Renting a property is a great way to have a place to live without having to worry about the permanence of purchasing a home, saving for closing costs, and saving for a down payment. Renting is a great option for those who don't plan on living in the area permanently, such as those attending college or even newlyweds who aren't quite ready to settle in one place yet. Here are four steps to take when renting your first place:
- Save for a Deposit and First Month's Rent: When you move into a rented place, the property owner is typically going to ask for a deposit. The deposit is security for the property owner because it protects them financially if you cause any damage to the place. The deposit will work to cover the cost of these repairs. Of course, if you don't cause damage, you will receive your deposit back upon moving out. You should also save for the first month's rent, which you are typically going to have to pay upon moving in. Don't forget to save for some of the little things, as well such as hiring movers or renting a moving truck, as well as an application fee, which covers the cost of the background check the property owner will want to do.
- Check Your Credit: Before you apply for any apartments, be sure that you check your credit and pay off any creditors that you are able to or fix any mistakes on your report. Doing this will ensure that your credit is in the best standing possible. Many property owners provide lower rent costs for those with good credit as well as a lower deposit amount since they know that those with good credit are typically responsible people.
- Ask for a Co-Signer: If your credit isn't in the best standing and you aren't able to make any changes to it currently, you may consider asking someone to co-sign for you when you apply for an apartment. This will give you a better chance of being approved to move into the place. When you ask for a co-signer, just be sure that you pay rent on time so that it won't fall into the hands of the co-signer to take care of.
- Don't Forget a Walk Through: Many first time renters forget to ask for a thorough walk through. The walk through is important because you want to be sure that any damages that are present in the apartment are taken note of to be fixed. You don't want to end up paying out of pocket for damages that were already present when you moved into the place.
When you follow these four steps, renting your first place can be a bit less stressful, and you can be sure that you are thoroughly prepared. For rental properties, click the link or do an online search.