Apartment hunts are exciting. With a real estate industry that is growing with every passing day, it is perfectly safe to look forward to the possibilities of getting a lifestyle upgrade. As you forge forward and go through available listings, it will be of prime importance for you to know how much you can realistically afford to spend as rent. Before you start the hunt the finest Blackstone VA apartments, you should use the following guide to determine the rental rates you can pay without strain.
There are some general guidelines that will help you draw a line between what is affordable and what is not. To begin with, you have to create a budget. Consider your income and also take note of your recurring expenses. These expenses include transportation, groceries, entertainment and perhaps even credit card payments. You also need to consider emergency funds that should just lay around the bank doing nothing.
Depending on what is left after you have deducted your recurring expenses from your income, you could figure out the rental rates range to focus on during your hunt for the best apartment. You may adjust your budget if need be for you to have a practical figure that you can work with.
The 30% rule should be upheld in most situations. With this, you can spend as little as 25 percent on rent, though you must not use up more than 30 percent of your salary to pay for your apartment. This rule ensures that you will enjoy comfort without necessarily breaking the bank or overlooking other crucial monthly expenses.
As if finding a good apartment is not hard enough, some landlords will in addition want to know how much you make per year. There are property owners who will only approve tenants who earn forty times their rent on an annual basis. In case you are eyeing a property that has this requirement, take your pre-tax yearly income and divide it by forty. If your answer is equal to the monthly rental rates expected or it exceeds these figures, then your chances of being approved will be fairly high.
Another superb rule you could go by is the 50/20/30 guideline. This requires you to spend fifty percent of your returns on fixed costs such as utility bills, transportation and rent. Thirty percent of your income can go towards settling day to day expenses like entertainment, emergencies and groceries. Finally, you may use the rest of the money to help with financial goals like settling your debts.
The above rule leaves room for flexibility. With this, if you can reduce transportation costs, then you will have some extra cash that you can spend as rent. Then again, the amount left for settling apartment lease will also depend on the average amount of money you spend on utility bills.
You ought to do some serious calculations before you draw your conclusion lines. Put comfort and affordability on a weighing scale and aim at making decisions that are practical. Your comfort matters a lot and the right choice will afford you a place that you would be proud to call your home.
There are some general guidelines that will help you draw a line between what is affordable and what is not. To begin with, you have to create a budget. Consider your income and also take note of your recurring expenses. These expenses include transportation, groceries, entertainment and perhaps even credit card payments. You also need to consider emergency funds that should just lay around the bank doing nothing.
Depending on what is left after you have deducted your recurring expenses from your income, you could figure out the rental rates range to focus on during your hunt for the best apartment. You may adjust your budget if need be for you to have a practical figure that you can work with.
The 30% rule should be upheld in most situations. With this, you can spend as little as 25 percent on rent, though you must not use up more than 30 percent of your salary to pay for your apartment. This rule ensures that you will enjoy comfort without necessarily breaking the bank or overlooking other crucial monthly expenses.
As if finding a good apartment is not hard enough, some landlords will in addition want to know how much you make per year. There are property owners who will only approve tenants who earn forty times their rent on an annual basis. In case you are eyeing a property that has this requirement, take your pre-tax yearly income and divide it by forty. If your answer is equal to the monthly rental rates expected or it exceeds these figures, then your chances of being approved will be fairly high.
Another superb rule you could go by is the 50/20/30 guideline. This requires you to spend fifty percent of your returns on fixed costs such as utility bills, transportation and rent. Thirty percent of your income can go towards settling day to day expenses like entertainment, emergencies and groceries. Finally, you may use the rest of the money to help with financial goals like settling your debts.
The above rule leaves room for flexibility. With this, if you can reduce transportation costs, then you will have some extra cash that you can spend as rent. Then again, the amount left for settling apartment lease will also depend on the average amount of money you spend on utility bills.
You ought to do some serious calculations before you draw your conclusion lines. Put comfort and affordability on a weighing scale and aim at making decisions that are practical. Your comfort matters a lot and the right choice will afford you a place that you would be proud to call your home.
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You can find a summary of the benefits you get when you rent Blackstone VA apartments and more info about an experienced rental agent at http://www.brettwoodapartments.com right now.
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