Looking for a new place to rent can be an exciting but exhausting process. You may already know what you want in an home, and you probably have your heart set on a specific area or neighborhood. However, some aspects of finding a home and renting are not exactly enjoyable. Getting approved for a rental isn’t always easy. However, there are a number of things you must keep in mind, as well as steps you must take, to help make the process simpler.
1. Some Landlords Require Good Credit History~ When looking at credit history it might now always be about the score itself. We look to see if you have left owing money to another landlord or apartment complex. We also check to see if you owe any utility companies.
2. Rent Doesn’t Help Your Credit Score~ When trying to apply for a mortgage loan remember that rental payments are not apart of your FICO Score.
3. You Can’t Always Remove a Co-Signer or Joint Applicant~ Understandably, your situation can change within a year. Your roommate can move out of the apartment. If you choose to have a joint applicant, understand that you can’t easily remove this person from the agreement. Each person that signs the lease remains responsible for the unit and the rent payments until the lease ends. To renew the lease for another term without your co-applicant, you must provide information proving you can afford the rent on your own.
4. Get renter's insurance~ It is NOT the landlord or owner's responsibility to replace any stolen or damaged items from your property.
5. Read your lease~ I know that when you move into your new property you are excited and ready to go. However, once you are moved in and settled re-read your lease. When you first move in you might be in a hurry and didn't hear something that was told to you about late fees, plumbing issues, and/or lock outs. It is better to know what is what instead of being surprised about it later.
When you begin to look for a new home be sure to have everything that you need before applying. This helps the process when applying. Call the complex or property manager beforehand to see what items you may need. Many properties need your proof of income and driver's license. Some places request your social security card as well. Remember that application fees are NOT refundable. It cost money to run your credit report. If your application is processing or processed, you will not get the application fee refunded. Some properties also allow you to place a hold fee on the property as well. Before applying for a property make sure that their isn't already a hold fee on the property and if not, see if you can place the hold fee on the property if you are really interested.
Until next time...........