How can be sure you can afford the rent? Proper budgeting helps.
Examine the Bottom Line
It’s generally not recommended to spend more than 30% of your income on housing expenses. It puts the rest of your financial life at risk.
With that in mind, it’s best to determine how much you can afford to spend on renting and go from there.
There’s no substitute for a line item budget in this area. Look at housing as part of your overall expenses and come to a number you’re comfortable with. Don’t forget to leave a little money aside for savings and investment or emergencies.
Once you have a number in mind, it’s time to look for an apartment in Glen Allen, VA.
Why Rent? Renting has some great advantages and can be good for a few reasons. Let’s run through those.
Renting an apartment may be a logical first step for many young people just getting started. When you’re first starting out on your own, you may only need a small place, and a decent apartment can be just what you need. This also gives you the opportunity to build up credit by making payments on time so you can get financing for a car or house down the line.
Lease agreements also provide a certain amount of flexibility. If you finds yourself moving around a lot, the idea of being able to get out of the lease after a year without having to put the property up for sale may appeal to you.
Finally, certain amenities are included when you have an apartment. Depending on the terms of the lease, utilities, Internet and cable might be included within the rent.