Do’s and Don’ts for a First-Time Renter

Renting for the first time can be super intimidating if you’re unprepared. Luckily, you’re not alone. According to the Pew Research Center, about 40% of all Americans who live in houses rent them. 

We here at HomeSite Residential strive to provide a stress-free renting experience, and part of that is creating a comprehensive “Do’s and Don’ts” for a first-time renter like yourself!

Do: Check your Credit Score

An often-overlooked aspect of renting is the application process, and part of that process is knowing your credit score. As a first-time renter, it’s extremely important that you are aware of this score and do everything in your power to increase it. Your credit score will impact how likely you are to be selected when applying to rent a home, as well as interest rates for loans and mortgages. A ‘good’ credit score falls around 670 – 740; ideally, you’ll have one above 635. 

Don’t panic if you don’t fall in that range just yet– you can still rent a home, but you might have to bring a co-signer to reassure the landlord that you will make payments on time.

Don’t: Assume You’ll Get a Home Just Because you Apply

In today’s nationwide renting landscape, more people want to rent than there are spaces available. Don’t worry– all this means is that the application process is more critical today. Although we hope you rent with HomeSite, it would be irresponsible of us to say that you’re guaranteed to be selected for any given home. 

You must diversify your renting applications— as much as you may love a specific place. With this strategy, there’s a very good chance that you’ll be selected for multiple different rentals, and you’ll be able to choose the best place for you.

Do: A Walkthrough with your Landlord Before you Move In

This is the most important tip we can give you today: You must do a home walkthrough with your landlord before moving in. Not enough people pay attention to this step of the home-renting process, and they get burned when a significant problem reveals itself weeks or months later. There are two reasons a walkthrough is extremely important for you to do:

1. The landlord will fix the problem before you move in. Instead of being forced to confront a significant issue (which is unlikely with a HomeSite home) after you’ve moved in, the landlord must correct the problem before your contract begins with them.
2. You won’t be liable for pre-existing problems. As mentioned above, if you identify a problem when you conduct a walkthrough of the property you intend to rent, the liability will fall onto the landlord to fix it. For example, if part of a wall has a dent when you arrive, and the landlord was not notified, you are responsible for paying those damages, as you cannot prove you did not cause the dented wall.

Don’t: Pay a Rent Higher Than What You Can Afford

You’re likely to rent multiple different places throughout your life, so don’t overextend your budget on your first one. Your future self will thank you if you stay within your price range as a first-time renter.

This doesn’t mean you can’t live in nice places, however. One of the best ways to make a place you love fit your budget is by adding roommates to the equation. HomeSite rental homes are perfect for roommates. With upwards of 3 bedrooms and 2.5 baths at homes like 13324 Talisker Road, you’re unlikely to feel cramped, and you’ll have plenty of privacy.

Do: Have your Rental Paperwork Ready when you Apply

Nowadays, the rental process moves quickly, and you must have your documents ready. Otherwise, your application may be tossed to the bottom of the pile. Ideally, when you go to a showing, you should have a pre-filled-out application form, pay stubs, and copies of your electronic forms. 

As a first-time renter, you may have a co-signer. It’s crucial that their documents be ready as well, as the last thing you want to do is be on the phone with your parents asking if you can get their bank statements. You won’t get the place you’re looking for if you have to scramble for documents you or your co-signer forgot.

Don’t: Panic Rent Under any Circumstances

If you’ve followed our tips, you won’t have this problem. You should not panic rent under any circumstances. Yes, the process moves fast, and you will undoubtedly not be selected for every place you apply to, but you will regret panic renting. Many people resort to downsizing because they are desperate to find a place to rent immediately. This leads them to put items in storage, ultimately wasting money that could’ve been used towards rent and savings if they had been more patient with their search.

Create a list of your wants and needs for potential rentals, prepare your documents, apply to multiple listings, and remain true to your budget. It may sound intimidating, but you’ll quickly become a seasoned expert by remaining patient, calm, and thorough about your first renting process.

Start your Renting Journey with HomeSite!

Luckily for you, first-time renter, we want to make renting as easy as possible for people such as yourself. Follow the tips and tricks in this article, and browse HomeSite’s available rental homes on our website today! We hope to see you soon!