This time of the year is one of the best seasons to relocate; the weather is nice and most people have a lot of free time on their hands. The only problem is that most people who relocate want to change towns but still have no plans to buy a home. Renting is their only real option, which leads to another issue. Rents all across the country are rising, and rising rapidly. It has become really difficult to find a rental unit that is both suitable for a family’s needs and affordable.
Is there anything you can do to alleviate the financial strain? Before you sign a lease agreement, we recommend that you make the following considerations:
Draw a line between your needs and wants
Don’t begin your search for a rental property until you have figured the difference between what you want and what need. Granite countertops and hardwood floors look incredible, but are definitely not mandatory. You can still find a unit that is sleek and functional without having to pay a higher rent just for upgrades.
One need people often forget about is the distance from your rental home to work. Living closer to work will save you money on gas and car maintenance, as well as help keep your stress levels intact.
Keep some money aside for your upfront costs
There are security deposits associated with almost all rental units. Before signing a lease, factor this in and make sure you have enough money. Have a pet? Fido will definitely cost you a small chunk of change in the form of a pet deposit or fee. Property owners will normally require a refundable pet deposit or a non-refundable pet fee in order to cover the costs of the damages a pet may cause.
Some rental owners also require you to carry renter’s insurance. Even if they don’t, we suggest that you buy a renter’s insurance policy just to be on the safe side.
Find the average rents in your preferred area
Which area do you want to live in? Finding the average prices in the area as well as the lowest ones. Determine the factors that influence the rent variations in each neighborhood. Once you start your search for a rental home, this information will definitely come in handy.
Determine your budget
What income do you earn? Your rent shouldn’t be more than 30% of your monthly income if you want to keep your finances stable. Having a higher rent than this threshold will require to cut your finances in other areas and could also lead to an increase in debt.
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