Renting is one of the best ways to find a place to live in the world. No, you aren’t investing in homes to build your equity. But that isn’t the right choice for people depending on the situation.
Renting allows you to live where you want and move without being tied down by a house. That’s a big reason why 35% of households in the United States rent.
Are you getting ready to find a new property rental to make your next move in life? Keep reading to learn seven things you need to know when renting a property.
1. Look at the Location
Yes, the quality of your rental will play a significant role in your quality of life. But that won’t be worth much if you don’t like the area you live in. You don’t want to travel too far every time you need to do something out of the house.
Make sure you understand what you want to do outside before you decide to rent a property. Do you want to be close to grocery stores, bars, restaurants, and outdoor activities? Or do you not mind driving for a bit to get to those things?
Once you have a list of amenities near you that you want, make sure your apartment choices are close to them. You may not get everything near you. But at the same time, you can get most of what you need.
2. Check the Apartment Features
Once you decide which part of a city you want to live in, the next step is to determine the features you want in an apartment. You can do a lot on your own. But if you want to thrive in your new place, you want your apartment ready without doing too much work yourself.
For instance, if you’re a fan of home cooking, you may want a gas stove and a big oven. These are things often overlooked by rental property owners, so you may not have those things.
Create a list of the features you want and the ones that matter most. You can then filter your rental choices to find the ones that have what you need.
3. Look at Costs
Your costs are essential to consider when looking at real estate rentals. In many cases, your base rent price isn’t your only cost. Landlords will only cover part of your utilities, which means you’ll have added costs.
Take electricity, for instance. The tenant usually is responsible for paying for the electricity they use. Depending on your power consumption, this can add up to a lot.
Once you understand all your costs for a rental unit, you can start comparing costs more accurately. Add up how much you’ll pay for every expense to get your total monthly cost. From there, compare the costs of your different rental options to determine which property offers the best value.
4. Ask About Restrictions
Unfortunately, you can’t do anything you want in a rental. You don’t own the space, so you’re restricted based on your tenant agreement.
This is a problem, depending on your living conditions. Take the case where you have a pet. Many rental properties don’t allow pets and won’t be able to accommodate your needs.
There are also considerations like apartment changes. If you have a large TV and want to hang it on the wall, you may be unable to do so. Some rental property owners restrict tenants from drilling into walls to hang items off the ground and other furniture.
5. Consider Parking
Your parking situation can change considerably based on where you live. If you rent a single-family home, you probably won’t have a problem because you have street and driveway parking. But if you live in the city, things can change.
Some rental units only offer one or two parking spaces — with additional spaces available at extra cost. If you plan to have people over often, you may struggle to find parking for them. If you live in a larger city, you may have more parking restrictions or no parking.
Look at the parking situation to make sure it works for you.
6. Check Renter’s Insurance
In most cases, your landlord will have insurance on your rental property. If there’s damage from fires, weather, and other things, they will have coverage for the damage.
But that doesn’t mean your personal belongings will have coverage. For that to happen, you probably need renter’s insurance.
Check what the coverage is in your area to buy renter’s insurance. Additionally, some landlords require renters to have this coverage. See if it’s a requirement and how much it will cost for the space you want to live in.
7. Look at Reviews
One of the good things about renting is that you can learn about an area before you move. Many people have lived in a rental property before you, and those people talk about their experiences.
Check reviews for a property before you decide to move. Are people generally happy with a rental, or are there countless problems?
If you move to a single-family home, see what property management company handles it. Many renters leave reviews for those companies too.
Plan Carefully When Renting a Property
You’re making a bid decision when you decide to get a real estate rental for the first time. You’re committing to a place to live — likely for the next six months. You don’t want to make the wrong decision when renting a property and get stressed during the whole time there and move again as soon as possible.
Make sure to remember the factors above when getting a rental property. When you do, you’ll find the perfect place to call home.
Did you find this guide helpful and want to learn more about dealing with housing issues? Check out more articles on the website to learn more about setting up your new living place.
