Housing: renting, leases and buying
Know what you are signing before you sign it.
Count the cost before you begin. A lease and a mortgage are both decisions to make with your eyes open.
Luke 14:28
The parts that matter
A lease fixes your rent, the length of the term, the deposit and who pays which utilities. Look closely at the notice required to move out, the penalty for breaking the lease, and rules on subletting and guests. A security deposit is yours, but getting it back requires documenting the condition of the unit on day one with photos.
Roommates
A joint lease usually makes every tenant responsible for the whole rent, not just their share. If a roommate stops paying, the landlord can come after you. Write a simple roommate agreement covering rent, utilities, chores and what happens if someone leaves early. Awkward conversations now are cheaper than eviction records later.
Key terms
Security deposit: Money held by the landlord to cover unpaid rent or damage.
Subletting: Renting your unit to someone else, usually requiring landlord approval.
This week's money move
Read a lease you did not sign
0 of 4 done
Week 10 check
3 questions · no grade, just a gut check
1. On a joint lease, who is responsible for the full rent?
2. Buying usually beats renting financially when you…
3. Which cost do first-time buyers most often forget?