Not all people have their own house. Unfortunately, it is a sad truth that a house is the biggest and most expensive purchase people could make in their entire lives. It is not something you purchase and think that it will be the end of your expenses. It requires a property tax year after year, plus the maintenance and repairs one will need to budget on. Because of these difficulties, more are now opting to just rent.
For people who could not afford to buy a house, their only option really is to rent. However, rental fees are also going up each and every year.
According to the Wall Street Journal, most renters consider the option of moving anytime they want. They also enjoy the benefit of not paying taxes, maintenance, home repairs and lawn care. They also have the advantage of not paying equity into the rental. These might be some of the reasons why rental fees are so high.
Here are some of the guidelines on how to get the most out of the money while renting, based on the report of NBC news.
Renters should expand the search - rental cost is most often than not priciest in the hottest region of a city. Considering looking for a place outside the heart of the city, as this could really save money and the rental cost will be a bit lesser.
Renters should stick to the budget plan - figure out how far the budget could go and do not spend more than what the renters could afford to pay for each month. According to experts' advice, do not spend more than 25 to 33 percent of the income on rental fees as basically, it is not an investment.
Renters should consider having a roommate - it could really save a lot of money on rent and other utility bills if one splits the fee with a roommate.
For people who are planning to rent, consider renting in a city with a lesser cost of living. Do the research first on where the group of Realtors has noted a higher salary rate than a rental fee.
