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5 Financial Tips for Renting a Home
Be a financially savvy renter.
5 Financial Tips for Renting a Home
Be a financially savvy renter.
Finding the right place to call home can be challenging in a hot rental market. If you use the resources of your community bank for your financial needs, however, you may get added help to simplify the process of renting a home.
Consider these five ways a community bank can help you rent your next home:
1. Determining total costs
Renting a home costs more than just the monthly rent payment. Usually, you’ll also have to pay utility bills, internet or cable service bills, and renter’s insurance. Your community banker can help you figure out the total monthly costs for renting a home, and may have insight into the cost of living in that community.
If those total costs turn out to be less than you expected, you could consider offering to pay a slightly higher rent if you’re looking to rent in a competitive area. Offering a few more dollars each month may help you beat out other tenants who are clamoring for the same rental home.
2. Cleaning up your credit
Before you complete a rental application, it’s a good idea to check your credit. You can request one free copy of your credit report every year. Landlords will perform a credit check before renting to you, so you should know what they’re going to see before they do.
If you spot errors in your report, you can try to get them corrected before you apply for a rental home. If you need to build credit, your local bank may have products designed to help you do so.
3. Providing documentation to a landlord
One of the best ways to show a potential landlord that you are prepared to reliably pay the rent every month is to provide them with documentation of your financial situation. These documents should have as much personally identifiable information redacted as possible. Your local banker can supply you with recent bank statements to document your regular monthly cash flow. With these documents, the landlord will see that you have enough money going into your account each month to cover the costs of the rental home.
4. Supplying a money order or cashier’s check
In a hot rental market, there are more potential renters vying for fewer properties. If you’re competing with other candidates to land a rental house, it’s wise to be prepared to pay a deposit when you view a home. That way if you want the home, you can secure it on the spot with cash.
In addition, many landlords require the first (and possibly last) month’s rent along with a security deposit, so you may need to bring along a large chunk of money in order to snag a rental home. Rather than carrying that much cash around with you, your community banker can provide you with a more secure money order or cashier’s check, so you can be ready to pounce when you find the home you want.
5. Automating your monthly rental payments
Once you’ve secured the rental home you’ve been looking for, it’s crucial to make sure you pay the rent on time every month to avoid any problems down the road. Talk to your community banker about setting up automatic rental payments from your bank account to make sure you never miss a payment.
While any bank may be able to provide some of the things on this list, a relationship with a community banker allows you to simplify the process and get them all done at once. When it comes to finding a place to live, having a bank that can help you get the home you need while making the search easier, is a great advantage to have.
Find the home you want today with help from any of our 170-plus community bank locations, or make an appointment online to talk through your options with a banker.