Renting a house is something many people want to consider, especially when they have a family. A house will offer more space for you to spread out compared to an apartment. Renting a home also typically comes with the benefit of working with the homeowner one-on-one, which provides a more individual experience compared to working with a landlord that has multiple tenants to attend to. However, renting a home when you have bad credit can be difficult because homeowners don't want to rent to someone with poor financial history. Here are four tips to consider that will help you rent a house even with your bad credit:
- Offer to Prepay: If you are looking to rent with bad credit, it's best to save up a significant amount of money for rent and a deposit before you start looking. This way, you can offer to put down more as a security deposit if the homeowner is still hesitant to rent out the home to you. You can also offer to pay the first two month's rent up front. This will benefit both you and the homeowner because they will get more cash upfront to gain your trust, and you won't have to worry about any additional costs on renting the home for the next couple of months.
- Sign a Short Lease: Many homeowners will charge more if you choose a short lease term. However, by doing this and paying more for rent, you give the homeowners more trust in your ability to pay the rent. On top of this, if you are unable to pay the rent, it gives the homeowner a chance to prepare for you moving out sooner rather than later.
- Bring a Co-Signer: If needs be, bring along someone who will co-sign for you. Having a co-signer gives the homeowner peace of mind because this means that if you do not pay the rent, the co-signer will be responsible for paying it. The co-signer should be someone with better credit and someone who will take on that risk for you.
- Rent From Someone Who Doesn't Run a Credit Check: Although this is rare to find, it's more beneficial for you if you have bad credit to rent from a homeowner that doesn't require a credit check before you rent out their home. This is going to save you from the stress of having to come up with other ways to gain the homeowner's trust in renting their home from them.
Consider these four tips and work with a realtor like those at CJ Real Estate, Inc to help you find a house to rent even with your poor credit.