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Essential financial tips to effectively
move out of the dorms.
Airman & Family Readiness Center
Building 1650
256-8668
R.S...
 Introductions
 Nature
 Expectations
 Agenda
 Timing
 BUDGETING
 Research Neighborhood
 Rental Process
 BUDGET, BUDGET, BUDGET
 Do your homework:
 Know how much you can afford
 Know where you want to live
 Understand the...
On-Base:
 Housing Office
 Base housing now privatized
Off-Base:
 Automated Housing Referral Network (AHRN)
 www.ahrn.c...
 Determine price range
 Create a budget (see example)
 Spend about 25% of your take-home pay on
rent (Worksheet B)
 Ad...
 Budget Elements (Worksheet G)
 Income
 Credit Rating
 Expenses (all)
 Deposits
 Payments of security deposits and other
expenses required to move out of the dorms
DO NOT constitute valid requests for ...
Rent/Mortgage
Application Fee
Security Deposit
Electric/Gas
Water/Sewage/Trash (some properties
include this in the r...
Consider the following: (Worksheet F)
 Crime rate, safety
 Location
 Commute time
 Neighbors
 Military community
 Ac...
 Traffic
 Children
 Word of mouth
 Interview neighbors
 Time of day
 Noise
 Visual aesthetics
 Who can move out of the dorm?
 Pick up a Request for Application
For/Authorization of BAH from Dorm Mgt.
 Follow steps...
Before showing up to sign the lease, find out
what documents your new landlord will want
to see, possibly your:
 LES
 Ba...
 Security deposits
 Waiver programs
 Purpose
 Refund
 Role of legal and housing office
 Property checklist (Workshee...
 Who pays for what?
 Really read your lease before you sign it.
 If you don't understand it, sit down with
someone who ...
 Description of property
 Duration of lease
 Military clause (Worksheet D)
 Rent due
 Deposits
 Late charges
 Maint...
 Your responsibility
 Personal property
 Personal injury
 Fire, theft
 Apartment security
 Property responsibility
...
 Your landlord's insurance protects his stuff,
not yours.
 Your stuff is worth more than you think.
 It can happen to y...
 Renters insurance differs from company to
company, so compare benefits before buying.
 Some key features to look for:
...
 From USAA
 In Dorm, SAFB OFallon, IL
 $5,000 $4.00 $5.09
 $10,000 $4.89 $6.11
 $15,000 $5.44 $6.80
 $20,000 $5.99 $...
Basic Allowance for Housing (BAH)
Without/With Dependents (2013 rate)
E-2 – $789/$1053
E-3 – $789/$1053
E-4 – $789/$105...
BAH + BAS $1,141
Rent ($765)
Electricity/Gas ($85)
Cable ($60)
Internet ($20)
Renter’s Insurance ($7)
Gas/Transportation (...
House
Advantages
 Privacy
 Space
 Storage
 Parking
Disadvantages
 Absentee landlord
 Additional costs (utilities, ...
Furnished Apartments*
 1 Bedroom $500-$1,000
 2 Bedrooms $600-$1,500
*Scott AFB 2012 Newcomer’s Guide and Telephone Book
Unfurnished Apartments*
 1 Bedroom $350-$900
 2 Bedrooms $425-$1,000
 3 Bedrooms $625-$1,250
*Scott AFB 2012 Newcomer’s...
Houses*
 1 Bedroom $450-$550
 2 Bedrooms $525-$950
 3 Bedrooms $725-$1,800
 4 Bedrooms $900-$2,000
 5 Bedrooms $1,000...
Application Fee (credit and criminal)
 $30-$40 (will not be refunded if denied)
 Some complexes will not rent to you if ...
Security Deposit
 Average $300, but many have military special
of $99.
 Some complexes make you forfeit your
security de...
Occupancy Permit
$30 Per Apartment (one-time fee)
 Utility Activation Fees
 Required if low/no credit
 May be split and billed over several months
 Amount depends on cr...
