Renting is often the first step to adulthood. It allows for more manageable expenses and less accountability. Being a first-time renter is a stressful, exciting, and expensive part of any 20-30 year old’s life.
However, there is an easy way to approach it: with the 7 C’s of renting! These are costs, co-signers, credit, contract, convenience, companions, and comforts. If you follow these 7 e-C steps to renting, you will have much less hassle.
Step 1: Costs
Costs involves the monthly payment for the location you are renting and initial deposits. This would also include any fees that would be accrued for a late payment. Utilities such as water, electricity, parking, HVAC, garbage disposal, internet, TV, and oil/gas are all to be considered as well. This would also be any renter’s insurance that adds coverage to your belongings while on rented property.
Step 2: Co-signers
Co-signers are people outside of who is living in the rented property who basically guarantee or assure the landlord that the rent will always be paid. If something happens to the renters, the co-signer will be charged. It is important to make sure you have a parent, friend, or trusted individual that has a good credit to be your co-signer.
Step 3: Credit
Credit is pertinent to have established if you plan on renting. Accruing at least a small amount of monthly debt and paying it off quickly shows landlords that you are able to pay your debt, and soon their housing costs, off efficiently and effectively.
If you do not have established credit and are looking to rent, having a good savings account balance or a high steady income will usually be sufficient until you have established credit as long as you pay your rent on time.
NEXT: 4 Final Things To Know
Susan McCullah is an established writer who has created dozens of informative articles about credit scoring, identity theft, budgeting, taxes, debt, and finance. She has worked in the Credit Reporting industry for 15+ years and is FCRA certified. Susan regularly conducts in-person presentations and webinars on the topics of credit scoring formulation, raising credit scores, and identity theft.
