Any Boston Property Management company can tell you that summer is the peak season for relocating to a new location. It tends to be a problem if you find the perfect place which suits your needs but you end up having to pay too much upfront. This guide will help you avoid paying too much upfront.
Needs vs. Wants
Make a list of your requirements as opposed to what you want in a property. It helps to make a checklist based on your requirements and tick them off. Do not go for an option which may not fulfill all your needs as it can be quite tough getting out of a lease you don’t want to be stuck with. So it could be factors like distance to public transportation, amenities nearby or a place which accepts pets. Do make a secondary list of all the things you need in an apartment such as a nice view, laundry services, etc. If you are able to check off all items on the list then you know it’s the place for you.
Payment for Lease
The cost of getting a lease can be quite hefty as you need to pay a security deposit; first month’s rent before you can sign on. Some places may require a last month’s rent, application fees. There are extra fees if you use a broker. So make sure you have enough money for the deposit and for your first month of expenses.
Cost of living
Keep aside enough money so that you can buy household items and groceries to get going in your new place. It’s important to get renters insurance to protect yourself from any potential problems.
Check the area’s average rental prices
Boston Property Management experts recommend that a renter should check the recent average rent prices before looking at an area. It helps save your time as well as the Boston Property Management brokers who help you find the place.
A quick run at the books will help you know how much you can afford to pay for rent. All experts say that one should not spend more than 30 percent of their income on rent. First you leave aside a sum from your annual income and then divide the amount by 12. This will prevent you from going beyond your budget. Make sure you also have enough money for utilities, groceries, bills and renters insurance along with your rent. Experts also recommend having enough money left over to place into an emergency fund. Good budgeting means doing all of the above and still having enough left over for your entertainment fund.
If you want a great place and you are unable to budget for it, you can always get a roommate or two. This will help reduce the expenses and the cost of the rent. Go for this option if you are able to live with other people.
We hope you liked our guide “Boston Property Management: How to avoid paying high rent”.