Renting is prime when you are young and just stepping out of your parent's house and on your own. It will give you the chance to prove your stability in living on your own and, more often than not, if something breaks, it's not your responsibility to fix it. There are a few pitfalls, however, when it comes to renting instead of buying. Below are three of the most common problems that first time renters run into and how to solve them on your own and in an adult manner.
First off, if you already have bad credit before you're even out on your own, many landlords may not choose to rent to you. At that point, a potential landlord will see you as a liability, making the task of finding an apartment or home to rent that much more difficult. It's not hopeless though. This is the time to be as honest as possible. If you have a few credit card bills or late payments on your car, it will show up on your credit report and you need to be ready to answer why they are on there.
Write a detailed letter explaining every bad mark you have on your credit report. Explain why your credit is bad and explain the steps you are taking to improve your credit. Let your potential landlord know of the plans you have for paying off some of the open collections you have. You can also offer to pay more upfront to rent the property. Landlords like to see effort. If you offer to pay two or three months of rent in advance, they will see it as a sign of good faith that you will be a great renter.
After you secure your rental, your landlord will be in charge of repairs that are needed around your property. If your air conditioner or garbage disposal breaks and your landlord is responding when you let them know, don't get angry with them. It's a frustrating situation when repairs are not done, but there is a proper way to handle the situation and losing your cool with your landlord is not the way to do it. If the repair is not an emergency, such as a busted water pipe or the hot water isn't working, give them a little time to respond before you get antsy. Usually one or two days is ample time for them to call you back.
Before you sign your lease, be sure that the property landlord writes out if you or they are in charge of those repairs. If they are responsible for repairs but aren't calling you back, don't be afraid to fix it yourself or have someone else fix it for you. Keep all receipts for parts and labor so you can give it to your landlord proving that you fixed the problem.
Short On Rent
So you've been living in your apartment for a long time now and you know you are going to be short on rent this next upcoming month. Unexpected expenses are just another part of adulthood you can never be prepared for. You have to let your landlord know immediately. Do not wait until the day rent is due, and don't avoid them thinking they will just go away. Neither one will make you look good and it may get you a notice to vacate the property.
Once you know that you will be late on your rent, open a dialogue with your landlord. Calling is always best. You never want to text bad news to anyone. Call your landlord and explain the situation. Give them a detailed plan on how you are planning on paying the rent. Give them what you can now and give them a set date you will pay the rest. It is important to honor the date you give. The landlord will look back on your past rental history with them and make the determination from there. Your landlord may still decide to make you pay or leave, but at least with an open dialogue your chances of being able to stay and pay off the month raise dramatically.
Stepping out on your own for the first time is an exciting time in any young adult's life. There are many benefits to renting, but there are also a few problems that you can run into. By knowing these common problems and how to solve them, you will be on your way to being a responsible adult. Keep these tips in mind when looking at condos for sale or rent.