Regardless of whether you are new to renting or have been leasing properties for several years, finding the ideal townhome can be a stressful situation. In addition to being stressful, it can be highly time-consuming and tiring taking up many resources. Statistics show that approximately one-third of all US citizens rent their homes and this includes young families, seniors, and college students. Fortunately, it is possible to find a property to rent that suits all budgets; the key is to find the property without causing yourself too much stress. This article will act as a guide to finding the best Durham townhomes for rent.
1. Identifying Your Rental Budget
Before you even start the property search, it is advised that you draft a budget and take a good look at what you are able to afford. The general rule-of-thumb regarding budgets is to not spend more than 30% of your monthly net income on household costs. You will also need to factor in any existing debt, as well as travel costs, groceries, savings, utilities, and other expenses. Most landlords have income limits, so you need to question this and keep it in mind when searching for a property.
2. Forming A ‘Wish List’ Of Property Features
When perusing the different Durham townhomes for rent, it is recommended that you draft a ‘wish list’ of property features. Many people have a set idea of the essential features, such as the number of bathrooms or bedrooms; however, it is important to know what other aspects may be useful to meet your additional needs. For example, if you enjoy entertaining you may benefit from a patio or deck. Perhaps you would enjoy a fireplace or a fancy bathroom instead of a simple bathtub or shower. All this needs to be taken into account because it will also be taken into the overall rental price.
3. Choosing A Rental Property Type
While this article is about finding the best Durham townhomes for rent, it may be beneficial to consider the most suitable type of property for your lifestyle needs. It is vital that you look at the size of the townhome, the location of the place, and you are renting from a private owner or via a corporate housing company. Many people feel that private rentals are better, but corporate housing or real estate agents often have more options allowing you to find the best townhome for your needs.
4. Completing The Application And Approval Procedure
There are certain issues that you should expect during the application procedure. Landlords will typically ask you to complete an application form allowing them to run a background check. In many cases, the landlord will also request references, pay stubs, and other types of documentation to assist with this background check. Once the documentation has been provided and check has been completed, you will be able to negotiate the terms of the lease. Be careful with negotiation as you may be able to gain benefits, such as a month of free rent or reduce parking rates.