Your search for a perfect place to rent may mean lots of trials and errors as you view different houses and apartments. However, a major step before you even start your search for a place to rent is to check your budget and finances. This will eliminate any intimidating surprises and you will be very much clear about what you can afford to pay in rent.
Set yourself a manageable budget and stick to it; try not to be tempted into looking houses or apartments beyond budgetary limit. Remember in addition to the rental costs you will also have to pay electricity and gas bills so you will also need to budget for those expenses as well.
Start by figuring out your monthly net income to find out how much money you take home every month. To find your monthly net income, add salary, wages and tips. If you have interest and dividend income, add in these amounts as well.
Add all of your fixed monthly expenses, including child support, loan payments, credit card bills, insurance, Internet, mobile and education expenses, if any. Also estimate your variable expenses per month. Variable expenses are the ones that keep on changing, such as utility bills for gas, electricity and water. Subtract these expenses from the net income and you will be left with the amount that you can pay as rent.
Letting agents usually market rental properties by stating the weekly rental price, but be aware monthly rental calculations do not follow the simple “multiply by 4” formula, instead you need to multiply the weekly rental price by 4.33 to get your monthly costs. For example, if £400 is the weekly rental price of an apartment, your monthly rental price would be £1732 and not £1600.
One of the best ways to find the best living in a limited budget is to rent an apartment. Renting an apartment is generally less expensive as compared to renting a single family house, and the best thing is that former also offers recreational facilities such as gym, swimming pool, play ground etc for free. Most of the utilities are also paid by the owners of the apartment. Many apartment complexes also provide appliances like refrigerators, dishwashers, washers and dryers, which you will be required to install in a rental house. There are several other things that you don’t need to take care of in an apartment, but will have to do in a house; these include maintenance and lawn care, arranging service calls etc.
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