Want to rent a house in the Charleston area? Read this.
Posted By: Teresa Porter
In: Renting vs Buying
Date: Wed, Jul 6th 2016 1:16 pm
Not everyone can purchase a home for various reasons. So if you are planning on renting until you can afford to purchase here are a few helpful tips.
- Rentals in and around the Charleston SC area are in high demand so they go fast in most cases.
- When you find a rental that meets your needs be prepared to move on it.
- Know your FICO (credit) score in advance. This is important. Each person whose name will appear on the lease will be required to allow the company to run a credit check. Most companies are looking for scores over 600 but this doesn't necessarily mean that a score of 580 will be declined.
- Be prepared to pay an application fee. This fee varies from as little as $35 per applicant over 18 to upwards of $100. Some companies charge an additional administrative fee on top of the application fee. Application fees are usually NON refundable.
- You will need to provide proof of income (check stubs, last year's tax return,etc) for each person who will be named on the lease, copy of driver's license, passport, or State ID, and copy of social security card or green card.
- A deposit in the amount of the first month's rent PLUS one month's rent is required once your application has been approved. As a rule these fees are due within 48 hours of application approval.
- Ask if renter's insurance is required. This is insurance covering your personal property in case of fire, theft, etc. This does not cover the structure. If required , you will need to obtain this insurance and pay the 12 month premium in advance.
Property Management Companies vary greatly when it comes to application fees, pet deposits, lease terms, etc. Do your research and read reviews posted by former renters. READ THE LEASE AGREEMENT....WORD FOR WORD!
If you would like to obtain a cost comparison for renting vs buying give me a call.
Teresa Porter, Realtor AgentOwned Realty 843-300-5822
If you would like to see if you qualify to purchase a home please call our in-house lender
RexAnn Strecker Prosperity Home Mortgage 843-860-0809