Sarahbelle Posted July 22, 2009 Report Share Posted July 22, 2009 Sooo, I was perusing appartments on kijiji.com, and I found this place that is really awesome. My friend Amy used to live there, and it's just right for me!! The only thing is, I can't really afford it right now. My dad offered the option of getting the money from the bank to pay for first n last months rent. I am kinda nervous, because what if I get the loan, but don't get the appartment?? I really want this place, and I really need to move cause I live at home. What do you guys think??? It's a big step for me, I've never rented a place before, and part of me is super excited but another part is super freaked... lol.... :grin: Link to comment Share on other sites More sharing options...
KarinGarage Posted July 22, 2009 Report Share Posted July 22, 2009 well, if you get the loan, but don't get the place, you can just use the actual loan money itself to pay back the loan. if you make all your payments on time, it'll really help your credit score.i say go for it!!! I think the experiences that get you super excited and freaked at the same time are the best experiences in life! Link to comment Share on other sites More sharing options...
Freak By Night Posted July 22, 2009 Report Share Posted July 22, 2009 Sounds like your dad wants you out of the house!Seriously though, any financial adviser worth his or her salt will tell you not to take out a loan to pay rent. Instead, you should save up enough money to cover the 1st and last month's rent before you rent a place. Link to comment Share on other sites More sharing options...
KarinGarage Posted July 22, 2009 Report Share Posted July 22, 2009 well, i know a lot of landlords will allow you to pay your security deposit over time if you don't have it up front. isn't that essentially the same thing as getting a loan?Obviously, don't get the apartment if you can't afford it, make sure it's well within your means. Link to comment Share on other sites More sharing options...
mattm Posted July 22, 2009 Report Share Posted July 22, 2009 I would also suggest not getting the loan. First and last, unless this is a mansion, isn't all that much. First is just first months rent anyway and last is just one more month. If you can't afford two months then perhaps it's a bit too expensive.Also keep looking. While saving money, something else really nice might come up that's in a better price range. Make sure to check it out thoroughly before signing anything. Ask the previous tenants (if possible) if there are any problems with the place (such as costing a fortune to heat or things like that). Also check out the neighborhood and make sure it's not to inconvenient as far as travel to work and that sort of thing (if you care about that, doesn't as much apply if you drive but if you walk or bike and/or bus, it really applies).Good luck and have fun. If this is your first time living out of the house you will have an absolute blast but better to make sure it's a place you'll be comfortable in. Link to comment Share on other sites More sharing options...
ollie Posted July 22, 2009 Report Share Posted July 22, 2009 Obviously, don't get the apartment if you can't afford it, make sure it's well within your means.That's pretty solid financial advice in general. If you can't afford it, don't buy it. Link to comment Share on other sites More sharing options...
AD Posted July 22, 2009 Report Share Posted July 22, 2009 and security deposits are BS. they are common, yes, but technically not allowed under ontario legislation. Link to comment Share on other sites More sharing options...
skelter Posted July 22, 2009 Report Share Posted July 22, 2009 security deposits aren't allowed, as in damage deposits, but last month's rent is. Link to comment Share on other sites More sharing options...
AD Posted July 22, 2009 Report Share Posted July 22, 2009 Indeed. I took 'security' to mean damage, while it can obviously be better applied to last month rent Link to comment Share on other sites More sharing options...
KarinGarage Posted July 22, 2009 Report Share Posted July 22, 2009 ahh, wish they didn't allow security deposits in the states. they alwys find a reason not to give you your deposit back Link to comment Share on other sites More sharing options...
Northern Wish Posted July 22, 2009 Report Share Posted July 22, 2009 When my brother rented his first place in New York two years ago, he had to find a broker to find him an apt (the only way to do it). He paid two months security deposit, a $250 fee to the broker and still had to pay first and last on move in.Thats right all told he was in for $2650 to get his stuff into the place!!God Bless Canada...... Link to comment Share on other sites More sharing options...
KarinGarage Posted July 22, 2009 Report Share Posted July 22, 2009 yeah, i'm looking for a new place here in dener, and some of the places want 1st and last,plus 1 month security deposiet, plus a nonrefundable pet deposit per pet... it's ridiculous. luckily, most of the places aren't that bad Link to comment Share on other sites More sharing options...
phorbesie Posted July 22, 2009 Report Share Posted July 22, 2009 in japan you have to pay 2 months security deposit, 2 months key money (a gift to the landlord that you do not get back) and first and last... = 6 months up front!ontario is the best. Link to comment Share on other sites More sharing options...
AD Posted July 22, 2009 Report Share Posted July 22, 2009 in soviet russia, house rent you! Link to comment Share on other sites More sharing options...
shainhouse Posted July 23, 2009 Report Share Posted July 23, 2009 In London I had to pay £220 for a broker and six week deposit on my flat, plus first month's rent. 98% of the flats here are managed by letting agents, so renting privately is next-to impossible.In Amsterdam 85% of all property is owned by the government, so foreigners are forced into the small private market. Talk about competition.. an experience I'll never forget. Link to comment Share on other sites More sharing options...
Thorgnor Posted July 23, 2009 Report Share Posted July 23, 2009 in soviet russia, house rent you! Link to comment Share on other sites More sharing options...
ollie Posted July 23, 2009 Report Share Posted July 23, 2009 Use the Stranger Test to Reduce Impulse Purchases Link to comment Share on other sites More sharing options...
boiler Posted July 23, 2009 Report Share Posted July 23, 2009 Throw a "My First Apartment" fundraiser party. Link to comment Share on other sites More sharing options...
Sarahbelle Posted July 24, 2009 Author Report Share Posted July 24, 2009 lol .. so I've decided to go for it!! Wish me luck evveryone.. Link to comment Share on other sites More sharing options...
bouche Posted July 24, 2009 Report Share Posted July 24, 2009 lol .. so I've decided to go for it!! Wish me luck evveryone.. good luck. it'll probably end up being a great decision. Link to comment Share on other sites More sharing options...
SaggyBalls Posted July 24, 2009 Report Share Posted July 24, 2009 do it do it do it.you won't be concerned with your budget and how it controls you when you're not around people that harp on you about your budget.(speaking from personal experiences of course)good luck. Link to comment Share on other sites More sharing options...
shainhouse Posted July 24, 2009 Report Share Posted July 24, 2009 good luck sarah!!! Link to comment Share on other sites More sharing options...
Thorgnor Posted July 24, 2009 Report Share Posted July 24, 2009 lol .. so I've decided to go for it!! Wish me luck evveryone.. I like that you came here for financial advice, which was a bad decision, but then went against the prevalent trend of not doing it, thereby bypassing the first bad decision by ignoring the bad advice or purposefully doing the opposite... it would seem that two wrongs can make a right. well played. good luck Link to comment Share on other sites More sharing options...
Sarahbelle Posted July 24, 2009 Author Report Share Posted July 24, 2009 woohooo I am going to be broke for a long time after this... but it's really exciting... and a bit scary too... Link to comment Share on other sites More sharing options...
KarinGarage Posted July 24, 2009 Report Share Posted July 24, 2009 good luck! congratulations! Link to comment Share on other sites More sharing options...
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