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Infallible tricks to make renting your first house straightforward

April
27, 2021

5 min read

This article was translated using AI technologies from our Spanish edition. Errors can occur as a result of this process.

The opinions expressed by the entrepreneur's contributors are their own.

Are you planning to become independent soon and have your own room? You can get there easily with these infallible tips for renting your first apartment. The real estate portal Propiedades.com shared how to do it without failing.

It begins with a savings phase

Before you start any paperwork and moving, it is important that you create a savings policy. This will generate a sufficient budget to cover the various expenses that you will incur in the first few months.

To do this, Leonardo González, Real Estate Analyst at Propiedades.com mentions that the 50/30/20 rule might help you. The expert explains that this method allows you to set spending caps and adjust your habits to include items without creating financial burdens.

So you could use 50 percent of your income for necessary consumption such as transportation, food, school, clothing, etc. 30 percent for expendable expenses such as cinema trips or streaming services. Finally, allocate 20 percent of your savings for your future home.

This exercise will help you determine your ability to pay your monthly rent. According to experts, your rental budget should equal 25 and 30 percent of your income. Based on this amount, you need to take the next step and find the right place for your needs.

Image: Depositphotos.com

Find the ideal place

To do this, you must first increase your housing needs, taking into account the following points:

Close to places (office, school, etc.) Public transportation Number of rooms Type of apartment (house or apartment).

Just as you need to be realistic with your budget, you need to be realistic with what you will need in your new home. Consider whether it is important that you have the most modern conveniences or that you can do without them.

When looking for the ideal rental property, consider different options so as to be no more than six. According to Óscar Zárate, Ubiksa's sales manager, it is more difficult to make a decision after visiting many properties. However, once you've defined what you want, it's easy to choose.

Check the dates and requirements well

While it is more advisable to contact a real estate agent to avoid fraud, you can also do so yourself. However, pay close attention to the properties of the property, the price and the requirements they place on the rental.

Monica Aranda, customer service manager for real estate portal Propiedades.com, states that an area of ​​high demand cannot have a price below the area's average. This type of scam occurs mainly in colonies such as Condesa, Polanco, Rome or Naples. They usually ask for a security deposit to visit the property. So take care and avoid them.

On the other hand, remember that in Mexico it is important to have a property rental guarantee. This person is the one who guarantees the rent payments in case the tenant cannot cover them. Therefore, you have to prove that you own a property.

In case you don't have a trustworthy person to act as a guarantee for the rental, there are other alternatives. For example, use a leasing policy that is requested from a surety firm; or ask your bank to guarantee your income.

Read your contract and regulations very well

When you have found the ideal location and you are ready to sign the documents, take your time and read them carefully. It doesn't matter if it takes a long time, it is important that you carefully review all points of the contract.

Remember that you are making an important transaction and you need to fulfill the contract for a period of time. Also, check that all the information it contains is spelled correctly and avoid conflict with your landlord.

The basic points that this document must comply with are:

Full name of the landlord and tenant Address and characteristics of the property Rental amount, term and payment methods Payment compliance guarantees Termination clauses of the contract Additional clauses (pets, automatic renewal, rent increase, etc.)

After getting this information, you can find your ideal home to create your own space.

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