After long years living under your parents' wing, the time has finally come to leave the nest. Or maybe you are simply looking to improve your quality of life. Regardless of the case, you are faced with the situation of choosing a home to call your home.
Renting an apartment is not easy. It requires an exhaustive search for the perfect price as well as an endless process of comparing properties and all their benefits. In general, prices can vary greatly depending on many factors. In this article we help you identify the best offers and how to know if they are worth it.
Factors that affect the rental price of a home
When establishing the profitability of a home, the owner must take many factors into account. If you don't calculate accurately, you could risk either setting a price too high and losing potential tenants, or setting a price too low and losing profitability. These include:
- Location. Areas with more security, more accessible services (such as supermarkets and transport) and a high quality of life generally increase the price when renting a flat , since the demand is high.
- Magnitude. The bigger the house, the higher the price. Keep this in mind, do not rent a house if you are a single person with no children. For this case it is better to consider a studio or department. It is estimated that renting a house in the United States costs about $ 9.14 per square meter, without taking into account the additional points.
- Additional services. Features like elevator, pool, parking and internet connection are some of the things that can increase the price of a rental.
Additional fees when renting an apartment
Renting a home is not just about paying the cost of monthly rent. Initially, you will likely have to pay more than you expect.
- Security deposit or security deposit . After going through a selection process by the owner, and if you are accepted, he will ask you to make a deposit of the rent in advance, usually two months, plus the first month's rent.
- Real estate fees . If you used a real estate, you will have to pay for the services, since the owners do not take responsibility for this fee.
- Increases. Always keep in mind that income could increase due to inflation.
How to finance the expenses of renting an apartment?
Once you have chosen the ideal floor, you will have to pat your pocket and say goodbye to part of the capital. In any case, here are some ideas so that you can pay for the house of your dreams without any problem:
Use your savings
The safest and most beneficial way is to break the piglet — or access your savings account — and use them for this unique opportunity. You will not acquire debts with any bank or lender and you will not have to pay extra interest.
Ask for a loan
If you don't have enough savings or money to pay all the initial costs of renting an apartment , you could opt for a personal loan . They can get you out of trouble if you are looking to rent an apartment in an emergency, but they also offer a faster path to an ideal home.
As an additional advice, do not rent an apartment that you think you cannot pay in the future. Keep in mind that these are recurring payments and that you could get into financial and legal trouble if something goes wrong. Make sure you have a stable income that allows you to make payments on time. And if instead of renting an apartment consider buying one, check how to request a mortgage even if you don't have savings . You can also go to a mortgage broker, eg. ex. Hipoo , which specializes in finding the best mortgage on the market tailored to your needs.