Renting has its perks, like flexibility and the joy of a space that's just right for you. But to truly enjoy these benefits and have a hassle-free rental experience, there are some important rules you should follow.
At City & County Credit Union, we're all about empowering you with the right knowledge to make savvy decisions, especially when it comes to renting. So, let's dive into our top tips that will guide you through a delightful renting journey from beginning to end.
Before diving into renting tips, let's explore the "rent vs. buy" debate. Both options have advantages and disadvantages, and the best choice depends on your individual circumstances. Here's a quick breakdown to help you decide:
There's no one-size-fits-all answer. It depends on factors like how long you plan to stay put, your budget, and personal priorities. Be honest about your lifestyle and what solution works best for you right now.
For many, renting is the ideal solution in their current life stage. But being a savvy renter goes beyond just paying the rent on time. Follow these pro tips to make the most of your rental experience:
Kick things off by getting crystal clear on your non-negotiables. Is proximity to work or certain amenities essential? Do you need pet-friendly or extra space? Pinpoint your needs so you can spot that perfect place.
It's also key to click with the landlord or property manager. You'll be counting on them for repairs and renewals, so choose someone responsive and reliable. Ask questions and read reviews during your search.
Leases are legally binding, so read them thoroughly and ensure you understand every clause before signing. If anything is unclear, ask for clarification. A few minutes now can prevent stress down the road.
While you're reviewing, look for any terms you'd like to negotiate—whether that's move-in costs, lease length, or other priorities unique to your situation. Just remember, it never hurts to ask!
Before lugging in boxes, do a meticulous walk-through and document every tiny pre-existing flaw or imperfection with words and camera timestamps. Why? This paper trail protects your security deposit for the future.
You'll also want to line up renter's insurance ASAP. This low-cost coverage can be a lifesaver if your belongings are damaged or you face liability issues. Peace of mind is priceless when you're renting!
One key to renting bliss is sticking to your budget — which starts by following the 30% rule. Ideally, your monthly rent shouldn't exceed 30% of your net income to allow enough for other living costs.
If money management isn't your forte yet, we can help! Services like automated rent payments ensure you'll never be late or risk fees. You can even set up separate bill pay accounts to keep rent money quarantined from fun funds.
As a renter, you have rights—like being provided habitable housing and being protected against discrimination. Those rights vary by state, so do some Googling and bookmark your local renters' resources.
If conflicts arise, communicate clearly with your landlord first. But don't be afraid to escalate to the proper authorities for serious issues. Knowledge is power!
After being an awesome tenant, you'll want every penny of your security deposit back. Clear communication is key when you're ready to move out.
Request a walkthrough checklist from your landlord outlining steps for inspection, cleaning, repairs, and documentation needed to skip any unfair withholdings. Then, transfer that precious deposit directly into your CCCU checking or savings account when it's rightfully returned!
While renting offers flexibility now, we know homeownership is a future aspiration for many. At City & County Credit Union, we're here to support your financial journey — both in the present and towards your long-term goals.
Whether you're currently renting and need help budgeting, saving for a down payment, or navigating the world of mortgages, our team of financial experts is here to guide you every step of the way.
Saving for a down payment can feel overwhelming, but you don't have to go it alone. Our partnership program with LSS Financial offers members 6 free sessions per year with a financial planning advisor. Connect with an expert to create a personalized plan to achieve your homeownership dream. They'll break down your goals into manageable steps, helping you develop a budget that prioritizes saving while managing your current rental expenses.
Free up brain space for homeownership dreams! Utilize our digital financial tools designed to simplify your rental finances. Automate rent payments, track spending with user-friendly budgeting features, and schedule automatic transfers for effortless savings.
Don't wait until house hunting to start learning! We offer a wealth of free mortgage and home-buying resources to empower you throughout the process. Explore our comprehensive library of educational materials online, covering everything from the A-Z of mortgages to budgeting for homeownership.