You don’t have to own your home to live in the perfect place. In fact, more and more people are opting for rentals instead of purchasing a home. Without the pressure of a mortgage, you shouldn’t have to sacrifice your perfect living space just because you’ve decided to rent.
Here are 6 tips to help you land a place that you love.
Establish a rental budget
Before you hit the market, sit down and figure out your budget. Whether you are renting on your own or with another person, you’ll need to factor in your income. To keep things comfortable, don’t shop for any properties that exceed 20 to 30 percent of your monthly income. Make sure to take a look at the other monthly expenses you have to ensure that you understand what you can afford.
Look for ways to lower your rental costs
If, after establishing your budget, you realize you can’t afford what you want, that’s okay. There are plenty of ways to get more bang for your buck. Explore the areas outside of the city. These usually tend to rent for smaller amounts.
You can also get a roommate, check for subsidies, opt for a smaller rental, or try to negotiate with landlords to ensure that you get the rental property of your dreams.
Be sure to factor in rental insurance
Many landlords now require there tenants to have renter’s insurance. Call around for quotes and factor it into your budget before shopping for your new space.
Check your credit
Once you’ve found that perfect pad, you’ll want to jump on it immediately. Many landlords will insist on running credit checks before allowing you to sign a lease. To cut down on this turnaround time, check your own credit and print out a report to take with you.
Even if the landlord insists on checking it on their own, at least you’ll have skimmed through it to check for any potential problems.
Have a down payment ready
Nothing will thwart your moving plans more than a lack of funds for a down payment. While the amounts vary, many landlords require a security deposit and first and last month’s rent before allowing you to move in. Many times the security deposit is given back to you at the end of your lease, pending the condition of the home.
Prepare the necessary documentation
In order to protect themselves and their property, many landlords perform background checks and require documentation before allowing tenants to rent from them. Gather a letter of employment, pay stubs, tax returns, and reference letter from a previous landlord before beginning your search.
This makes the process easier once you’ve found a space that you love.
Finding the perfect space to rent doesn’t have to be a hassle. By following these 6 steps, you’ll be ready to tour the many homes for rent in the city. Once you find the one for you, securing your rental will be a breeze.
Originally posted 11/07/2016
Looking for a short- or long-term rental? The Merenda Real Estate group can help you find a place to call home. Contact us today or call 416-240-SOLD (7653).