Related Post: The Cost of Moving Out
Obviously, there are a few things to know if you’ll be renting…
First Time Renter: What You Need to Know
Don’t Let Poor Credit Stop You
Let me tell you, poor credit is not a death sentence. It’s still possible to get your own place if you work a little harder for it. You’ve got to prove that you’re trustworthy, when a line of people are saying you aren’t (a.ka. the lendors, creditors, collectors..). A good way that could work is to offer to pay a larger deposit! Or see if you can co-sign with someone.
Once you get accepted, you’ll need to start thinking about increasing your credit.
Managed Property or Landlord?
As a first time renter, you have two options to choose from. You can rent a home directly from a landlord, or you can rent an apartment, usually owned by a manager or managing company.
There are good and bad sides to both.
In my experience, I don’t like apartments. Your walls are usually shared, you have to worry about neighbor complaints, it just doesn’t feel “free” to me.
In rented homes, you’ll also run in to issues. Every landlord has different rules. Sometimes you can’t paint the walls, sometimes you can’t put holes in the walls (like nails, for picture hanging). It can be difficult to track down your landlord when you need maintenance done, and there’s not usually a set time they have to fix things by. Thankfully, our landlords are amazing. Hopefully yours will be too!
Most things are better when insured, and this is no exception. Insurance policies like Allstate renters insurance are essential. They provide security for YOUR possessions, where your landlord usually only has insurance over house maintenance and natural disasters.
Know Your Rights
As a first time renter, you may not know how to find your lawful rights. Even though you don’t have as many rights to the property as the mortgage owner, you still have important ones to learn. Every state has a tenant rights handbook available, that you should read. It allows you to know exactly what rights you have living in your state.
I hope this information helps you on your search for a new home!