Adult Financial Literacy Guide | Page 22

Finding a Home Here are a few other things to think about while you are looking for a place to rent.     Is the tenancy agreement month-to-month or for a fixed length of time? Is a security or pet damage deposit required? If so, how much is it? Are things like parking, storage, laundry or utilities included? If not, how much extra is it? What are the rules of the building or property? Are pets allowed (if you have one)? This can be a lot to think about while you are going to viewings. Page 25 has a list that you can fill out when you are viewing rentals. Fill it out for each place you see so that you can easily go back and compare them. This list can also be found online at: http://www.fcac-acfc.gc.ca/Eng/forConsumers/lifeEvents/movingOut/Pages/ StartUpE-Grillede.aspx Room-mates or Going Solo – How to Decide? Living on your own can be expensive. Having a roommate (or more than one) can help lower your living expenses since you share the rent, utilities and other household expenses. Finding the right roommate and deciding on your living arrangements can be part of the fun of moving out on your own—but it can also be a hassle. Write down what you are looking for in a roommate to help you make up your mind about whether someone would be a good fit. Photo credit Joris_Louwes via Visualhunt CC BY If you decide to live with a roommate or roommates, first work out an agreement on your living arrangements and each person’s responsibilities. For example, how will rent and other costs be divided? How will cleaning duties be shared? What if someone is gone from the residence for a length of time? Even if there is an agreement on living arrangements, be sure you understand your rights and responsibilities. For example, if your name appears on the lease or the account for utilities or other services, but your roommate is responsible for making the payment; you will still be held responsible in case of a missed or late payment. Your credit rating could be affected and the information could show up on your credit report for several years. The following link has information on credit reports.http://www.fcac-acfc.gc.ca/eng/resources/publications/creditLoans/Pages/ Understa-Comprend.aspx 22