- Many landlords nowadays require that your income is at least three times the price of rent. In fact, many economists and financial experts will recommend that you do not pay more than 30% of your income on rent. This figure does not include utility bills and other miscellaneous debt.
- It’s a good idea to carefully examine all of your expenses and think realistically when calculating your budget. You should take utilities and other bills into account as well.
- There are many properties that include utilities and others that do not. Make sure you do the research to see if utilities need to be factored in. Also, finding a home that’s close to work may save you transportation costs. Think of all the scenarios where you may have to spend monthly and include that into your calculation.
- Think about your lifestyle to determine what size home you will need. If you spend most of your time out and you’re rarely at home, it may be best to find a smaller home with cheaper monthly payments.