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3 Critical Considerations When Looking for the Perfect Rental

Regardless if you are used to renting or you are rethinking your current living conditions, the process of searching for a rental home or month-to-month rentals near me can be a nerve-racking, time-consuming process. In America, roughly 1/3 rent. Although many of them are already in early adulthood, many also have families. Some are considered empty-nesters or seniors. Fortunately, there are numerous rentals for every household type and budget. But to make your search smarter and more efficient, it is critical to factor in these steps went hunting for your perfect future home.

Determine what you can pay for rent

Generally speaking, it is recommended that most people spend no more than 30% of their monthly income on housing. You must consider if it is doable, especially if you factor in the commuting, grocery costs, as well as other expenditures. No matter what you feel about the 30% recommendation, a majority of landlords will specify certain income limits. For example, they will want that your annual income by a specific multiple of the monthly rent. In some cases, they will specify that your rent should not exceed a particular percentage of your month’s income, for example, 30%.

You should also factor aside from renting; you will need to budget for utilities’ cost. Of course, you should cover it unless there is an agreement with your landlord that they will cover the utilities. You should factor in cable and Internet as well as other possible extras such as parking, storage, and laundry. Of course, you should also consider your moving fees and furnishings of your home, which in some situations will require some unique furniture such as curtains and dividers. You will need these accessories to make your home livable.

Consider the features you are seeking

Aside from a basic bedroom or bathroom, it would help if you also considered other extras that enhance your living condition.

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Does the rental have a patio or deck?
Does it have access to a backyard or shared outdoor spaces?
Do you want a fireplace in your home?
Do you require a complete bathroom, or will a simple shower do?
If you are a foodie, do you want a gas stove, or can you make do with an electric stove in the kitchen?

You must also consider if you will be setting up an office and will you need to install outlets within any of the rooms where you can have your workstation.

You must also factor in if you will live on the ground floor or utilize the stairs.
It would help if you also considered where you could compromise:
Would you consider giving up some space in the yard in a suburban area in exchange for a smaller, close-in place that has a parking area across the street?

Would you live with a roommate for you to gain access to a costly but trendy neighborhood, or would you instead go solo and rent somewhere quiet?

You must consider your monthly income and determine whether you can pay off your required rental fees.

Selecting your rental type

This final step will depend on how long the lease term you are after and how big a place you require. Depending on the availability on the market and your requirements, you can rent a wide variety of rental types from various landlords. If you’re only looking for a short-term rental, let’s say six months or less, you may want to consider a sublet. You will take over the lease of someone else and rent direct from the owner. You may also want to consider corporate housing, which is costlier but is more convenient for someone new to a location. When it comes to long-term rentals, typically 12 months or more years, you will find numerous options on listing portals.

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Written By

Anna received her Masters degree in Journalism from the University of Maryland. Her writing focuses on financial journals, life in finance, and general lifestyle pieces. Anna has been published in various lifestyle magazines. She spends her free time in the stock market and furthering her knowledge about the financial industry.

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