Renting Guide: How to Prepare for the Big Move
With the current market making housing affordability almost too impossible to achieve, many people are opting to rent property instead of buying it. Renting a three-bedroom property is now more affordable than buying a house. Additionally, house prices have outstripped wages significantly.
What Are the Advantages of Renting?
Renting has several advantages over buying a property. Flexibility is one of these advantages. As most leases are for 12 months only, this setup works well for those moving to a new area frequently or those planning to downsize to more practical spaces.
Another advantage is the low maintenance costs as compared to keeping up your own house. There’s a lot greater stress to deal with and a bigger responsibility when it comes to owning and caring for a property that you’ve just spent hundreds of thousands on. Lastly, you can change your neighbors. A large factor in the quality of life as a homeowner or tenant is the kind of neighbors you have. You can transfer anytime when things are not working out for you.
Before You Start Your Search
Check your credit score before applying. Most landlords and property owners will check this and look for responsible behavior when it comes to paying bills. Utility, cable, and mobile phone bills may also be reported to calculate a new variant of credit scores using the FICO scoring model. This is especially helpful for renters who don’t have much on their ratings and have yet to build their credit scores.
You can always check the different ways to improve your credit score. Pay bills on time, refinance loans, avoid applying for too many credit cards, etc. Ensure that you are financially prepared for the rent in Utah before you even start your search.
Creating Your Budget
It’s essential to calculate your monthly budget to understand whether you can afford a property. It is essential to pay the rent on time, maintaining not only a good relationship with your landlord but also a good credit rating. Write down a projection of what your monthly expenses might be, factoring in all the common living expenses. See how much money you have for rent. Remember that renting a property also requires upfront costs before moving in.
Finding a Place to Suit Your Lifestyle
The next step is to create a checklist on the kind of property that will suit your lifestyle. After identifying your budget, here are some suggested questions to help narrow down your search:
- Do you own a lot of furniture? Do you prefer an unfurnished, partly, or fully furnished place?
- Do you have a pet? Would you need a garden for your pet?
- Do you want to stay close to work or to your children’s school?
- How far is the nearest supermarket?
- Is there parking available on the premises?
- If you don’t drive, do you prefer living close to public transport links?
Renting a property comes with a lot of benefits that most people may overlook, especially with many financial experts telling you it’s the right time to buy. But like all major decisions that you make, it is important to hit the market with a full plan to find that perfect place and beat out other potential tenants.