There are a number of reasons why you may wish to rent a home over an apartment or condo. You may need a yard for a family dog or need more space than an apartment or condo provides for. Regardless of why, if you want a home, it is ideal that you have good credit. Corporations that own apartments are more likely to offer apartments to less-qualified tenants to fill up their complexes, whereas those who own homes are less inclined to get a less-than-perfect tenant in. However, this doesn't mean that you can't rent a home with bad credit. You just may need to make some compromises. Here are a few ways to rent a home with less-than-stellar credit.
Improve Your Credit Score
When you go to rent a home, your credit will be run. This gives the landlord some indication as to how timely you are when it comes to paying your debts. If your score is low, they may be hesitant to rent to you for fear you won't pay them. Sometimes, it is better to put off moving, if possible, until you can improve your credit score. Paying down your debt and settling past due bills in collection are both great ways to improve your score.
Consider a Co-Signer
If your credit history is not the best, then a company or the landlord may require you to have a co-signer. If you are to default on making the rent, the co-signer is legally responsible. This gives the landlord peace of mind that they have someone else to turn to should you not have the money to pay your rent, which can be the push they need to rent to someone with not-so-great credit.
Provide a Larger Than Normal Deposit
The last way to rent a home may be to put down a larger than normal deposit. If you have a larger deposit, a landlord may rent to you because they have the money in hand, should you default. Coming up with the extra money can be challenging, but if you are able to do so, it can help you get the home you want to rent.
If you are willing to compromise and wait to improve your credit score, provide a co-signer or come up with a larger deposit, a rental agency or landlord may be more willing to rent a home to you if your credit isn't perfect. Finding houses to rent can be more challenging when your credit isn't perfect, but it isn't impossible. Using one of these methods will make it easier for you to find that perfect place to call home.
For help finding a house for rent, tlak to a professional like Charles L Moles Real Estate Services.