Whether renting a new home or planning to rent a home in a different neighborhood, the process can be time-consuming. Taking help from property management professionals such as N Property Group will surely save time. If you are looking for some tips for buying a perfect rental home, then this blog is for you. Make your search smarter just following these five simple steps will surely save you from some trouble.
Set your budget
Setting your budget is the first step before starting searching for the perfect rental home. While setting a budget it is recommended not to spend more than 30 percent of income on a rental property. Staying within the mentioned limit helps in managing other monthly expenses like grocery, commuting, electricity, and others. In addition to these monthly expenses, you need to manage moving fees and other home requirements such as furniture, long curtains, or little improvement to make the place livable.
What features you’re looking for
One of the best ways of simplifying things while searching for a perfect rental home is to ask yourself what essential features you are looking for –
- A patio or deck or shared outdoor space is good?
- Does your rental home need to have a fireplace?
- A shower is enough or you need a big bathroom?
- Do you need a garage or on-street parking works fine?
- Planning to set up a home office? Do you need the extra space for the same?
These are some of the basic questions that will surely make things easy for you. Create a list of necessary features that are a must in your rental home you can’t compromise.
Map your day
Mapping your day enables you to find geographic locations where you spend most of your time. Checking the distance between the rental home and places like a grocery store
Hang out places: Do you like a morning walk or take an early morning commute to the office? What areas or neighborhoods are you likely to travel to daily? Preferred school choices for kids? If the services are convenient like copy shops, co-working spaces for work from home?
Essential services: What are the essential services that matter to you? Aside from grocery and drugstores the proximity to coffee shops, restaurants, grocers, public transport. What is the distance between rental home and school for your children, apparel store, churches, medical officer, fitness center, etc?
Research crime: If cases of mugging and home invasions are common, then a rental property with 24-hour security is the best option. Research about the crime rate in the neighborhood you are planning to move in to either avoid or look for a safer locality in that area.
Education: If you want your rental home in a particular area or want to narrow down your rental options by looking at the best schools in the areas.
Choose your rental type
The type of rental property completely depends on you and your space requirements. For short-term rentals usually, six months or less, sublet or corporate housing (which are less expensive) are more affordable options. Long-term rentals that are usually 12 months or more, here you can move up your budget as you are going to stay for longer durations high rise apartments, beach houses, or townhouses are some of the examples of long term rental property.
Tackle the application and approval process
After finalizing the budget, rental property features, neighborhood, and found a rental home you want. Your hard work is almost over and it’s time for the property owner to determine if you are eligible to rent the property. During the approval process, you can expect these steps –
- Background check
- Lease document
- Other fees
That’s pretty much for this blog and hope these steps will ease your rental home search. If there is a tip that helped you find the perfect rental home easily and needs to be in this blog, do share it with us in the comment section.