Utilities (electric & gas)
 Estimates:
 1 Bedroom $85
 2 Bedrooms $100-$125
 3 Bedrooms $150
Water, Sewer and Trash
 Estimates: (many complexes include these
expenses, Example D does not)
 1 Bedroom $46
 2 Bedroo...
Cable, Internet and Phone
Estimates:
(based on services obtained)
 $99 special for one year (not including taxes
and fee...
Pet Fees
 Pet Deposit of $300, with $150 nonrefundable
 Pet Rent of $20-$30 per pet, per month, 2 pet
maximum, under 25 ...
 Early Termination Charges (be sure military
clause is in rental agreement).
 Short Lease—additional fees of $50 per
mon...
 Example A-small, older complex (as of 5/11)
 No pool or other amenities
 Water, sewer & trash inc.
 2 BR, 1B, no WD $...
 Example B—large, older complex with pool
Water, sewer & trash inc. (as of 5/11)
 2 BR, 1B $719-$794; 720 sq ft.
 2 BR,...
 Example C—(large, older complex with pool),
Water, sewer and trash included (as of 5/10)
 1 BR, 1 B $675; 735 sq. ft.
...
 Example D—new, luxury complex with pools,
movie theatre, business center, & fitness center
 Water, sewer & trash not in...
 Bills must be put in renter’s name on the day the lease is
signed.
 No credit is okay, better than bad credit.
 Most p...
 Do not pour grease down your garbage
disposal. You will be responsible for repairs.
 Do not put aluminum foil in microw...
 If you choose to move off base, do not make
this decision lightly, consider:
 Have your finances in order
 Setup a bud...
A. Requirements for a New Apartment
B. Determining Your Affordable Rental Range
C. Apartment Hunting Worksheet
D. Military...
RSVP - My New Space
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RSVP - My New Space

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RSVP - My New Space

  1. 1. Essential financial tips to effectively move out of the dorms. Airman & Family Readiness Center Building 1650 256-8668 R.S.V.P Research, Save, Vacate, & Plan for My New Space
  2. 2.  Introductions  Nature  Expectations  Agenda  Timing
  3. 3.  BUDGETING  Research Neighborhood  Rental Process
  4. 4.  BUDGET, BUDGET, BUDGET  Do your homework:  Know how much you can afford  Know where you want to live  Understand the lease terms  Understand your rights as a renter http://www.servicememberscivilreliefact.com/link /scra.php
  5. 5. On-Base:  Housing Office  Base housing now privatized Off-Base:  Automated Housing Referral Network (AHRN)  www.ahrn.com
  6. 6.  Determine price range  Create a budget (see example)  Spend about 25% of your take-home pay on rent (Worksheet B)  Additional expenses  Conduct housing search (Worksheet A)  Lease process  Insurance  Moving out
  7. 7.  Budget Elements (Worksheet G)  Income  Credit Rating  Expenses (all)  Deposits
  8. 8.  Payments of security deposits and other expenses required to move out of the dorms DO NOT constitute valid requests for Air Force Aid Society assistance (aka ―Falcon Loans‖).  If you don’t have enough money saved up to cover your security deposit and related moving costs, your request to move out will be denied and your name will be moved to the bottom of the list.
  9. 9. Rent/Mortgage Application Fee Security Deposit Electric/Gas Water/Sewage/Trash (some properties include this in the rent) Cable TV Internet Renter’s Insurance Moving expenses Move-in expenses (furniture, kitchen, etc.) Short lease fees Lockout fees
  10. 10. Consider the following: (Worksheet F)  Crime rate, safety  Location  Commute time  Neighbors  Military community  Access to the Metro  Nearby stores, dry cleaners, shops and gyms
  11. 11.  Traffic  Children  Word of mouth  Interview neighbors  Time of day  Noise  Visual aesthetics
  12. 12.  Who can move out of the dorm?  Pick up a Request for Application For/Authorization of BAH from Dorm Mgt.  Follow steps (1st Sgt., Housing, etc.)  Return completed form to Dorm Mgt.  You are now put on the waiting list  Intended Marriage Instructions
  13. 13. Before showing up to sign the lease, find out what documents your new landlord will want to see, possibly your:  LES  Bank statements  Personal references
  14. 14.  Security deposits  Waiver programs  Purpose  Refund  Role of legal and housing office  Property checklist (Worksheet E)
  15. 15.  Who pays for what?  Really read your lease before you sign it.  If you don't understand it, sit down with someone who does.  Make sure lease contains military clause.
