Rental Housing Mistakes Part 1
Looking for affordable housing can be a difficult and overwhelming task. There is no need to make it more difficult on yourself. Be sure to avoid the following Rental Housing Search Mistakes:
- Unrealistic Expectations/Exceeding Your Budget: Before you start looking for a rental you should have a good idea of how much rent you can afford and what needs you really have. Most financial experts recommend that you spend approximately 30% of your take home income on housing. Depending on your other financial obligations, your own financial goals, and the rates of rentals in your area (this is an increasing concern), you may have to spend less or more.
No matter what price point you decide on, do not look at rentals that exceed your budget. Be aware of the rental prices in your area and target rentals that fit within your allotted budget. Be honest with yourself and review what your housing needs are versus what you would like to have and look for rentals that reflect those needs. Try not to become focused on what are essentially details and understand the rental must meet your needs in other key areas. (Affordability, location, inclusive rent, proximity to amenities such as shopping, groceries, schools, appointments, parks, public transportation, unit size and many other considerations)
- Assuming Moving will Solve your Problems: As a renter, it is important to decide if moving is necessary or the best way to solve any present issues. Unfortunately, new tenancies often mean a new set of problems. Moving is stressful and with it comes a long list of expenses. Before deciding to move where the grass is greener, consider whether you are that unhappy where you are. Every rental has pros and cons, and you need to decide before giving notice to move, if you are ready for a new set of problems.
Can the issues you have presently be solved by a maintenance request or another method? Explore all options before making your decision.
If you have any questions, please call our Resource Centre at 519-749-2450 or visit our website at https://www.lutherwood.ca/housing
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