For people who are switching from a mortgage to a monthly rental, or if you’re about to rent for the first time, it is best to be prepared. The same is required if you plan to purchase a house. Preparation is vital; so is being realistic.
Finding the right apartment, townhome, condo, or house at the right price is not an easy job, but it doesn’t have to be too daunting.
Once you figure out what you can afford, it’s just a matter of locating the right apartment, agreeing to the lease or purchase terms, and then signing on the dotted line. To find the perfect place – and to make your search easier – there is a range of steps you can take to alleviate the pressure and speed up the process.
Calculate Your Budget
Many recommend that your monthly rent does not exceed about 30 percent of your monthly income, and it is similar for mortgages.
For example, if you bring home $5,000 per month, you can have your quest capped at around $1,500.
After checking the figures, you might decide to drop that expensive TV subscription to allow you to have more space in your budget for the right home.
Factor in renter’s insurance, deposit, travel cost amenities, and everything down to the penny that you normally spend on plus what your new home may add, including HOA fees.
Ways To Cut Cost
There are a few ways you can about finding a lower monthly rent, such as moving away from the city to an area where the commute back is not difficult, but consider travel costs, whether it’s a bus pass or fuel.
However, if you prefer apartments in downtown Austin, you may find many affordable options, especially if you get a roommate.
Getting a roommate is ideal as it can cut the price of an apartment or your mortgage in half by actually sharing it with someone else, even temporarily. Only make sure you have a formal agreement with your roommate to meet all your responsibilities.
Consider how much space you need and how you use it. You can find that a smaller place is less costly. If you’re searching for luxury homes for sale Austin, most landlords are willing to negotiate. Check out rental rates for similar apartments in the area and bring research with you to strike a better deal.
Get A Realtor
Getting a local realtor should be the number one move, especially if you’re seeking a luxury home. They know the housing market inside out. They can also narrow down the options to find a home that matches most of your checklist items. They can negotiate and get you the best rates possible. Make sure to have pay stubs and other necessary paperwork ready to present.
Overall, getting a realtor will reduce a lot of the stress, allowing you to continue your daily activities and only leave when they’ve found something suitable for you to view.