According to financial advisors, you should only spend less than 30% of your monthly income on rent. However, we are living in challenging economic times, and the lack of well-paying jobs makes this difficult for most people. However, you can follow some of these tips to find the right house in a good neighborhood on a budget.
How to locate a good neighborhood
As much as you would want to save money by renting a cheap house, you must research several aspects of housing in various areas in your town. Some factors that show a desirable neighborhood include:
- Increasing home values is an excellent pointer towards a great neighborhood
- The increase in income across different households
- Access to the right school
- Availability of a friendly community
- An increase in the number of jobs
- Good walkability
- Access to public transport, health amenities, emergency services, and excellent public schools
How to rate the safety of a neighborhood
Certain things can give you a clue about the area you plan to rent your house. They include:
- Use of a crime mapping service
- Talk to the people living in the area. They can give you a glimpse of what to expect in terms of safety
- Take a tour around the neighborhood and study various conditions
- Check for the number of homes available for sale in the neighborhood
How to find a suitable area for your price range
After you have established the safety and other factors about your intended neighborhoods, you can then begin looking for a house that falls within your budget. You can do this through:
- Going through a list of what you would want and would not want from a rental home. You do not have to compromise on the quality of the house because you are working on a budget.
- You need to consider downloading real estate apps. These apps will give you a vast listing of available houses that fall within your price range.
- Join social media housing groups. Facebook provides a platform where people advertise houses, and you can go through them to find a home of your choice.
- Carry out thorough research of various affordable house spaces in new areas
If you are currently in the market for a new home, make sure you contact a real estate agent, like Vickie Gallimore: RE/MAX Central Realty, to help you find a suitable rental apartment that works on your budget.
