When you are planning to find the perfect house for rent, the process is time-consuming. There are certain factors that you need to keep in mind while you are looking for your next rental house.
Don’t worry if you are new to renting. We have compiled a list of certain things that you need to keep in mind to make your rental search smarter and more efficient.
So, without any further ado, let’s get started.
Tip 1 – Determine what you can pay
Before you start hunting for a rental, you must have a budget and have a hard look at where your money is going, before you start to hit the market to look up for a rental home.
Generally speaking, it is suggested that most people spend no more than 30% of their monthly income on housing costs. Keep all your housing costs in mind while you are picking up a house for rent and see if a certain rental percent is doable for you.
You have to consider bills for utilities, cable, internet, grocery, and other extras such as parking rentals, storage, and coin-op laundry. There will also be charges for your packing and moving service, and much more.
Tip 2 – Find the right location
Of course, the last thing that you want to be true is to be stuck with a rental property that is in an area that is declining rather than a stable or pick-up steam. You can consider a city or locale as your next potential investment opportunity where the population is growing and a revitalization plan is going on.
There are certain other factors that you need to keep in mind while you are deciding the location of your next rental house. For instance, you need to find a property with low property taxes, and one which is near to a decent school. You also need to consider other amenities such as parks, malls, restaurants, movie theatres, supermarkets, etc.
Don’t forget to check for the crime rate of the neighborhood in which you are planning to have your rental home. Ask the landlord for ease of access to public transportation and the job market before you make the final decision.
Doing a bit of research about the locality will help you make up your mind better and will save you from troubles that are otherwise likely to happen.
Tip 3 – Choose the rental type
When you are choosing the rental house type, it will depend on how long of a lease term you are planning and how big of a place is required. Based on the market and your requirements, you have the option to choose from a huge range of home types from a variety.
For instance, if you are planning to look for a short-term rental (say, 6 months or less), you can research for a sublet (i.e., taking over someone else’s lease or directly renting from the owner) or a corporate housing (it is comparatively expensive but good for someone new to a locality).
When you are looking for a long-term rental house (say, 12 months or more), there are a huge number of options available on listings portals. For the unit types, you can choose various kinds such as an apartment in a high-rise apartment building, townhouse, accessory unit in a single house family, single-family home.
Each of the types has its pros and cons associated with it. You need to consider all the factors and check what works for you and fits your needs. It will help you make a smart rental decision.
Tip 4 – Hire a real estate agent
When you are planning to have a rental house in a high-demand area, it is not easy to find a property on your own. Therefore, it is advisable to hire an agent to help you with the house search process. The majority of the time, these real estate agents are paid by the landlord, so you might not need to pay anything.
Whether you need to pay fees to the agent or not, it will be worth having someone else with you in the house hunt process. You can easily bounce all of your rental questions off them.
Tip 5 – Don’t forget to ask questions
To be a smart renter, you must not leave anything up to chance. When you are choosing a place to live, it’s a big decision and it’s perfectly okay to ask a lot of questions so that you can figure out the place you will be living at.
If possible, you can ask for references from other renters in the building or locality about what they think of living there. You can also check out the online reviews because they tend to come from people who have certain complaints.
In case you have no one to ask for a reference, you can ask some broader questions to the person you are renting from. For instance, you can ask him under which conditions the previous renter left or what all updates have been made to the unit.
Signing a lease agreement
If you are satisfied with all the details of the lease, you can go ahead and sign it. But ensure that you read and understand the complete agreement before signing. If you feel something is not appropriate or clear, carry out a bit of research or ask a lawyer.
If everything works for you, you can sign the contract and move into your new rental house. Don’t forget to share your new address with your friends and family though!
We understand that renting a place is a difficult and time-consuming task, but it is always worth the effort to make sure you don’t end up in a place that’s not appropriate for you. Conducting proper research will help you find the most suitable fit according to your budget, lifestyle, and needs.
The tips mentioned above will help you find a perfect place that you can call your home.