Renting is more common than ever before. Right now, about 42.58 million housing units are occupied by renters in the United States. There are many reasons why people choose to rent. Some simply prefer the rental process, compared to purchasing a home outright. Others don’t have the capital or credit necessary to buy; they may be dealing with financial issues that lead them to prefer renting to buying. No matter why you’re seeking to rent rather than buy, you can still find the perfect home while renting. It’s just important that you know exactly what you’re looking for, and what your limitations may be.
With that being said, let’s look into what you should keep in mind for trying to find the right rental.
1. Know Your Budget And Stick to It
Firstly, you need to budget exactly how much you can afford in terms of rent and utilities. While it may be tempting for you to stretch your budget somewhat if you find the perfect home. It probably isn’t the perfect home if you can’t stick to your budget. You’ll regret it if you find yourself struggling to pay your bills each month. If you’re working with a real estate agent, be honest about what you can afford, and stick to your plans. Otherwise, keep yourself in check.
2. Decide On A Location
Typically, you’ll want to be certain about your location, or at least a small range of locations, before you set out to find the perfect home. Your location will affect your rental price, generally; plus, you may be able to save, or end up spending more, depending on where you live. If you live somewhere remote, you may spend less on rent but more on your commute and car costs. Ultimately, your location can greatly affect your happiness.
3. Choose Your Space Requirements
How many bedrooms do you need? Are you moving into a rental with a family or roommates? Determine this well before you set out to find your ideal rental. In some cases, you may want to spend less and settle into a nice studio apartment. Much of what you value in terms of space will impact how much you spend on rent.
Just remember, looking for a home to rent isn’t too different from looking for a home to buy. You must balance wants versus needs. Contact us today to help you find the perfect home for you.