Although renting requires less immediate cash and carries fewer obligations than owning a home, that doesn’t mean that it’s cheap or easy, or that it comes without strings attached. In fact, finding — and keeping — a good rental can be pretty difficult, especially if you’re renting for the first time. But if you do your homework and know what you’re getting into beforehand, you’ll have a better chance of finding a good place at a good price, and having fewer unexpected expenses and problems.

Your search for a home involves three basic steps:

1. Figure out your budget
2. Decide if you’ll have roommates and who they’ll be
3. Find a place and sign a lease

While you’re going through each step, try to make decisions that make sense financially and emotionally. Although you may feel under pressure to find a home quickly, you’ll be happier in the long run if you take the time to find a place that’s in the right neighborhood and at a price that won’t put you under financial pressure.

Creating a budget doesn't have to be difficult. Click here to start the budgeting workshop!

How do you find a roommate? Click here for the answer!