House-Renting

Need To Rent a House? Follow These Super Useful Guidelines

Renting offers a lot of benefits to tenants. One such benefit is that they are relieved of the responsibility of carrying out any required property upgrades. Additionally, they are exempt from paying high rental property taxes. Renters also have the choice to pick up and relocate after their lease period, allowing them a considerable amount of flexibility in terms of relocation. However, there are a lot of tasks and responsibilities that renters must be aware of while renting a home.

Here are 7 things every tenant should do before moving into a rental property.

1. Understand What You’re Doing

Don’t make a quick decision to get out of the house as fast as you possibly can, whatever the reason may be. A lease is a legal contract; once you sign that, you are legally bound to it. You’re in great shape if you follow it and pay your rent on time. Your current landlord will write a glowing recommendation for you for your next place, and you’ll have established a rent record. And in some places, rents are being reported to credit agencies, so this can help your credit score. But if you don’t adhere to the terms, you open yourself up to eviction and collections, which can drive your credit score down. You must establish a good record since this will follow you for your years regardless of your rental and housing history.

2. Research the Neighborhood Before Moving In

Indeed, renting isn’t a long-term solution. However, nobody wants to be stuck in a bad neighborhood, even if it’s for a few months. For this reason, renters must conduct thorough research of the community they are planning to move into. According to the information found at PropNex, carrying out a full investigation will stop you from making rash decisions that might impact you negatively in the long run. When researching neighborhoods, look over the crime rates of the area, as well as the accessibility of general facilities such as grocery stores, gas stations, restaurants, and public transport options.

3. Create a Budget

If you’re renting for the first time, you need to understand what you can or cannot afford. Your rent should never exceed, if possible, 1/3rd of your monthly income before taxes. There are lots of fees related to renting a property; as a first-time renter, you might not be aware of them. These fees typically include security deposits, first-month deposits, and application fees. As a first-time renter, your landlord may even ask for a double security deposit, so it’s essential to have a budget for all of these costs.

4. Have a Cosigner

A cosigner acts as a guarantee to the landlord that the rent is going to be paid on time. They usually have a good income, good credit, and residential history and are often a parent, guardian, or close family member. Having a cosigner gives you the benefit of establishing a rental and payment record, and the landlord feels as if they are assuming less risk if someone is guaranteeing the rent for you.

5. Find an Independent Landlord

Independent landlords are usually those landlords who manage their properties by themselves. Property management companies have strict guidelines around credit score and rental history; independent landlords have much more flexibility and are in a better position to negotiate with you.

6. Get a Roommate or Roommates

This tip can be helpful if the roommate is slightly older than you, has more residential history, and has a relatively higher credit score. You can move in based on their credentials and establish your own residential history that you can use in the future. This can also help with your budget, as having a roommate means you’ll be splitting the rent with them, giving you extra cash for utilities, other expenses, or savings.

7. Go Small

When we say small, think about a studio apartment. Renting smaller places means that the cost of rent will be significantly lower, along with the other utility expenses that come with it. It is also quite challenging to maintain large apartments/housing spaces. One of the benefits that come from renting small spaces is that most of them are already pre-furnished. This will eliminate having to furnish your living space from your to-do list.

House-Renting-Guidelines

Renting out your own space for the very first time can be both nerve-wracking and thrilling at the same time. Once you’ve gotten over the hurdles of renting your own space, you’ll be able to feel the joys of living in your very own home.