6 Steps to Leasing Your Next Home

You’ve decided now is the time to rent based on your unique circumstances !  

Here are the next steps.

 

1. Budget– Your first step is to determine your monthly allocation for rent and utilities.  Here is a helpful article on what percentage of your household income should be spent on housing.
2. Research- Next estimate the price range of the type of the rental properties in the local market. You can look online as well as contacting the area Chamber of Commerce for local property management firms or local landlords.
3. Chose Your Criteria- Make a list of your “must haves” as well as your “wants.” These lists should include number of bedrooms and bathrooms as well as garage and location. Keep an open mind throughout this process.
4.  Get Approved- Find out what is involved in getting approved for a rental that meets your criteria and is within your budget.  Different companies and landlords will have different processes for approval.
5. Look At Homes- Look at all the properties you may be interested in and make a list of pros and cons of each.  Take notes and photos and don’t be shy about asking questions. As you look at properties the differences between your “must haves” list and “wants” list will become more obvious.
6. Negotiate a Lease-Just like buying a home, leasing is a negotiation.  Some owners are more flexible than others. In most situations,  the property manager representing the owner cannot suggest anything other than the advertised price and terms. For instance, a higher rent might be charged for a shorter term lease or vice-versa.