The search to find a new home for rent can be stressful if the rental market is tight or you are not sure where to begin looking. However, when you are prepared with a budget and tips to help you find a new rental house, it makes the process easier and less anxiety-filled. Here are some tips to help you find the right property to rent for your personal and financial needs.
Calculate Your Budget
When you are searching for a property to rent, you need to calculate your rental budget to make sure you understand how much you can afford. If you are making a rent payment now, this can provide you with a good starting point and help you understand how much you can realistically afford. Because when you consider all the other costs with your rent, you need to be able to pay for utilities, groceries, and other living necessities in addition to your rent.
If you have not paid rent recently and you need a good starting point to get you started with a budget, you can look at your income to calculate this. It is recommended by financial professionals that you should pay no more than one-third of your income to your rent. You can look at this per year or monthly and on a gross income before taxes are taken out of your pay.
So, for example, if you earn $6,000 each month, plan to budget no more than $2,000 for your rent. This amount is the maximum so if you can find a rent that is much lower than that but still provides you with your living needs, then you should opt for a lower amount.
Look at Rent Inclusions
The rent rate and your rental budget are not the only important considerations you should use when searching for a place to rent. The inclusions that come with your rent are also important, as they can provide additional value to your budget.
You can look at amenities in a rental house or apartment, such as regular pest control services, a professional landscaper to take care of the yard maintenance, a parking permit if the rental unit is in the city or downtown area, and an allowance for a yearly carpet cleaning service. These additions with a rental agreement will help you, for example, keep your rental home free of bugs and other pests, and give you that extra benefit you can utilize for free, or at least included with your monthly rent.