  16. 16.  Description of property  Duration of lease  Military clause (Worksheet D)  Rent due  Deposits  Late charges  Maintenance responsibilities  Utilities included  Parking  Laundry facilities  Use of common property  Pet policies
  17. 17.  Your responsibility  Personal property  Personal injury  Fire, theft  Apartment security  Property responsibility  Property  Injury  Fire  Security
  18. 18.  Your landlord's insurance protects his stuff, not yours.  Your stuff is worth more than you think.  It can happen to you.  Renter’s insurance protects more than just property.  It's surprisingly affordable.
  19. 19.  Renters insurance differs from company to company, so compare benefits before buying.  Some key features to look for:  Replacement cost coverage  Coverage for items in transit  Flood protection  Financial strength HOT TIP: Consider bundling with your car insurance company for added savings!!
  20. 20.  From USAA  In Dorm, SAFB OFallon, IL  $5,000 $4.00 $5.09  $10,000 $4.89 $6.11  $15,000 $5.44 $6.80  $20,000 $5.99 $7.48  As of 7/12, $250 deductible  Worldwide coverage, if you get deployed and take your laptop to Iraq, it is covered  Figure your coverage based on everything you own, without shopping on sale to replace  Full replacement coverage, with $300,000 liability and $5,000 medical payments per person  Also covers earthquakes, with 10% deductible
  21. 21. Basic Allowance for Housing (BAH) Without/With Dependents (2013 rate) E-2 – $789/$1053 E-3 – $789/$1053 E-4 – $789/$1053 Basic Allowance for Subsistence (BAS) Enlisted: $352.27 month
  22. 22. BAH + BAS $1,141 Rent ($765) Electricity/Gas ($85) Cable ($60) Internet ($20) Renter’s Insurance ($7) Gas/Transportation ($50) Food/Other $154
  23. 23. House Advantages  Privacy  Space  Storage  Parking Disadvantages  Absentee landlord  Additional costs (utilities, yard)  No protection under Fair Housing Laws
  24. 24. Furnished Apartments*  1 Bedroom $500-$1,000  2 Bedrooms $600-$1,500 *Scott AFB 2012 Newcomer’s Guide and Telephone Book
  25. 25. Unfurnished Apartments*  1 Bedroom $350-$900  2 Bedrooms $425-$1,000  3 Bedrooms $625-$1,250 *Scott AFB 2012 Newcomer’s Guide and Telephone Book
  26. 26. Houses*  1 Bedroom $450-$550  2 Bedrooms $525-$950  3 Bedrooms $725-$1,800  4 Bedrooms $900-$2,000  5 Bedrooms $1,000-$2,000 *Scott AFB 2012 Newcomer’s Guide and Telephone Book
  27. 27. Application Fee (credit and criminal)  $30-$40 (will not be refunded if denied)  Some complexes will not rent to you if you have anything in collections.
  28. 28. Security Deposit  Average $300, but many have military special of $99.  Some complexes make you forfeit your security deposit if you are approved but don’t rent from them after making application.
