Renting a new place can be an exciting, yet challenging journey. Having a clear understanding of what to know before you start will help make the process easier. Ryntal Property Management shares a few quick tips to help make the process go as smoothly as possible.
First and foremost, establish a budget. Generally, 25 to 30 percent of your wages should go towards rent. However, you must take into consideration the cost of other utility bills, daily living expenses, and any current debt payments. After adding up the numbers, you may come to realization that the brand-new downtown condo that you fell in love with isn’t going to happen and prevent wasting anytime looking at places not within the budget.
Criteria and Location
Set your search parameters. Think about what you need such as, grocery stores, schools, public transportation, and how far you are willing to travel for it. Take time to check certain neighborhoods out during the day or on the weekends to get a good sense of the area. Also, create a list of must-haves; onsite laundry, community pool, parking, dishwasher, etc. Selecting the certain must-haves while setting search filters online will save a lot of time. Although the trick is to find a balance between the two. You may find a property that has everything you are looking for but is a 30 minute drive to work, or vise versa.
Visiting the Property
Once you have decided on one or two area, schedule tours to view properties in the desired areas. It’s important to ask critical questions during the showings such as: Are any utilities included in the monthly rent?, How long is the lease?, How much is the security deposit? What amenities are included? Be sure to take all the required documents with you while viewing properties, especially if the rental market is competitive in your desired area. Most applications include a credit, criminal, and background check and require a copy of your ID, proof of income, and an application fee. It is important to ensure that all information and documentation is accurate and up to date to prevent any delays throughout the process.
After the application has been approved, and the lease is ready to be signed, be sure to read the lease carefully. Don’t be afraid to ask questions, or for clarifications if you do not understand something. Thoroughly reviewing the lease can avoid any misunderstandings throughout your lease period, and potentially save any unnecessary headaches in the future.
Moving into a new rental may seem like an overwhelming process, but it is exciting as well, so congratulate yourself on taking the right steps to find a perfect home for you. Once you are moved in and settled, enjoy your new space. And the next time you have to move, you will know exactly how to go about it.