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When you are thinking about renting a home regardless whether you are new to renting or you have decided you need new accommodations. It can be very daunting and time consuming to search out the rental property that is right for you. About a third of all Americans rent, while many are in their early adulthood, several are also established families. Rentals are available for various household types and budgets. In order to make locating your perspective rental properties smarter and more efficient, follow the below steps.
- Decide what you can afford.
- It’s recommended that most individuals and couples spend no more than 30% of their income on housing costs.
- Think about the amenities that you require
- Think about the nice-to-haves that you may want in your next home, however remember to stay within your predetermined budget.
- Determine where you spend most of your time
- Identify where you spend the majority of your time and find a rental property in a centralized location to your daily destinations.
- Decide of a type of rental
- Do you want to live in a high-rise, town-home, single family home?
- Work through the application and approval process
- Expect a background and credit check, along with providing income and employment verification.
- Assuming everything checks out fine the next step would be to sign a lease that is a legal agreement protecting you and the landlord with guidelines to follow. Be sure to read through the lease to ensure you understand and agree to all of the terms.
- In general, upon move in a landlord will require a security deposit which is equal to one month’s rent. Sometimes a landlord may require an additional deposit in the event you have poor credit or background history. Also upon move out the landlord will assess the rental home and determine the repairs that are needed and deduct the cost of the repairs from your deposit.