A lot of thought must go into choosing a rental property. The three most prevalent factors are your location, budget, and personal preferences. With hundreds of properties available on the rental market, it would be difficult to decide on one. That’s when a property valuation will come in handy.
A Certified Practicing Valuer in Melbourne is qualified to prepare a detailed analysis of different properties for you. From there, you can create a shortlist and choose the best-suited property to rent.
Apart from the valuation that can give you some clarity, you’ll also have to consider the following:
- Your budget
- The most convenient location
- The terms of the lease agreement
Now that we’re aware of what the different factors are, let’s have a look at why they are so important.
Why is it important to set a budget?
Setting a budget before looking for a property to rent can make the process much simpler. A specific price range will also help you find suitable properties.
There are many additional expenses you must be mindful of. Apart from the monthly rent, you’ll also have to include day-to-day expenses, transport and keep some money aside in case of emergencies.
If you’re paying for rent on your own, you’ll need to stick to a stricter budget so that you don’t experience any financial distress if anything goes wrong.
There are also other hidden costs that come with renting a property. Your landlord may ask for a security/breakage deposit, monthly contributions to the utility bills (if it is not included in your rent), parking fees and the list goes on. Reading your lease or rental agreement carefully before signing it will make you aware of the additional fees.
The pros and cons of renting in the city
Renting in the city can be a great option for those looking for the following:
- Convenience
- Accessibility
- Flexibility
- Mobility
Renting in the city comes with its fair share of advantages and disadvantages. One big disadvantage is the high cost of living. You can make a smarter decision by examining the pros and cons beforehand.
Advantages of renting in the city
The main advantage of renting in the city is convenience. Cities are often buzzing with activity because of nearby amenities, entertainment options, and job opportunities.
City centres offer easy access to public transport. This means you’ll spend less time commuting and more time enjoying your surroundings.
Another benefit is flexibility. Renting often comes with shorter lease terms, making it easier to move around and change locations when needed.
What are the downsides of renting in the city?
Cities are expensive places to live in. It will therefore be more difficult to find affordable housing. The advantages of living in the city can easily be outweighed by the high cost of living.
Living in close proximity to others also means having less privacy and personal space. Apartment complexes and condos can become crowded, noisy, and lacking in outdoor spaces like yards and gardens. This could be challenging for those who value peace and quiet.
Another downside is that urban areas have higher crime rates. Compromised safety and security can be a big concern for renters. Having to take extra precautions just to be safe in your home isn’t exactly favourable.
Is it difficult to find a rental property in the city?
It can be a challenge to find a rental property in the city. With high demand and limited availability, you must act quickly to secure a desirable rental property. Landlords also have more stringent requirements for tenants, including higher credit scores or income levels. This can further limit your options.
Is it better to rent in a suburban area?
Many people are drawn to the peace and quiet, spacious living areas, and access to outdoor space that suburbs offer. It is therefore an appealing option for people interested in renting a home.
There are many benefits to living in a suburban area, but we must still consider both the pros and cons.
Pros of renting in the suburbs
The low cost of living is a fantastic advantage that comes with renting in a suburban area. Renting and owning property in the suburbs is more economical. It is a better option for those with a smaller budget.
Suburban rentals tend to offer more spacious living areas than their urban counterparts. There is also access to more space and parks for outdoor activities. A suburban rental is a perfect fit for you if you're someone who enjoys open space and spending time outdoors.
Cons of renting in a suburban area
There is limited access to public transport in suburban areas. It will be a headache to move around if you prefer using public transport or don't have a car. You’ll have to spend more money on transport and factor more time in for travelling.
Other disadvantages include:
- Limited access to entertainment and dining options
- A lack of cultural diversity
- Longer commute times
Summary
You’ll have to think a few things over before choosing to rent in a suburban or urban area. These include your lifestyle, preferences, budget, and commute. Making a list of your priorities and researching different neighbourhoods will help you see which one is perfect for you.
The best location will be the one that has more advantages than disadvantages for you. Don’t be afraid to talk to locals and visit the area before making a decision. You can also reach out to a professional property valuer for sage advice.
Contact us for more information on suburbs vs city rentals and to book a property valuation.
