Tuesday, January 1, 2008

Life Skills: Deposit and Turning on Utilities

Many rentals require you to pay some sort of deposit before moving in. Usually this is a security deposit plus first months rent, or a first and last months rent or some combination. If you are planning to rent from an individual you may want to ask them if they could waive the deposits, and let you pay a little extra each month to start with until you have paid off the deposit. For example: The required deposit is $500 plus the first months rent which is also $500. Ask if you can give only $500 to start with and then pay $600 for the next five months to pay the deposit. After those five months you would then only pay the original rent price of $500.
If you have to put the utilities in your name you may be required to pay deposits to hook them up. Try to find this out before signing any rental agreements. You can ask the person you will be renting from which companies cover that area and then call them to see what your deposits, if any, will be. Some companies have flat deposits, some base it on your past utility history, and some base it on your credit report. Some utility companies will hold that deposit the whole time you have the account and some will return your deposit after a certain time frame of on-time payments.

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