Preparing Your Child to Leave the Nest
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Before your child moves into her first apartment, help her learn the legal aspects of renting, her rights and responsibilities as a renter, the rights and responsibilities of a landlord, as well as the initial costs she'll face. Your child will need to understand the different kinds of leases. Leases can be written or oral, but you should encourage your child to get hers in writing, and to read the terms carefully. Make sure she understands that the lease is binding, and inform her of the consequences of breaking her lease. Along with a security deposit, your child will have to pay her first month's rent and possibly the last month's rent as well, so she will need to make sure she has enough capital to cover these expenses.
If your child is worried about high rent, she might want to consider living with a roommate and splitting the costs. Of course, there are potential drawbacks to living with a roommate. Make sure that she understands what personal qualities and habits to look for in a potential roommate, including reliability.
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