While most people will want to eventually buy their own home, renting is the only solution until this is possible. The problem is that no one prepares you for finding your first rental home. When you look for a rental home, you need to know what you should be considering and how to determine whether the home is right for you or not.
Know Your Price Range
The first step that you have to take in finding your first rental home will be to determine your price range. This is something that you should do before you start looking at any houses and will be based on your finances. Ideally, you will not want to spend more than a third of your income on your rent so you can easily determine your price range.
To do this, all you have to do is divide your monthly income by 3. This will give you the ideal range that you are looking for. Of course, it is important to note that you might have to spend a bit more than this, but you will want to keep to a third of your income.
Get The Security Deposit
Before you start looking, you also need to ensure that you have the security deposit for the rental. All rental properties will require you to pay a deposit before you are able to move in. The deposit will generally have to be paid along with the first month’s rent and will be returned to you at the end of the tenancy.
The exact amount that the security deposit will be will vary depending on the landlord and the agency. However, it is recommended that you have around 2 to 3 months of rent for the deposit. This is generally the amount that will be charged.
Check Your Credit
You should check your credit rating before you start looking for a rental home. This is due to the fact that a credit check will be done before you are able to secure the property. This is done to ensure that you will be able to pay the rent and that you are not a risk to the owner and landlord.
You can get a free credit report to check for any problems with your credit rating. You should look at fixing any problems before you start looking for a rental home. Having a poor credit rating can seriously limit your options when it comes to renting a home.