Tips For Students To Find Rental Homes Within Their Budgets
Experts in the field of personal finance have often suggested that your rent shouldn’t exceed 30 per cent of your monthly income. In the case of students, it is safe to say that the rent should be just enough so that you can pay it off and still have something to spend the month by. Once you start studying away from your home, the cost of living adds up. It’s advisable to weigh them and start looking for ways to save money. You can start by looking for an affordable home for rent. Here’s our guide to help you choose the right rental property within your budget while studying.
Be aware of the deal makers and breakers
While studying, you will most probably not have a swanky one-bedroom apartment. However, you need not always compromise on your quality of life. Looking for the following factors before renting a home can be crucial in deciding your monthly expenditure:
- Time required for commute: Always rent a place near your institute as it saves you a lot of time and from fatigue too.
- Money required for commute: You may think that this is in direct correlation with the factor above and it generally is. However, sometimes the cost of commuting is not directly proportional to the time taken. If you can reduce the cost of commuting by a meagre addition to the traveling time, we recommend you to go for it.
- Distance to the nearest supermarket: A supermarket is essential for our daily life. You should always check the availability of one before renting.
- The general atmosphere of the place: You should know whether you will feel more comfortable in a lively atmosphere or a laid back one and choose the locality accordingly.
- Availability of basic facilities: If the place doesn’t have a network of house maids and a good place for laundry- basic facilities, expenses can shoot up. Amenities like elevators only serve to make your life a bit easier.
Approach a reputed broker
When you are looking to rent an apartment, it is tempting to look for a broker as it makes your work easier along with opening up a lot of options. However, there are brokers who tend to overcharge and underservice as you are a student and you may not be able to get away from that. Sometimes their charges can go up to almost one-tenth of your annual rent. For a person on a student budget, it’s simply not possible. Go to a reputed property consultant who after knowing about your background, will suggest an accommodation accordingly. Alternatively,
- Ask your friends who live in the local areas: Take help of your friends who live locally to find a suitable apartment.
- Download a real estate app: With the advent of technology, there are a ton of apps for almost everything nowadays. Download a reputed and popular real estate app to find the place you want.