So, it is time for you to prepare to rent a new home. Whether you are renting a home for the first time or renting for the 10th time, it is still crucial to be 100% prepped and ready. From having your finances in order to finding the perfect house or apartment, moving to a new rental can easily become stressful. However, by putting together a checklist, or some sort of order to the chaos, renting a home in Gwinnett will be effortless! Make finding a new home enjoyable! Follow these basic guidelines written by our Real Property Management Experts, and your rental experience will be a breeze!
Crunch the Numbers
Before you begin your rental search, you need to evaluate how much you can afford. To do this, you’ll need to make a monthly budget listing the entirety of your income and expenses. After that, you can calculate how much rent you can afford. A universal guideline is to keep your rent at around 30% of your income after taxes OR make sure your monthly income is at least 3x the rent price. Figure out the exact dollar amount and make that your maximum rent allowance. Now take a look at your budget. Do you have enough money left over after your other expenses to cover this balance? If not, you may need to take some additional steps before you’re ready to start renting a home in Gwinnett.
Look Beyond the Rent
Identifying how much monthly rent you can afford is a significant first move, but there are some costs involved that you would need to acknowledge beforehand. Generally, you will need to pay a security deposit upfront along with the first month’s rent, or a prorated rent cost. The amount of this security deposit will differ, but it is typically the same amount as the monthly rental payment.
There may also be other deposits and fees, such as credit check fees, utility deposits, and extra expenditures. Additionally, you’ll need to find out whether utilities are included or if you will be responsible for paying for everything separately. Internet, cable, electricity, gas, water, and trash disposal are all basic utilities you will have to set up after moving in if they are not included in the rent. To summarize, you can consider it like this: you’ll need to have at least 2 – 3 months of rental payments saved up to secure that you have something to use when you get into a new rental, to save you from any potential financial disasters.
Once you’ve got your finances figured out, it is now the right time to start searching and applying for rentals. It is vital to collect and find any documents you might need before you start so that when you find the place you desire, you’re ready to get the application done easily. To rent an apartment, you’ll need a certain list of documents and information. While this list can change from one place to another, it’s helpful to have the following available and accessible:
- Money for an Application Fee
- Your last two pay stubs or a bank statement
- Contact information for at least two past rental references
- Social security number
- Driver’s license or state ID
As you’re going through the rental process, carefully read over all your lease documents– including the fine print! A lease is a binding legal contract, which is to say that once you sign it, you will be responsible for everything that is involved in it. Have a clear understanding of your responsibilities, what your landlord will provide, how things like maintenance and repairs will work, and so on. Also, guarantee that the rental payment, security deposit, and other numbers are correct.
When you find a rental you love, schedule a showing! It is crucial to see the property first, before applying, to ensure you actually like the property in person! Pictures can be deceiving! With that being said, some rental companies require a submitted application in order to view the property, but here at Real Property Management of Greater Gwinnett, we do things differently. We require that you view the property before we look over your application. We do this because the application fee is non-refundable and we want to make sure you love the home before you spend your money on an application.
If this is your first time renting, it can get very stressful, very quickly. Make sure you look around for reliable property management companies to assist you through the process. Here at Real Property Management of Greater Gwinnett, we do everything we can to make this transition for you smooth and harmless. We are a company you can trust to aid you during your renting process.
If you have any concerns about something you notice in your lease, be sure to ask somebody you trust. Generally, the more information you have about the apartment, the neighborhood, and your landlord before you rent from them, the better off you will be. Hopefully, this will break down how and when to start looking for a rental. As mentioned before, renting a home can become very stressful but if gone about the correct way, it can be fun! What isn’t great about moving to a new home?
If you are looking to purchase a rental property in the Gwinnett area and need some professional management assistance, contact us today and we will be glad to guide you through the process!
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.