Renting Your First Place

Dreaming of renting your own place, a personal sanctuary where you can be you? Sounds great. Renting a place is a big step. It means you're growing and learning to do things on your own, but before you start packing, here are some tips to help you choose a place that fits your needs. Take a realistic look at your income and your costs. How much can you comfortably spend on rent without compromising on healthy food or going out with friends? A good rule is to spend about one third of your take home income on housing. Remember, you'll have other new expenses too, like utility bills, internet, and renter's insurance. So you'll need a monthly budget. And what about location? Sometimes paying slightly more for a place that's close to work, school, or shopping can save you money on bus fare or gas. Weigh your options. Talk to people already living there. Is it quiet or noisy? Does the landlord fix things quickly? Is it safe? If you decide to rent, you'll usually be required to sign a lease describing what you and your landlord can and can't do. A lease is a legal agreement and violating it can have serious consequences. Learn what each section means and read it very carefully before you sign. And while it might be tempting to borrow money to furnish your new place, be careful credit cards and store loans charge interest and fees. Review the terms of any loan carefully and only borrow what you can afford to repay. With creativity and maybe a little help from your friends, your first rental will soon become your happy home.