After finally saving up enough money to use as a down payment, I decided that it was time to hit the market. I met with a lender, got pre-approved for a loan, and then started visiting different properties. However, I quickly realized that I didn't know as much about real estate as I would have hoped. I wanted to find a great neighborhood and know what to ask the professionals, but I could tell that I needed a little help. To point me in the right direction, I started working with a great real estate agent who was familiar with the area. This blog is all about educating the general public on real estate matters.
Moving out on your own for the first time can be a frightening and exciting endeavor. You may have already found that many landlords are hesitant to rent to you simply because you are young and have no history other than living at home with mom and dad. Learning more about how you can go about renting your first apartment is important and can help you save a lot of time and money. Don't stress out and follow these tips for getting in the door of your first home on your own.
Getting Past Rental History
Many landlords require you to fill out an application before renting their property to you. A rental applications allows landlords to learn more about your past, whether you have ever been evicted or if you have a criminal past. However, when you are taking the first step out of your parent's home into your own, you will have to provide other documentation and proof like the following that will prove you are legitimate and can be counted on to pay your monthly rent on time:
Proof of income: Start now collecting paycheck stubs to prove you have a real job and how much you make at that job.
Checking and savings accounts: If you do not have a checking or savings account, now is the time to open one or both of them. Being able to show a landlord you have bank accounts is a good way to show you are responsible with your money.
Co-Signers: If your parents or someone else you know is willing to co-sign with on a rental lease, be sure to take that person with you when you look at apartments. Bear in mind the co-signer you choose will need to have a decent credit score and reliable rental references.
References: Every rental application asks for personal references. If you have friends that can vouch for your dependability and good character, put them down. You can also put down co-workers, teachers and college professors.
Creating A Budget And Saving Money For Moving
If you have been living at home with mom and dad, you more than likely had no reason to maintain a monthly budget. Creating a budget for when you are on your own is essential for making your bills on time while also having some money left over. Write down how much you can pay for rent and add to that monthly expenses for food, electricity, water and things like gas for your car or clothing. Decide if you want a one- or two-bedroom apartment in your local town and check the average price for each. If you already know how much you can afford for rent, finding your first apartment will be a little easier. In addition to making a budget you can live with, saving up the money for moving is vital. You will need the first month's rent, a deposit and sometimes the last month's rent as well. Remember you will also need the cash for utility company deposits, so start putting money in your savings or checking account in the months ahead of looking for your first apartment.
The first night you spend in your own home can be exhilarating and scary at the time, but by making the preparations ahead of time, you can enjoy that first night instead of worrying about how you will make ends meet.Share