Rent can be just as much as a mortgage payment, if not more. As we've noted in Buying vs Renting, you should weigh all of your options before deciding whether to rent or buy. With consistently rising home prices in Orange County, large down payments are prolonging some from becoming homeowners.
Renting is a great alternative, however, just like buying a home, you should crunch the numbers and determine what you can afford before you start looking. Most landlords will require a certain amount of monthly income in order to even qualify. Rule of thumb, your rent should be no more than 30 percent of your monthly income.
You'll also want to factor in other expenses like renter's insurance and utilities (water, gas, electricity, cable/internet, etc.). These costs will generally equate to approximately 10 percent of your rent. Once you've added together these costs of living, it's time to break out the calculator and actually crunch the numbers.
Landlords do not want to hand over the keys to a tenant they're skeptical of. If you're at the border of what you can afford, take a look at more affordable options. Orange County rentals come and go in a matter of days so you'll want to present yourself as the strongest possible tenant when applying to guarantee yourself a place.
Author:Kurt Galitski Phone: 714-957-6677 Dated: February 3rd 2017 Views: 194 About Kurt: After 15 years of founding and running a successful boutique real estate office in Costa Mesa as a l...
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With seven consecutive years of five-star status in Orange Coast Magazine, The Kurt Real Estate Group is among the elite. No matter where they’ve gone, they’ve set record sales. Whether you’re a buyer, seller, or investor, Kurt and his team work diligently, honestly, and with the utmost professionalism and are passionate about helping you achieve your real estate goals.
Kurt is ranked among the top two percent of Coldwell Banker agents nationwide. Kurt’s experience investing in and flipping homes and his connections with the Hollywood Film Industry give him an unparalleled edge and keen insight into market trends. The opportunity presented to you in working with Kurt is why The Kurt Real Estate Group is recognized as one of the top real estate teams in Orange County.
The Kurt Real Estate Group celebrated in style last weekend at the Lag
"I can't believe I am the first one to review Kurt on Yelp. If I could give him more than five stars, I would, because Kurt is truly a fantastic real estate agent....
He is knowledgeable, experienced, professional, and very very responsive. But besides these qualities a good agent should have, he offers so much more. You can tell he does his due diligence on both the client and property thoroughly before any meeting; I am always impressed by him remembering things so well when he has 30 listings and...Read more on Yelp"