The economic meltdown that started in securities and quickly spread throughout the housing industry has left many home owners facing challenging times. In recent years homeowners have found it difficult to maintain their mortgage payments as they experienced pay reductions and even loss of employment.
The economic meltdown that started in the stock market and quickly spread throughout the housing industry has left many home owners facing challenging times. In recent years homeowners have found it difficult to maintain their mortgage payments as they experienced pay reductions and even loss of employment. With credit lines for home equity loans or remortgages drying up, more and more homeowners have had to make some tough decisions in order to provide the necessities for their families. Many home owners facing these daunting prospects have turned to renting as an intelligent alternative to home ownership during this economic downturn. If you are facing these same prospects and have made the decision to move from a house into an apartment in order to save on monthly expenses, here are a few helpful hints that will save you some time and money during your apartment search.
Determine how long you will need to stay in an apartment
Depending on your economic circumstances, moving from a house to an apartment could be a short-term strategy, or a long-term plan. Have you lost your job due to the recession? If so, you should consider whether a 6-month lease and the flexibility that comes along with it would be better suited for your situation, or if you need to make a longer commitment in order to lock in your rental rate and not have the hassle of renewing your lease or moving on the horizon. If you are moving to a new city due to a change of job, a short-term lease may be a better idea if you’re going to be living in the apartment while you house hunt. Whatever the case may be, you will save yourself headaches down the road if you mull these things over before pulling the trigger and signing the lease on your next place.
Determine the type of community you prefer
Another important consideration is the type of community you would prefer to live in. If you’re single, you may prefer to live in the city and be conveniently located to a variety of restaurants, exciting nightlife, and cultural outlets. If you’re moving a family from a house to an apartment, it may make more sense for you to stay in the suburbs due to school affiliations. Additionally, you should consider whether you will want to rent an apartment, loft, or townhouse. If renting an apartment, you may prefer to be downstairs if you have young children that would find it difficult not to run. If you have a pet, a townhome with a yard might be a better alternative. All of these things will play a factor in the success of your transition to an apartment from a house to an apartment.
Plan your transition and apartment size needed
The final thing that you should do is plan out your move from a house to an apartment. This will include determining what of your current things will be moved, sold, or stored. In most cases, a move from a house to an apartment means downsizing. You will need to decide if you will have a sale to minimize the number of things you’re transporting or if you will store those things. For example, many apartments come furnished with the large appliances such as a refrigerator. Will you pay additional expenses for storage in order to keep your appliances you will be moving out of the house, or will you need to place an ad in order to sell these items before your move.
Facilitating your apartment search
Once the majority of these decisions have been made it will be critical to undertake an exhaustive apartment search to determine the different rental properties that meet your criteria. This process can be daunting and overwhelming. In the Dallas area alone there are over 3,500 rental communities offering townhomes, condos and apartments for rent. Many renters chose to employ the services of a licensed apartment locating firm to help them find the perfect apartment community. The largest firm of this type in Texas is UMoveFree Apartment Locators. UMoveFree specializes in helping renters find apartments in Richardson as well as apartments in surrounding cities and areas. Whether you’re looking for an apartment or a townhome or other property type in another Texas city, apartment locators help you save time and money be narrowing down a list of rental communities that meet your exact rental criteria. In addition, every client that uses the service of a locator service, UMoveFree for example, to find their new apartment is provided a Free Move or$200 Rebate. This is an incredible way that renters can get help finding their new apartment home and get a free move.
Nick Barber is a licensed real estate broker and the President/CEO of UMoveFree; one of the largest apartment finding firms in the multi-family industry. Visit UMoveFree.com for more information on apartments in Richardson.