Tuesday, May 6, 2014

4 steps to finding rental property

Renting a home offers several benefits when compared to owning one. Not only is the cost of buying a property significantly higher but it can also tie you down if you if you're not quite ready for such a permanent decision. You may also run the risk of getting yourself into debt if you're not financially ready and prepared for homeownership. 

You can choose a house or condo location that is most convenient and practical for your current lifestyle, without necessarily considering life changes such as job or school transfers several years down the line. 

On the other hand, renting a house is more financially manageable. The responsibilities that come with owning a home are far greater than those of renting. 

The real key to enjoying a home rental is finding the right place that suites your needs and budget. 

Find a suitable property to rent by following these 4 steps… 

1. Assess your requirements

The first step is to identify your needs and to look for a property that complements your lifestyle and living preferences. 

For weekdays, a condo unit situated in a convenient location serves as the perfect transient home. However, if you plan to stay in the property with several other family members, you may need a bigger space. 

If you own a car, parking space is also necessary. For condominium buildings, this may not be readily available and may also result in extra costs. Know how many rooms and how much space you actually need for a comfortable living environment. Are your kids willing to share rooms? Do you work at home and need a separate office space? These are just a few of the questions you need to ask yourself when assessing your home requirements. 

2. Choose a good location

When it comes to residential property, location is crucial. A convenient and central location is generally desirable. Consider your daily routine, your workplace and your children’s school locations too. 

The good thing about a rental property is the flexibility you have in terms of location. You can choose a house or condo location that is most convenient and practical for your current lifestyle, without necessarily considering life changes such as job or school transfers several years down the line. 

The temporary nature of a rental property can make for flexible home decisions. 

3. Consider your finances

The next big factor to consider is your budget. Know how much you can afford and stick to it. 

Consider other expenses such as groceries, utility bills, and home repair and maintenance costs as well. When setting your budget, make leeway for any unexpected expenses. 

4. Search for the suitable property

Once you’ve decided on your home requirements and budget, it’s now time to search for a suitable property. 

Newspaper ads are the most common way to look for rental properties. However, real estate agents and even landlords and homeowners now use the Internet to post property ads. Try searching for property ads online.


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