Seven Habits of Highly Successful Renting
If you thought finding a rental property and maintaining was going to be easy, think again. Rent is one of the most complex things in life that you will want to master; that is, if you always want a roof over your head. Itâs known that it can be difficult especially during COVID season, but there is a way out. Experts have searched wide and far to find out what the best approach is to finding, managing, and maintaining the costs of any rental residential property, be it a house or an apartment. Now, theyâve managed to narrow them down to seven habits that weâre going to show you right now:
Habit #1: Be realistic about what you can afford by having awareness of your personal finances.
This is extremely important as a starting point. You canât even begin to search if you donât have your finances in order. You need to be asking yourself what you are currently making and what the costs are likely to be in order for you to create a viable budget plan. For example, if your monthly income after taxes is $3500, which means that assuming you spend 600 on transportation, food, and utilities you will be left with $2900. To be on the safe side, it would be prudent to put another $600 aside for other unexpected expenses. Hence, rental property you should be looking for is something in the range of $1900-$2300.
Habit #2: Make sure you are all caught up with your credit card bills and that you are in good standing with your credit.
Nothing is more of a hindrance than having bad credit while trying to find a rental home that you would personally feel satisfied in. If thereâs anything landlords like to check the most with prospective tenants, itâs their credit rating. Why? If you have bad credit, thatâs the first sign of trouble. Many rentals have a minimum credit score requirement that is needed that you would need to meet in order to be accepted as a tenant and if you donât get that minimum score, you are automatically denied.
Habit #3: Prioritize needs rather than wants, when beginning to search for a rental home that would suit you.
Your search for a rental is a delicate balancing act between living the life that you want to live and the life that you can currently afford to live. It is your understanding of how to maintain that balance that will help you make the most satisfactory choice when you are looking into a number of potential candidates as a future home. Be realistic about what you can afford and select a rental property that wonât exhaust your expenses. Settling down in an apartment building with a Jacuzzi, private gym, and pool can wait if all you can afford is a one-bedroom small apartment.
Habit #4: Keep all your financial papers in organized files and do good networking because you will need references.
If thereâs one thing thatâs similar to getting a job, itâs getting a rental. The first thing you need to do is keep all your bank statements and pay stubs because your landlord will ask you for a proof of income and you will need to have that ready. In addition, make sure you are on good terms with your boss and your other contacts because you will be obligated to submit reference letters and you will want all of them to testify that you will be a good tenant.
Habit #5: Learn to read contracts carefully and that includes the fine print.
Donât sign anything if you havenât read it and understood it down to the letter. In addition, learn about your rights as a tenant by going to the Housing and Urban Development department website (www.hud.gov). Donât agree to anything that you feel might go against these rights.
Habit #6: Save up for your down payment well in advance.
Be sure that you have your down payment well in advance of when itâs due so when it is requested you are ready to give it to the landlord. Generally, you should adapt a habit of prioritizing house expenses.
Habit #7: Donât sign anything nor give any payments unless you have thoroughly inspected the property.
Just like you would give a car a test drive, donât ever accept a secret garbage dump as either a temporary or a permanent abode. Inspect the place you are about to get thorough before agreeing to pay or sign anything. Make sure the pipes are in good condition, the water is running well, and that the heating and cooling system is working properly.