In our recent blog "Know Your Rights & Responsibilities When Renting Property In Houston" (link), we discussed the economic requirements for renting property in Houston. Regardless of what the requirements are on paper, the most important thing for you to be concerned with as a renter, and later on as a buyer, is whether the property is affordable to you. Property management companies like 360 Realty Management specify that you need a monthly income at least three times the amount of rent to qualify for a property, but you need to look at the total picture to make sure you can comfortably afford a potential new location. Aside from looking at your own finances, you should consider the terms of your proposed lease and research the area.

What Other Costs Does A Property Entail?

Computing affordability is about much more than the amount of the rent. You also have to consider other costs such as:

By looking at the rental agreement or rental documents on file on the 360 Realty Management website, you can get a clearer idea of the true costs of living in the property. The lease agreement will specify how you can minimize your costs. For example, if you pay online, you may pay less than if you pay in person. By paying on time, you will prevent late charges and other penalties. When you need repairs, you can prevent paying out-of-pocket by agreeing to the schedule of service, requesting service in regular working hours, and keeping appointments.

How Much Does It Cost To Live In A Specific Neighborhood?

Aside from the cost of living in a specific property, you have to think of the cost of living in a particular neighborhood. Even if you do not feel the peer pressure of "keeping up with the Joneses," extra expenses involved in enjoying your new home might stress your budget.

You will want to ask yourself some other questions such as:

360 Realty Management Offers Tools To Evaluate Costs

In determining the cost of living in a neighborhood, the Internet offers you many research tools. For example, you can research the basics about areas in greater Houston by starting to click on parts of town such Downtown Houston, Sugar Land, or Cypress as listed in the Locations We Serve on every page. By supplementing the basic information you will find there with data you find on Wikipedia and real estate sites such as Zillow, Trulia, and, you can determine the cost of living in specific neighborhoods. You can also evaluate area schools to find out how they perform.

Equipped with the broader picture about the cost of living, you can make a better decision about the best property to rent in Houston. For information about specific 360 Realty Management properties, contact us today at 281.859.5959.