Wednesday, February 7, 2018

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.

Depending on what is left after you have deducted your recurring expenses from your income, you could figure out the rental rates range to focus on during your hunt for the best apartment. You may adjust your budget if need be for you to have a practical figure that you can work with.

The 30% rule should be upheld in most situations. With this, you can spend as little as 25 percent on rent, though you must not use up more than 30 percent of your salary to pay for your apartment. This rule ensures that you will enjoy comfort without necessarily breaking the bank or overlooking other crucial monthly expenses.

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.

Another guideline that could come in handy is the 50/20/30 rule. This arrangement suggests that fifty percent of your income should go towards handling fixed costs, which include rent, transportation and utilities. Thirty percent of your income should be used for ongoing expenses such as entertainment, groceries and incidentals. Finally the last twenty percent should help with financial goals such as debt payments.

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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