The First Step to Renting a Place: Checking Your Wallet

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1.1 The first step of renting a place: Is your wallet full? The most important thing is clarity

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Renting a place is essentially finding a comfortable home for yourself. However, to live comfortably, the first thing you need to determine is two things: How much money do you have in your pocket and what kind of home you want.

1.1.1 Is your wallet full?

A saying goes, “There’s no such thing as too much money for a comfortable life.” Before renting a place, check how much money you can set aside each month. Don’t go for an extravagant bed with a luxury room because it’ll leave you staring at instant noodles every day, making your days tough.

In general, rent should not exceed one-third of your monthly income to ensure you still have money left for food, clothing, entertainment, etc. If you’re just out of college and your income is unstable, be more cautious and find a cheaper place to live initially. Consider moving up once you earn more.

1.1.2 Co-op or single-tenant rental?