Finding Your First Home After College
- For many, the two things that most recent graduates focus on right after college are finding a place to live and finding a job.
- For the first task, recent graduates will need to find a place without breaking the bank.
- Before looking for a place to live be honest with yourself about your financial situation.
For many, the two things that most recent graduates focus on right after college are finding a place to live and finding a job that either they are passionate about or is good enough to start paying back student loans.
For the first task, recent graduates will need to find a place without breaking the bank. Here are three steps that can help in landing your first place after graduation.
Recommended Read: The Ultimate Financial Checklist for Recent Graduates
1. Know Your Financial Situation.
You must be honest with yourself about your finances. Awareness and honesty are key in the process of house hunting. Once you have an accurate picture of your financial situation, you can answer these questions:
- What housing situation is best for you?
- Do you want to live in an apartment or rent a house?
- Could you save money by moving back in with your parents?
- Would you prefer to find a roommate?
Most recent graduates are already deep in student loan debt, so you want to avoid putting any more financial strain on yourself.
Write out how much income you are earning or how much your parents are willing to help you out. From there, you will need to account for all the expenses that will come with your new living space, such as utilities.
Recommended Read: What is a Zero-Based Budget? | CapWay
2. Tap Into Your Network.
Even though you are now out of college, it doesn't mean that you are past living with a housemate to save bucks. Ask a few trusted friends or relatives if they would be interested in being a roommate.
Before you go house hunting, have an in-depth discussion on the pros and cons of living with each other and how each of you can create a safe and comfortable living space for everyone involved. Trusted friends can be great roommates for several reasons, but the top reason is that you are saving money together by living together.
Recommended Read: 7 Ways to Reduce Your Monthly Expenses
3. Search Online.
Several trusted sites, such as Apartments.com, Zillow.com, or Roommate.com, can assist you in finding housing. Through these websites, you can filter to find exactly who or what you are looking for and message homeowners, renters, or potential housemates. Your filters may include finding a place with a washer and dryer included, a spacious room, and pets allowed.
Before visiting your new (possible) home, always read and take into consideration the online reviews. Reading the reviews will save you time and money.
Recommended Read: Why Do Landlords Require Credit Checks?
Once you've started your official "adulting" tasks, you will soon see the fruits of your labor. Good luck with your new place!