Renting offers plenty of advantages over buying, in fact, CNBC mentioned in one of their articles it’s far cheaper to rent rather than own a house due to high mortgage rates and reinvesting your savings from your rent outperforms home equity.
While the majority of renters are young adults, a growing number of older people now prefer renting due to the perks accompanied by a more maintenance-free lifestyle; having not to worry about the cost of repairs, easier cost-of-living budgeting and having more time to spend with family and friends.
Whether it’s a job change, you’re a recent college grad, in a pursuit of a less-problematic lifestyle, or other changes in life that you’re in – renting allows one to be more flexible.
Before starting for an apartment hunt, there are a few things you need to prepare. Finding the perfect apartment is never too easy but doesn’t have to be too hard either. You simply need to figure out what you want and how much your budget is. Talking to family and friends and/or Property Managers gives you an idea where your apartment is, how it will look like, and how much it may cost you.
Determine Your Budget
According to the U.S. Census Bureau, your rent should not exceed 20% of your monthly income. As shown in the studies, those who’re paying more than 30% of their income are said to have problems maintaining their monthly rent.
So when defining your budget, it’s advisable to list down your monthly income and all your monthly expenditures such as utilities, loans, car-payments, groceries, entertainment including clothing. This gives you a picture on how much you can allot for renting an apartment and helps you avoid the disappointment that comes with finding an attractive apartment but out of your range.
Determine What You Want
Once you’re done figuring out how much you can spend for your apartment, next is to know what you want for an apartment. There are plenty of options to choose from and it’s best to explore all your options before zeroing-in on one.
Studio: One-room apartment complete with a kitchen and bathroom. Some variations have an L-partition in the living room creating an illusions it has more space (Alcove Studio) and another variation that has a wall in between for the bedroom (Convertible Studio)
Junior 1 Bedroom: Similar to a regular Studio type except it includes a ¾ room usually for sleeping
Convertible: An apartment that has one large bedroom that can be converted to two bedrooms by placing a dry-wall in between
Loft: An apartment that has a high ceiling usually found in commercial buildings
Duplex/Triplex: An apartment that has a 2nd or 3rd floor customarily used as bedrooms
Garden Apartment: Almost always on the ground floor, it usually has access to a backyard or garden as the name insights
Railroad Apartment: An older generation of apartments usually found in smaller and older buildings, it has three or four rooms but does not have a hallway wherein the bedrooms are either on the side or the center forming a rectangular shape.
Apartment Hunting
Once you’ve got an idea on what type of apartment you’d like, then it’s time for the fun part – apartment hunting. There’s plenty of information you can find in listings, newspapers, magazines and in the internet. Make sure to compare the prices, consider the location and the amenities included before choosing one.
Some questions to ask the landlord/property manager:
- Are most tenants here long-term?
- Are pets allowed?
- How much do the utilities cost and what am I responsible for?
- Who handles maintenance and repairs?
If you’re having some problems finding the apartment that’s right for you and your budget, then check the list of available apartments in Portland, OR and consider speaking with property managers like Princeton Property as they can give more solid information regarding real estate properties.
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