Basic Tips To Decide How Much You Can Afford As Rent For Blackstone VA Apartments -


Basic Tips To Decide How Much You Can Afford As Rent For Blackstone VA Apartments

By Donald Meyer

If you are looking for a new apartment, chances are that you are very excited for all the obvious reasons. Relocating would give you a new scenery and perhaps bring about the prospects of enhancing your standards of living. If you are like most people, you will not shy away from thinking about all kinds of upgrades including what is clearly not within your financial means. When you get down to the actual hunt for the right Blackstone VA apartments, it will be necessary for you to have a clear idea of what you can afford to spend as rent.

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.

Recurring expenses include a long list of things. They include entertainment, transportation, groceries, utility bills, emergencies and also cash for debt settlements. If the money left for rent is not practical, try amending your budget until you have a suitable figure to work with.

The 30% rule is a crucial one that should not be overlooked. For you to be comfortable with your choice, your rent should be at least 25% of your income. It should however not go beyond 30 percent of your monthly returns. The idea is to find the perfect balance between comfort and affordability.

With landlords spending fortunes to provide luxurious and comfortable housing, you should not be surprised if their screening process seems a bit too harsh. Some property owners will simply not approve any tenant whose yearly income is not at least forty times greater than the monthly apartment lease. For you to know whether you qualify, multiply the rent being demanded times forty and see whether the figure you get is equal to or it surpasses your yearly income before tax.

The 50/20/30 rule could also come in handy as you set your budgets. These rules suggest that at least 50% of your income ought to handle fixed costs like transportation, utility bills and rent. Thirty percent of your salary may be utilized for everyday expenses such as groceries, entertainment and emergencies. The remaining twenty percent can assist you in reaching your financial goals such as paying your credit card debts.

With the 50/20/30 rule, choosing an apartment close to your workplace would reduce transportation expenses. This means that you can increase the amount of money that can be used as rent. Your regular utility bills would also determine the amount of cash you will have and can use to settle rent.

The importance of doing some serious math before your apartment hunt begins should not be underestimated. The right rent to pay should neither be too low, nor should it be too high. Then again, the right choice to make should give you a comfortable feel.

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