How much should I spend on rent as a tenant?

Financial experts generally recommend spending no more than 30% of your gross monthly income on rent. For example, if you earn $3,000 per month, your rent should ideally be under $900.

What is renter's insurance and do I need it?

Renter's insurance protects your personal belongings and provides liability coverage. While not legally required, it's highly recommended as it can cover losses from theft, fire, or accidents, and typically costs only $15-30 per month.

How can tenants build credit while renting?

Tenants can build credit by: paying all bills on time, keeping credit card balances low, maintaining old credit accounts, and considering rent reporting services that report rent payments to credit bureaus.

What should I do if I can't pay rent on time?

Contact your landlord immediately to discuss the situation. Many landlords prefer communication over surprises. You may be able to arrange a payment plan, temporary reduction, or grace period to avoid eviction proceedings.

How can tenants save money on utilities?

Reduce utility costs by: lowering thermostat settings, using LED bulbs, unplugging electronics when not in use, taking shorter showers, sealing air leaks around windows and doors, and comparing service providers for better rates.

Closing the Deal

House Hacking

What Happens at Closing?

After Closing

Congratulations! You’ve just purchased your new home.

Paying Down the Mortgage

What Happens If You Miss a Payment?

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TABLE OF CONTENTS