I have recently moved and as a result, I have spent a lot of time in the last couple months searching for the perfect place I could call my own. As you search for your new perfect place, there are many factors which you should consider, some more important than others. Before you even look for a new place, you have to know what you’re looking for so be sure to write down a list of basic residential guidelines to help you along your search. Let’s go through a few of these factors right now as an example.
Budget
One of the most important factors to consider when looking for a new place is the cost of having it. Having your own place can be quite expenses and these expenses have a tendency to add up quickly. Depending on where you live and what area you are looking at, prices can range from a few hundred dollars a month for a single room, or thousands per month for your very own condo or house. Ideally, the budget for your rent should stay pretty close to 35% of your net income. This will insure that you still have some money left over for other expenses such as food, transportation etc. Figure out what the absolute maximum amount of rent you can afford and don’t even bother looking at places over that price. If you can afford more than 35% of your income, make sure you have enough for other miscellaneous expenses as well. Write down all your monthly expenses if you need to figure out exactly what your budget is for a new place to call your own.
Size and Style
What is the size of the place you want? Are you looking for a small one bedroom apartment, a larger condo, a room in a house, a studio apartment or something else entirely? Is your budget so small that you can only afford a single room and share the place with roommates or are you looking for something a bit more comfortable? Write down exactly what you are looking for your new place; include the type of home you’re looking for (apartment, condo, house, basement suite etc), the number of rooms your want (1 bedroom, 2 bedroom plus den, single room, studio etc), if you are going to have to share it (no roommates, one roommate, two roommates etc) and the preferred square footage just to give you a rough idea of what you’re looking for. Some people would rather have a whole house because it’s bigger even if they have to share with more individuals whereas some people would rather have a smaller place all to themselves. It is entirely up to you so write down your preference before you start looking.
Utilities
Do you want utilities to be included in your monthly rent? If you are getting an apartment, generally the heat and water are included and you have to pay for your own electricity so remember to keep utilities in mind as well when you are looking for a place. If you are splitting a place with roommates, you will probably have to split the utilities as well. Remember to think about cable, internet and phone as well since these bills can make quite a difference on your budget as well. If you really don’t want to deal with extra bills per month such as utilities and want to pay one rent payment per month, look for a place with all utilities included.
Neighbourhood
Is there a specific neighbourhood you want to live in? This goes without saying, but living in the “good and safe” neighbourhoods generally costs more than living in the more common areas of town. Do you want to live in a quieter cul de sac area near parks and schools or in near the heat of city life downtown? Consider living close to your work so transportation is rather quick and you can save money on gas. Do you want to live close to friends and family or venture out and explore new territory? Are there any areas of the city that are entirely off limits? Take some time and decide where you want to live so you can start looking for properties in that area.
Transportation
Another thing you should consider is your method of transportation. If you don’t have a vehicle, are you near any bus stops or any train stations? Are you close enough to walk to your work? If you do have a vehicle to get you around, does your new place come with parking, a garage or nothing at all? Again, depends where you live, but it can be difficult to have vehicles in some areas simply because the lack of parking or because paid parking can be so expensive.
Smoking/Pets
If you are a smoker who likes to smoke inside, make sure you get a place which allows smokers. Same thing for pets; if you have a large German shepherd dog, it is probably going to be more difficult for you to find a place to rent than if you have no pets at all. Keep in mind that there is often a pet fee (either a one-time fee or an extra monthly charge) for having a dog or a cat inside the building as well as a non-refundable pet damage deposit.
Building Itself
If you do have a pet such as a dog, you might want to consider getting a place with a yard to allow your pet run around in. Also, when looking for places, make sure that not only your room is in good shape, but the building is well taken care of as well. Does the building have on site management? If you are renting a house, is the landlord going to be living with you? Does the building or suite offer a washer and dryer or will you have to do your laundry at the coin-op across the street? When going inside the building for the first time, take into account any strange smells you might encounter (damp smells of mold should be especially avoided), and anything else that might be out of the ordinary. Turn on the lights and water to make sure everything seems to be in good order. It is important that the building is clean and in good general standing.
Extra Features
The last thing you should add to your list is any other extra features that you want in your new place. Do you want it to be in a high condo so that you have a nice view every morning? Do you want a balcony? Do you want a fireplace to keep warm for the winter? For example, if you tend to cook and clean a lot, it might be handy to get a place with a dishwasher. This is just extra but it helps to have it written down in front of you so you can check it off if you find a place you like.
Renting vs. Buying
The last thing I wanted to touch on when getting a new place is the decision between renting and buying. If you haven’t already made up your mind about whether you will be renting or buying your new place, perhaps you should begin considering. If you can afford to buy a place, it might be a better idea to go down that road instead of renting because then the property will be entirely yours and your payment every month will be going towards your mortgage and not towards someone else’s mortgage. However, buying a place entails a decent stream of income, a good credit score and a down payment, which many of us aren’t able to offer.
Start Looking
As you look around from place to place, bring your list of guidelines with you. As you go through each new place, quickly checkmark all the qualities you are interested in so you can compare all the places you’ve looked at later on. Sometimes you will simply get a “good feeling” about a place and be very interested in it solely due to the fact that your emotions are drawing you to it. Place a star next to any properties are very interested in so you can take a second look at them later on. There are always many places available and the more you look, the more likely you are to finding the perfect place just for you at an affordable price.
The image used in this post is taken from Image: David Castillo Dominici / FreeDigitalPhotos.net
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