As we move toward the end of winter and approach the beginning of spring, the time to rent a house in Birmingham, AL draws near – which means you have less time to find and acquire a prime rental home in the metro area that suits your needs and gives you everything you want. Fortunately for you, those homes are not only out there but are easier to find and rent than you might think. Here are two things you might not have considered that you can use to rent a home in the Magic City metro – and get more bang for your buck. Tip #1: Your Budget May Be Bigger Than You Thought The first step in renting or buying a home is to create a budget and find out how much you have to spend. If you have a spending range before you search, finding the right home will be far easier than without one. Experts tell you that you should budget 30-35% of your monthly take-home pay for housing. This applies to renting or paying a mortgage and covers everything associated with housing. There are a couple of things to note, though:
You don’t have to budget for property tax or private mortgage insurance;
You don’t have to budget for repairs like you would with owning a home.
This means you can actually afford more home than you probably thought. Tip #2: The Commute Matters – A Lot One aspect of renting or buying that escapes a lot of people when searching for homes is the commute time. Simply put, traveling to work costs money (unless you work from home). That cost needs to be factored into your planning. And while Birmingham isn’t New York City or Washington, D.C., traffic can be bad enough that you need to consider the time it takes to travel – and the associated costs – when selecting a home. Believe it or not, you can actually justify a higher rent for a bigger home based on gas savings alone. It’s crazy, but it’s true. Both of these can help you create a better budget for your home and find an ideal property that can actually give you more than you originally thought. Birmingham real estate is heating up. Are you ready to take advantage today?
Matthew is the CEO of Evernest. He is a student of the book Good to Great and is passionate about building the best property management company on the planet (and maybe even the universe if Elon Musk will hurry up). You can usually find Matthew at the baseball field with his son, at a dance recital with his daughter, or at his favorite restaurant with his wife, when he’s not in the office. And if you can’t find him in any of those places, it probably means he’s traveling.