you've saved enough money to make it worth your while.

Good luck!
0 votes Thank Flag Link Mon Jul 29, 2013
Do you have an agent? Remember, it costs you nothing and gets you just what you need, financially and everything else you want as well. Liz, 612-986-4105
0 votes Thank Flag Link Sun Jul 28, 2013
Hey Devi,

I hope you search thus far has been good!

It is very important to make sure you can afford it from a financial sense and time sense as well. One thing that i have always found important when two of my clients were interested in purchasing/renting together is making sure that each one alone could handle at-least 75% of the mortgage or lease fee on their own to protect against "unforeseen" circumstances. Although I know this may be hard and limit your market for housing, it will in the long wrong give you both peace of mind!
0 votes Thank Flag Link Sun Jul 28, 2013
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