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Renters Agreements - A First Timers Guide to Rental Property Agreements
Moving out on your own into your own apartment can be an exciting thing. However, there are some things you should be aware of with regard to renters agreements and other arrangements, so that you know exactly what you are getting yourself into. First is how much you can pay in rent. Rent Payments Your rent payments should be equal to or less than about 30% of your income. Calculate how much you make every month and multiply it by .30 to see what you can pay in rent. Look for apartments within that price range. Your Credit Report How is your credit? If you have no credit or bad credit you might have a hard time getting your own apartment. Most landlords will check your credit report to see how likely you will be to pay your rent every month. Get your credit report from all three agencies (Experian, Equifax and Transunion) to see where your credit stands. If you have any outstanding balances on your credit report, pay them or correct them before you rent. Rental Application The first thing you will be asked to do is complete a rental application to see if you would make a good tenant. This is where you will need to fill in all of your personal information: your name, current residence, place of work, income, social security number, date of birth, driver’s license number, and any other personal information they may ask for. Make a good first impression with your landlord by asking for the rental application in advance, filling it all out, and then bringing it to the landlord when you are given a tour of the apartment. Rental Agreement or Lease This is where you could become confused or overwhelmed. It can help to have an experienced adult come with you to read over the rental agreement with you. You will either be given a yearlong agreement or a month-to-month agreement. Your rental agreement should cover all of the aspects of living in the rented apartment, such as rent amount, when the rent is due, what happens when you are late or do not pay, how long of a notice you need to give if you want to move out, how much notice the landlord needs to give if they decide to change anything in the agreement, and how long the lease is in effect for. The rental agreement will also outline that you are responsible for the apartment while you are there, and that you will be responsible for any damages made to anything in or outside of the apartment. It should also go through what is included in your rent such as heat, hot water, electricity, or cable. Some landlords give heat and hot water as a part of your rental payments. It should also outline how much you need to give as a security deposit and how it would be used if anything is damaged when you leave the apartment. The most important rule when going out on your own and renting your own apartment is never sign anything before you read it and understand it.
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