When embarking on the search for the perfect rental, it’s important to factor in your monthly budget, but yet challenging to predict the associated costs. You’d like to spend enough to live in a good location and enjoy the amenities, all the while trying to save to one day buy a home. Finding that balance between spending and saving can be tricky, so here are some tips to help you create a budget while you’re saving for the ultimate home purchase. If plausible, you should shoot for a rental home with a monthly lease that is less than 33% of your gross income. That rate generally does not include utility rates and you may want to budget for emergency costs as well.
It is also important to weigh your wants vs your needs. Larger apartments are wonderful for entertaining, but smaller apartments are more cost-efficient and while you want want that extra half bath for your guests, it might knock off a nice price cut if you don’t make that a top priority when searching for your rental. Things that are worth considering are finding rental with a reliable property management company in a safe neighborhood, within a reasonable distance to your workplace. These are necessities vs wants, and worth spending a little more on when considering your rental budget. If you’re interested in finding the right Seattle rental for your wants and needs, contact your local real estate agent today.