Some Things First Time Renters Should Know
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What Are Some Things We Should Know as First Time Renters?
First time renters typically have many questions, since none of us was born with this built-in knowledge. Fortunately, deciding on apartments and homes for rent is not as complicated as evaluating real estate for purchase and learning the mortgage process. There are questions and answers you should know to make your apartment search more successful. Here are a few for your consideration.
- How much can I realistically spend on rent? This may appear to be a question that has an obvious answer for all renters. Wrong. Some first time renters often use the same approach they take when buying a car or a new flat screen TV. Spending an extra $40 per month on a car payment or an extra $100 for a larger HDTV is NOT the same as bidding on townhouses for rent that cost significantly more than your budget dictates.
- Know your credit strength (or weakness). Learn the status of your credit rating BEFORE you spend a lot of time viewing townhouses for rent. If you're credit report is strong, you can look at all interesting homes for rent that you can afford. Should you have credit problems, prepare an honest, realistic explanation in writing that you can give to any prospective landlord who asks.
- Decide whether you want a monthly rental or a longer term lease. First time renters sometimes make the mistake of spending many hours looking for the perfect rental home, finding it, and then settling for a month-to-month rental, which can be terminated on 30 days' notice by either party, when they really want a long term lease. Sometimes conditions dictate that you should opt for a monthly rental, but you still sign a lease that you know you may not be able to fulfill.
- Know your rights and responsibilities. Get information through the Internet about both your rights and your responsibilities as a tenant. A successful home rental results in a win/win situation for both landlord and tenant. This result is much easier to achieve when you know what you can and cannot do, and what you should or should not do.
This is a partial list of some important things you should know as a first time renter. Get as much information as you can before you become serious about looking at townhouses for rent.