Many young Americans saving for their first home don’t have the luxury or desire to continue living with their parents. Instead, they must build up their savings for a deposit while paying rent.
It can take two or more years to gather enough cash to start to seriously think about buying your first home.
And in that time, you may find yourself moving between rental accommodations either because a lease has expired, or you’re simply looking for a cheaper place to save money.
While the primary objective is to climb onto the property ladder, you need to be able to enjoy where you’re living now.
So, below, I’ve listed some ideas for finding good quality rental accommodations that will let you live in relative comfort while saving for your first home.
And of course, when you’re ready to break into the market and start building wealth through property, I’d be delighted to help you.
Set your priorities – When you see a rental listing, check that it offers the desired number of bedrooms and bathrooms and square footage. Look for a floor plan and even a 3D tour.
What do renters want? – Maybe you’re forgetting features that everyone else would like in their apartment. A Zillow survey suggests renters want air-conditioning, in-unit laundry, ample storage and private outdoor space. Did you forget any of these?
Nice to share – The listing should cite features available in the shared spaces of an apartment building. Such spaces might be used for an entertainment deck, fitness area, storage, or a swimming pool.
Neighborhood description – Check the location and its proximity to public transit and stores. Use an online map and search engine to verify these claims in the listing.
Picture this – Pay attention to properties with high-quality photos. These images should feature indoor and outdoor shots, and the shared spaces. Before committing to a walk-through, ask if the photos were taken of the property in the listing. That’s not always the case.
Bad language – Be cautious of phrases such as, “junior bedroom” or “filtered views”. It’s not hard to imagine the reality of such claims.
Rule makers – One of the drawbacks of renting is having to abide by someone else’s rules. Sometimes, it can feel like you’re being told how to live your life. Smoking, parking and noise are often at the top of a list of these rules.
Cost breakdown – Don’t sign a lease without knowing all the costs involved. Ask the landlord about how your deposit will be refunded, and whether any additional costs are associated with a prescribed parking spot. And what bills are you expected to pay? Which ones will the landlord pick up as part of their responsibility as the owner?