As many of you know, I am currently on my journey in moving home and looking into how you rent a house. It’s not one of the easiest things I have ever started to do. The real estate market is really competitive and expensive at the moment. Alot of the prices of homes are increasing every day, and the demand for homes is higher than it’s ever been. Which means, people like me are struggling to find somewhere they like and can afford.
For todays post I wanted to share some tips on what you should do before you choose to rent a house/apartment. I am no expert, but I have been doing this now for a few months and wanted to share the little knowledge that I do have!
CONSIDER YOUR BUDGET
It sounds obvious, but this is something I failed to do before I started looking for my first home. When I decided it was time to move, I immediately began searching for places near to me and looking at homes that were really out of my budget. I probably wasted alot of time looking at homes I will never be able to afford! Don’t make this mistake. Sit down and realistically budget what you can and can’t afford, and then go from there.
Rent is going up and up each week and I have learnt so much from doing my own renter research. Did you know the average cost of rent for 80% of properties in New York is between $1.5k-4.5k. How crazy is that? And that price is just going up and up each year I am sure. As demand gets higher, so does rent price.
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CHOOSE YOUR LOCATION ACCORDINGLY
Not only should you consider your budget, you should also consider where you might live too. The area you choose to have your home is so important. Is it safe? Does it have good public transport? Are there shops and facilities near by? Where you live should always feel comfortable and safe. So do your research and find out where best suits you and what you are looking for.
Whenever I visit New York I always look up townhouses for sale just to see how much they cost. And it’s always so surprising to me how expensive things are there. These are the figures you should look at and consider though when you are looking to move home. Over the last month, the average price for a studio apartment in New York has increased by 5%. Which goes to show that you should choose somewhere to rent sooner rather than later.
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FIGURE OUT THE ADDITIONAL CHARGES
Before I got into the renting game I had no idea about additional charges. I literally thought I paid the rent and everything was included. And this is why you should always research and consider your budget. If you find a property that you like, be sure to check the average cost of gas and electric and that should give you an idea of what you might pay. You should also consider wifi and other charges like that too.
If you are unsure of any additional charges you might have, get in touch with the estate agent you are working with. I’m sure they will have all of the information you need to hand.
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CHECK THE TIMING IS RIGHT FOR YOU
This one is such an important thing to consider. I have been looking at renting/buying my first home since January 2021. I have thought I have found the perfect place several times now, and it just didn’t work out. I have come to realise that the timing isn’t right for me right now, and thats okay.
If the timing doesn’t feel right for you, don’t force it. If you aren’t finding your perfect home, it just might not be out there for you right now. You really don’t want to regret your decision, so don’t rush anything. I am glad my previous viewings didn’t go through. At the time I was really disappointed, but now I know that I didn’t consider the budget and how much I could afford. So it worked out for the best. Alot of the best things in life come at the most unexpected times. Just remember that.
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What things should we consider before we rent a house? What did you do before you decided to rent a house?
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