Buying a home isn’t in the cards for everyone. Even if it is financially feasible, there are other reasons to not permanently tie yourself down to a certain area. Perhaps you are renting while completing medical school, you are in the military and know you will be moving in a few years, or you have been relocated for a job and want to rent for a few years before you make the decision to buy a home in that area.
No matter what you reason is for renting a home over buying one, most long-term renters have one thing in common: they want their rental home to feel like their own home.
Here are 4 steps to finding a rental home that fits into your life perfectly and feels like it’s your very own:
Determine your budget
In order to get the most out of your long-term rental property, you’ll want to make sure you can afford it with plenty of room in your budget for other expenses. As a good rule of thumb, you should spend no more than 30% of your yearly income on housing costs.
After calculating how much you should be able to afford for rent each month, you’ll have to factor in your other recurring costs: utilities, transportation, groceries, phone and internet, etc.
List features you need and features you want
There are likely to be some “non-negotiables” that you’re looking for in a rental property. Perhaps you absolutely must have a rental home with a washer and dryer, room for an office, a full bathroom with a bathtub, and backyard. List out all of the features you won’t budge on, so you know exactly what to look for. Next, list out the features that would be nice to have; maybe you’d like a pool, a fireplace, and a deck.
Spend time in the area
You won’t know if you like living in a particular neighborhood until you spend plenty of time there. Once you’ve found a prospective rental property, spend a day in the area as if you live there. Drive to and from work, check out the shopping centers and parks, walk around the neighborhood and say high to the neighbors, if they’re out. This will give you a good sense of what it’s like to live there.
Consider the unit type
There are pros and cons to every type of rental home, and they vary from tenant to tenant.
- High-rise apartments are usually secure, well-maintained, and have plenty of amenities – but you forgo a backyard and will have many neighbors.
- Townhomes have more privacy than high-rise apartments, although you will have a few close neighbors. You might also have to share yard and pool space, and maintenance might be iffy if renting directly from an owner.
- Single-family homes will get you closest to feeling like you’re in your very own home. These homes are typically best for tenants with children and pets because they usually will have yards and multiple bedrooms/bathrooms.
Moon Ridge Can Help You Find Your Perfect Rental Home
Looking for a long-term rental home in the Bel Air, Maryland area? Moon Ridge Property Management has an extensive list of rental homes with options for every time of renter. We will help get you in the rental home that is perfect for you and your family – fast. Call today!