5. August 2014 12:55
Renting a home is a time consuming and complex process which involves a lot of leg work, visits, negotiations and paper work. It is important to take close looks at a number of different rental properties carefully as they come in different sizes and have various features and amenities. Making the right choice while selecting your rental home is of utmost importance as the place you choose will be your home for the decided period of time. This process might be a little easier for people who have had previous renting experience. However for first time renters things might prove to be difficult as a lot of research and consideration has to be done in a short amount of time. Below are some tips that would hold first time home renters in good stead when they look for the rental property of their dreams.
Budget Strategy – While deciding on your budget you need to ensure that you would be able to afford the rent during the whole duration of your stay. Rental budget should never rise to more than 25% of your total income and you need to have a concrete idea about your expenses and financial situation in the upcoming months. You should consider every possible area of expense and be smart about choosing a rental property where the rent is within your reach.
Deposits and Expenses –Moving in to your rental property can involve a number of unforeseen expenses which you need to watch out for. Usually, there is a deposit for the property, which in most cases equals a month of rent, and also possible expenses for getting electricity, cable and internet connections started. You should make a note of these expenses and factor them into your overall budget before making a decision.
Using Credit Cards –Home renting involves making monthly payments while being in a comfortable financial position to handle other expenses. Cutting down on the use of credit cards for the duration that you stay at your rental home can be a great way to ensure that you have the requisite funds every month to meet your expenses comfortably without incurring debt.
Necessity and Option –While you are looking for the rental apartment of your dreams you need to have a clear list of the things that you absolutely need and things that are optional. This should form the basis for elimination while
you are sifting through property listings and making visits. You can make a separate list of things you want which can be considered an added plus if they are present, but are optional.