One of the important things that anyone who currently lives in a rental property and who aspires to move onto different rental property would be better planning. This checklist come really handy while choosing your next rental:
1) Why do you want to move out of current residence - As with any endeavor the first thing to be done while planning a rental move is to write down why do you really want to move out of the current property. Possible reasons could be
1.1) Job transfer - Offices often change location. In this economy as a result of merger and acquisitions offices often change their location. If you are in a consulting role and there had been unexpected job termination (or) change of projects then there comes a need to relocate
1.2) Save on rent - As rent comes with virtually zero tax benefits it makes wildest sense to save on rental. Particularly in cities that cost you too much it makes wildest sense to save on rental
1.3) Neighbourhood - Healthy happy living comes with better environment. Man is a social animal and is dependent on society to get best life. In case of unexpected neighbourhood there comes a need to change place of residence
1.4) Save time on commute - If you think of moving closer to office then there comes residence change
1.5) Family reasons - Good times like birth of kids demand a residence change
1.6) Luxury Life - Changing income can bring in changing lifestyle. To add more luxury you might prefer a location change
2) Is it right time to start your next rental hunt?
Often people wait for lease expiration to locate their new rental home. You dont have to wait too long. In most cases start hunting as early as you get your lease renewal notice. Most probably it would be 60 days before the current lease completes
3) Have a proper credit score and credit report - Do you know that your credit score not only helps you lower your home mortgage but also help you save on rental. Choose to maintian good credit score atleast 5 to 6 months before rental hunt. Major credit cards like DiscoverIT,Capital One ventura card, AMEX and lots more offer credit report every month absolutely free. Track it and submit this to avoid $25 credit report fee that most real estate agents ask for
4) Contact home owners directly - Check online and try to see if you can talk to homeowner directly. In this case they dont need to pay brokerage commission and will choose to offer rental deductions
5) Locate packers and movers - This is something that can be carefully planned and budgeted on. Establish connections with individual movers in your current apartment. Choose to hire u-haul the cheapest moving option that comes as low as $30 per hour. Pack all your good properly to minimize packers and movers fee
6) Calculate net savings before moving - Say you currently pay $1500, new rental is $1200. You might end up saving 300*12 - $3600 - $400 [on packers and movers] - $200 [ new apartment application fees] = $3000. Determine if you need to proceed
1) Why do you want to move out of current residence - As with any endeavor the first thing to be done while planning a rental move is to write down why do you really want to move out of the current property. Possible reasons could be
1.1) Job transfer - Offices often change location. In this economy as a result of merger and acquisitions offices often change their location. If you are in a consulting role and there had been unexpected job termination (or) change of projects then there comes a need to relocate
1.2) Save on rent - As rent comes with virtually zero tax benefits it makes wildest sense to save on rental. Particularly in cities that cost you too much it makes wildest sense to save on rental
1.3) Neighbourhood - Healthy happy living comes with better environment. Man is a social animal and is dependent on society to get best life. In case of unexpected neighbourhood there comes a need to change place of residence
1.4) Save time on commute - If you think of moving closer to office then there comes residence change
1.5) Family reasons - Good times like birth of kids demand a residence change
1.6) Luxury Life - Changing income can bring in changing lifestyle. To add more luxury you might prefer a location change
2) Is it right time to start your next rental hunt?
Often people wait for lease expiration to locate their new rental home. You dont have to wait too long. In most cases start hunting as early as you get your lease renewal notice. Most probably it would be 60 days before the current lease completes
3) Have a proper credit score and credit report - Do you know that your credit score not only helps you lower your home mortgage but also help you save on rental. Choose to maintian good credit score atleast 5 to 6 months before rental hunt. Major credit cards like DiscoverIT,Capital One ventura card, AMEX and lots more offer credit report every month absolutely free. Track it and submit this to avoid $25 credit report fee that most real estate agents ask for
4) Contact home owners directly - Check online and try to see if you can talk to homeowner directly. In this case they dont need to pay brokerage commission and will choose to offer rental deductions
5) Locate packers and movers - This is something that can be carefully planned and budgeted on. Establish connections with individual movers in your current apartment. Choose to hire u-haul the cheapest moving option that comes as low as $30 per hour. Pack all your good properly to minimize packers and movers fee
6) Calculate net savings before moving - Say you currently pay $1500, new rental is $1200. You might end up saving 300*12 - $3600 - $400 [on packers and movers] - $200 [ new apartment application fees] = $3000. Determine if you need to proceed
