This coming fall I will be moving to the Windy City!
Many of my friends & family's concerns have been whether or not I can handle it; since I'm young, naive, etc.
But, I took Mr.Johnson's Consumer Math class & I know I'm ready, so I'm here to help YOU.
Here are some FAQ's for renting (:
Q: How much can I afford, or how much is too much for rent?
A: The general rule of thumb is to never spend more than 25% of your gross pay. If you're working at McDonalds, there is no reason for you to be looking into living at the Lucky on State Street. & even if you are making the big bucks, you should still only spend 25% of your paycheck and save the rest.
Q: What are the types of leases offered?
A: There is the yearly lease, the typical month-month lease, and a school term lease. The title says it all. A yearly lease is a year commitment you make and you may renew it whenever it comes up, so say you signed the lease in May, you will be able to renew it the following May. Month-month you will have to renew monthly. & the school term is a common one for students living in college towns. You can either rent a fall term or a summer term.
Q: What will my rental agreement look like?
A: Rental agreement's can vary from place to place. Generally they will include; rental amounts and terms, guests policies, rules of conduct while living in the complex, key deposits for general items (main door, mailbox, garage, etc.), rules about pets, termination requirements, parking policies, amount of rent to be paid and its monthly due date, what utilities are included with the rent, length of occupancy, security deposit.
Q: Would it be beneficial to have a roommate?
A: Anywhere you could save money, go for it. BUT, be careful in your selection. You want to be careful to select someone that you could really get along with, noise complaints from your constant fighting will result in an eviction. Also, it should be someone you trust and know that will pay their share of the rent and not leave you hanging.
Q: What is a security deposit?
A: Amount you pay up front in case any damages are to occur while you are occupying the residency. After you move out and there are no damages, you could get the money back!
Q: Should I get renters insurance?
A: I would, just to have a safety net in case any disaster were to occur such as a natural disaster or burglary. There is no way to stop any natural disasters such as a fire, tornado, flood, but you can protect yourself from burglary by selecting a safe neighborhood and always taking precautions by locking your doors, windows, etc.
