Springtime is a wonderful season. Since I live in the Midwest, I love watching the plants come back to life and the baby ducks swimming in the pond. It’s a time of renewal, fresh starts, and change. Springtime is also a time when most apartment leases are expiring.
There are so many times, too many for me to actually count right now, where I receive a frantic call from a person who says that their apartment lease will be up in 30 days and they just found out their rent is increasing to some astronomical amount that they can’t afford. They are worried, scared, desperate and want to know what their options are.
Sometimes I want to scold them like their mother and say, “Why did you wait until the last minute? You need to learn to handle your business like an adult or you could end up without a place to live!” Of course, I don’t say this because I feel like they already know in their heart that they messed up. So, I ask them some basic questions to figure out what their options are.
If you are renting, you want to connect with your landlord to see if there will be a rent increase at least 60 days BEFORE your lease expires. This will enable you to decide if you want to continue to rent your current apartment, find a new apartment, or purchase your own place. 60 days is usually enough time for you make a move if you decide to.
Your credit score is important. A common misconception that many people have is that they think their credit score is only important when you want to buy a home. This is a big misconception. Landlords and property management companies usually require credit and background checks. A credit report is a report that provides an overview or snapshot of how well you pay your bills on time and how much debt you have. You want to make sure that you are paying your bills on time so that it reflects a good repayment record.
Is your credit score in the 600s? You might want to talk to a trusted mortgage lender to see if you qualify for a home loan. There are many different home loan options along with down payment assistance. You might have a pleasant surprise of being approved for a home loan so you can buy your own place and stop making your landlord rich.
Written By: Shena Omotola, Dream Home Specialist & Broker Owner of Skyward Realty – Skyward Realty services Chicago, Suburbs, and Northwest Indiana
P.S. Feel free to email me any questions. I’m always here to help. Check out my recent resources for first time home buyers and sellers. Save $4.00 off each book with the discount codes.
“27 Mistakes First Time Homes Make & How To Avoid Them” – Use Discount Code: Buyer400
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