Congratulations on your decision to move to Arkansas! Finding housing in Arkansas may seem overwhelming, but with some planning and research, you can find a place to call home. Here are some steps you can take:
- Determine your budget: Before you start looking for housing, it’s important to determine your budget. Consider your income, expenses, and the cost of living in Arkansas. You can use online resources to research the average cost of rent or home prices in the area you’re interested in.
- Discuss financing options with your bank of choice or visit this additional resource: https://homeloans.arkansas.gov/
- Research neighborhoods: Research different neighborhoods in Arkansas to find the best fit for you. Consider factors such as proximity to work, school, public transportation, and community amenities.
- Contact a local real estate agent: A local real estate agent can help you find available properties that meet your criteria. They can also provide you with valuable insights into the local housing market and answer any questions you may have about renting versus buying a property in Arkansas.
- Look for rental properties online: Many rental properties are listed online through websites like Zillow, Apartments.com, and Rent.com. You can use these websites to search for properties that meet your criteria and compare prices. It is recommended that you purchase renter’s insurance to protect yourself in the event of a fire, theft, or natural disaster. These property management companies can assist you with finding a rental house or apartment:
- Prepare your documentation & fees: Landlords or property managers may require certain documentation before you can rent a property, such as proof of income, references, and a credit check. Be prepared to provide these documents to make the application process go smoothly. The application may ask for:
- Social Security Card
- Proof of employment
- First/last month’s rental cost or a downpayment (% of the purchase price)
- Refundable deposit (returned if the home is clean and in good condition at the end of the lease)
- Consider temporary housing: If you’re unable to find a permanent place to live right away, consider temporary housing options such as extended-stay hotels or short-term rental properties.
Remember, finding housing in a new country or city can take time, so be patient and persistent. With some planning and research, you can find a place to call home in Arkansas. Good luck with your move!
Below are a few examples of apartments within a 10 mile radius of the UAMS – Little Rock Campus:
Mockingbird Point Furnished Apartments
Should I Rent or Buy a Home?
Deciding whether to rent or buy a home is a major financial decision that requires careful consideration of your personal circumstances, financial situation, and long-term goals. Here are some factors to consider when determining whether renting or buying a home is in your best interest:
- Your financial situation: Consider your current income, savings, debts, and credit score. Buying a home usually requires a significant down payment, closing costs, and ongoing maintenance expenses, while renting typically only requires a security deposit and monthly rent payments. It’s important to ensure you can afford the upfront costs of buying a home and the ongoing expenses, including mortgage payments, property taxes, insurance, and maintenance costs.
- Your future plans: Think about your long-term plans and how they might impact your housing needs. If you’re planning to stay in the same location for several years and have a stable job, buying a home may be a good investment. However, if you’re uncertain about your future plans or may need to move for work or family reasons, renting may be a better option.
- Market conditions: Consider the local real estate market, including home prices, rental rates, and the availability of homes for sale or rent. In some areas, it may be more affordable to rent than to buy, while in others, buying a home may be a better financial decision in the long run.
- Lifestyle preferences: Think about your lifestyle preferences and how they may be impacted by renting or owning a home. Owning a home comes with more responsibilities and maintenance tasks, while renting typically provides more flexibility and fewer responsibilities.
Ultimately, the decision to rent or buy a home depends on your individual circumstances and goals. It’s important to carefully consider all of the factors involved and seek the advice of a financial professional or real estate agent before making a decision.