Looking to Rent
Before you even begin your search for your rental home it is very important to determine how much you can afford.
Before You Begin Looking
- Generally your rent should be 25% of your income.
- Don't forget to take in additional expenses such as the follow:
- Now is the best time to determine whether or not you need a roommate.
- Determine your time frame. When do you need to in and settled in your new apartment.
Starting to Look
Now that your have your budget and timeline prepared it is time to start looking.
- Prepare a list of things you require in your new apartment and rate them according to importance (Click here – Liane's Rental Checklist – for a printable list to help you get underway.)
- Pay special attention to location, to public transportation, schools, your friends and family and your place of business.
- Carefully consider building amenities. While you may pay a bit more for a building with on-site cleaners, 24-hour door staff, exercise facilities, bike rooms, additional storage, receiving rooms, etc., these are a value and can make your life less stressful.
- Provide your complete list to your broker so they can start pulling rental listings that fit your specified criteria.
- Put on your walking shoes, it is time to start looking at apartments!
I've Found My Perfect Place…Now What?
- Before you write up your lease, the Lessor will require a credit check and in some instances a criminal background check to determine if you are a safe risk or not.
- There is a fee associated with this and it is usually paid for by the Renter/Lessee.
- The average fee can be anywhere from $99 for an individual to $150 for a couple. Prices vary.
- A credit report is an accumulation of our credit history – basically how you pay your bills and repay your loans, how much credit you have, what your monthly debts are, your bill-paying history and whether they were paid on time or not.
- Your credit score is based on formulas that use the information in your report to determine a number between 300 and 850. The higher your credit score the more desirable a credit risk you are.
- The report does not say if you are a good or bad risk – that is up to the Lessor to determine for themselves.
- The three largest Credit Bureaus are Trans Union, Equifax and Experian.
- Once you have completed a credit check application your can begin working with your Realtor on determining if the rent being asked for is legitimate or not.
- Once your Realtor has determined the right price your next step is to write up a lease and present it to the listing agent.
- Some Things Negotiated are:
Amount of Security Deposit
Length of Lease
Pet Security Deposit
Window Coverings if None
Ability to Paint Unit
Move In Date
Move In Fee's
The Deal is Done!
Your lease has been negotiated so you can't rest yet!
See, wasn't that easy!!!