I wanna have a roommate for college and was wondering the details involved in renting or leasing a home. Like if you lease, what happens if you need to move out 6 months into it? Can you have it just for 6 months? Do you need a parent to cosign? Would this affect my credit in anyway, i would def pay all the payments on time because money is not a problem, but i heard somewhere that even if you pay your payments on time it can hurt your credit do i need a realtor? what is the policy on deposits?
Some places do 6 month leases. It depends. If you break the lease contract, you usually have to pay a penalty (sometimes it is a month's rent) and you can lose your deposit They take a deposit at the beginning and refund it to you minus any payments for damages (they usually screw you out of some of it) If you are a student, your parents will probably have to cosign. Honoring the lease will do nothing for your credit. Breaking it will not either unless you do not pay the early termination penalty. They will go after you. A realtor can help you find places, but you can go to www.har.com to look yourself.
yeah ive been looking on har.com is the deposit a months rent or less generally? im looking at places around 800 a month. and could you elaborate the cosigning aspect for me? id prefer not to cosign.
usually it's no more than a month's rent, but it varies. A few places want first/last month's rent and many charge you less than a month's rent unless you have a job that pays you enough to cover rent and living expenses..a number determined by the owner, you have to have a cosigner (if you are a student or something and are young) When you fill out your application, you have to have a parent sign the application as well stating that if you do not honor the terms of the lease contract, they will be responsible for paying what is owed. It all depends on what you make a year and your credit history. Obviously if you feel that you cannot pay the entire lease, don't have your parents cosign as it will wreck their credit
oh and also would having a roomate affect anything in terms of having to cosign or not? or how does the roomate system work exactly? is it just whoever is signed under the rent then looks for a roomate or does the roomate have to go through a formal process with the landlord?
roommate usually has to fill out an application and has to be approved as well at most places. I'm sure there are exceptions
would it affect the policy on co-signing though? since 2 people are more capable of paying the rent than one. also when it says 800 dollars a month does that factor in everything? such as bills like AC, water, electricity... or are those separate expenses and are there any other hidden fees?
It depends on both of your credit histories and your current employment It will say "all bills paid" if that is included. most places do no include utilities