  29. 29. Occupancy Permit $30 Per Apartment (one-time fee)
  30. 30.  Utility Activation Fees  Required if low/no credit  May be split and billed over several months  Amount depends on credit & the rental property  Call the utility company with the address, they should be able to provide a reasonable estimate of the deposit that will be required
  31. 31. Utilities (electric & gas)  Estimates:  1 Bedroom $85  2 Bedrooms $100-$125  3 Bedrooms $150
  32. 32. Water, Sewer and Trash  Estimates: (many complexes include these expenses, Example D does not)  1 Bedroom $46  2 Bedrooms $56  3 Bedrooms $66
  33. 33. Cable, Internet and Phone Estimates: (based on services obtained)  $99 special for one year (not including taxes and fees—approx. $115)  These fees do heavily increase after one year  Two local competitors in area  If using satellite dishes, cannot be installed permanently and will only work in some apartments
  34. 34. Pet Fees  Pet Deposit of $300, with $150 nonrefundable  Pet Rent of $20-$30 per pet, per month, 2 pet maximum, under 25 lbs. and some breeds are excluded  Veterinary expenses  Food, toys and treats
  35. 35.  Early Termination Charges (be sure military clause is in rental agreement).  Short Lease—additional fees of $50 per month can be charged for a 6-mo. lease.  Lockout fees—some will charge you a fee of $45 or more to unlock your apartment.
  36. 36.  Example A-small, older complex (as of 5/11)  No pool or other amenities  Water, sewer & trash inc.  2 BR, 1B, no WD $590, 1000 sq. ft.
  37. 37.  Example B—large, older complex with pool Water, sewer & trash inc. (as of 5/11)  2 BR, 1B $719-$794; 720 sq ft.  2 BR, 1B, WD hookup $810-$885; 920 sq. ft.  3 BR, 1.5B $929-$989; 1,280 sq. ft.  4 BR, 2B $1,234; 2,220 sq. ft.
  38. 38.  Example C—(large, older complex with pool), Water, sewer and trash included (as of 5/10)  1 BR, 1 B $675; 735 sq. ft.  These are specials on 2 BRs  2 BR, B, WD $720; 950 sq. ft.  2 BR, 2B, WD $880; 1,165 sq. ft.
  39. 39.  Example D—new, luxury complex with pools, movie theatre, business center, & fitness center  Water, sewer & trash not included ($46-$66)  8% discount for military (not inc.)  Will take ages 18 and up, most want 21 yr. olds  1 BR, 1B $895-$950; 800-823 sq. ft.  2 BR, 1B, WD $1,025-$1,170; 1,042-1,165 sq. ft  3 BR, 1B, WD $1,280-$1,325; 1,330 sq. ft.
  40. 40.  Bills must be put in renter’s name on the day the lease is signed.  No credit is okay, better than bad credit.  Most popular size of apartment is the 1BR, many complexes don’t have any available.  If two people sign the lease, and one leaves, the other is responsible for all the rent. You may be able to recover from your former roommate, but the landlord still expects all the rent.  You are responsible for anything done to the apartment by one of your guests.  Use common courtesy about loud music, etc.  Renting furniture will be very expensive. Do not rent from rental agencies. Shop yard sales, Craigslist, thrift shop, Airman’s Attic, etc.  Two occupants per bedroom.
  41. 41.  Do not pour grease down your garbage disposal. You will be responsible for repairs.  Do not put aluminum foil in microwave. You will be responsible for replacing the microwave. (Cost approx. $250)  Called emergency maintenance—―heat not working‖—windows were left open.  Wore shorts and t-shirts in below 0 degree weather, and kept heat constantly running, for major utility bill of over $275.  Pet took chunk out of wall—repaired with toothpaste.
  42. 42.  If you choose to move off base, do not make this decision lightly, consider:  Have your finances in order  Setup a budget  Have an emergency fund (3-6 months of living expenses)  Poor financial choices—can wreck your career  Can receive LOC  Can receive LOR  Can lose a stripe  Potential discharge
  43. 43. A. Requirements for a New Apartment B. Determining Your Affordable Rental Range C. Apartment Hunting Worksheet D. Military Clause E. Apartment Pre-Move-In Damage List F. Housing: Needs vs. Wants G. Budget Form H. Financial Wellness Assessment Tool

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