Shopping for a house to rent can quickly make you realize the things you treasure the most in the place you call home.
Location is going to play a major factor when you ultimately choose a house. If you are trying to live in the center of the downtown action within walking distance of work, great restaurants and museums, you will most definitely pay more than if you pick a spot further out. If you end up heading towards the suburbs, you can expect to pay extra in transportation costs for a longer commute or a train going into town.
A house in the safest neighborhood and close to the best schools will also command higher prices from you. Easy access to major roads and public transportation may also raise increase renting rates as well.
Once you’ve fine-tuned everything your new rental home must have, you’ll be able to see exactly how those requirements will fit into your budget. Then you can decide for yourself if you want to pay the additional price that comes with renting a house with a swimming pool, washer and dryer, or close proximity to the favorite neighborhood tot lot.
If the extra desirables simply don’t fall within your housing budget, you must set priorities straight. What trumps your list of non-negotiables and what can you ultimately sacrifice to stay within your housing budget? What can you actually afford and what do you really need?
Remember to not forget about utilities. Electricity, water and gas probably won’t be included in the monthly lease, so check to make sure with your prospective landlord. The homeowner or the local utility company can give you a hand with acquiring an estimate on how much you can expect to pay in monthly utilities.
Renter’s insurance may also end up playing a role in your housing budget. Your furniture is not included in the landlord’s property insurance, and your landlord will most likely will require you to obtain coverage to protect your belongings.