What To Know When Renting A House Or Apartment?
As you set out into the world, looking for a new place to live, you will be tempted to just start viewing properties. You may find yourself looking at properties that have beautiful features located in just the right area. The problem is that the properties you may be looking at are unlikely to have the features that you need.
There is a big difference between needing and wanting when it comes to shopping for apartments or homes to rent. Before you dive into the market to check out what is available, take the time to process what you need first.
What To Know When Renting A House Or Apartment – Size And Location
The first two things to take into consideration when selecting an apartment or a house to rent, is the size of it and the location. Ask yourself the following questions:
How many bedrooms do you need?
Is it important to have an extra room for guests?
Do you want an eat in kitchen or a dining room?
How many bathrooms should the home have?
Is there a need for a property that has an area for children to play?
Do you need an area for pets?
What other size requirements do you have?
What about parking needs, does the property offer enough, secure parking for your needs?
It is important to distinguish between needs and wants here. Specifically, to need to ensure the property is big enough for your particular needs but not so big that it blows your budget out of the water. In most areas, size is directly related to cost.
The location of the property is also important. Most people realize that they would like to live in a specific area. Others are hoping to find a location that fits their needs.
If you are unfamiliar with an area, before renting a property there, ask your agent (if you are using one) to drive around the location. You can learn information about the city’s safety levels, accommodations, and even which businesses are located within it by simply looking at the city’s Chamber of Commerce website. If they do not have one, stop by the office to ask questions, pick up a map and to learn more.
Even if you are familiar with the area, there are a few things to keep in mind about it before you rent.
Does the location allow a quick commute to and from work? If not, factor this into higher gas costs as well as more time spent driving back and forth.
Does the location have easy to access to highways or freeways?
Does the area offer the shops, grocery stores and restaurants you need to have close enough to you?
More so, are you located so close to the busiest area of the city that you have to deal with loud noise and traffic?
Is the location in an area that you like? Being happy where you are living is an important aspect of finding the right place to live.
Location and property size is important. As you can tell, there are details in both areas that could be called desires rather than needs. Finding a balance is important. The key is to know your budget before shopping.
What To Know When Renting A House Or Apartment – Uncovering Your Budget
How much money do you have to spend every month on your rented house or apartment? This is more than just selecting a property that you like. It is also to look for one that you can afford. But, how much can you afford?
Before you even start looking at properties too closely, it is important to look at the numbers. Consider your current income and expenses to determine what amount of money you can put into an apartment.
Take a look at the following questions. Tally up the costs you are likely to have in your apartment or house. This can help you to determine the amount of money you can spend on the property you end up renting.
01. Tally up your income. List all sources of income that will be put towards paying any expenses related to the property.
02. Determine your non-housing related expenses. This includes paying credit card bills, personal loans, and car loans. Any expenses you are currently paying that will carry over should be included here.
03. Consider common utility costs. If you are unsure of any of these costs, speak with someone who is renting a similar sized property in your area or you can later ask the landlord about the estimated costs of these.
Electric costs
Gas costs
Cable and Internet, if you play to get
Phone service
Service costs such as refuse and sewers
Other utility costs
Taxes associated with the property, if any
04. Determine costs that are not constant each month. To get an estimate here, be sure you consider your current spending and the goals you may have.
Food costs
Fuel costs for vehicles
Entertainment money
Funds you are putting into savings
Money used for clothing or other purchases
05. Factor in costs associated with setting up the property such as the cost of furniture and appliances you may need.
Now that you have these details, subtract all of your costs associated with expenses for renting and maintaining the property from the total income you have. This provides you with a budget for shopping for a property to rent. Keep in mind that you may need to adjust these numbers somewhat later on, both up and down, as costs change and you get a more realistic view of the costs. You may not want to cut it too close.
What To Know When Renting A House Or Apartment – Factoring In Desires
Now that you have some idea of what types of properties you need in terms of size and location, and you know what your budget is, the next step is to determine the actual desires you have for the property. There is no limit here; except for your budget and what is available.
Most people may wish to hold off on looking at additions that could be beneficial to you simple because they are unsure of what the market actually offers. In either case, ask yourself a few more questions before making the decision to invest.
Do you need specific types of appliances, such as a gas or an electric oven/stove?
Are you looking for a property that features a large living space?
Do you need a backyard?
Are you looking for a property that is on a specific floor or has a specific view?
Do you want a property that has a specific layout?
Again, these are just the extras that would be nice to have. You can let your agent know about these if you would like to. But it is very important that you keep a realistic eye on what is actually available within your budget range first.
With all of this information in hand, you can start to look for a property that suits your needs and desires. Before you jump in, take the time to at least work out the details listed above. This will help you to find the right property, within your budget.
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