Tips for Renting a Home
Renting a place to live can be a positive and exciting step if you take time on the front end to understand what you can afford and what you need.
Before you start to look:
- Determine your net income (what you take home after taxes and deductions) to get an accurate picture of your money.
- Subtract your monthly payments and expenses from your net income to see how much money you have left to spend each month.
- Establish a rental budget. Rent should account for 30 percent (or less) of your income. Keep in mind that paying less rent will allow you to live more comfortably and with less stress.
- Make sure you have a back-up plan in place in case you lose your job or fall short on funds.
Questions to ask
Searching for the perfect place and signing a lease can be a confusing process with many important factors to consider. Getting answers to the following questions can pay off in the long run.