Before you sign your name to that rental agreement, step back, take a deep breath, and consider the most important first decision you need to make.

The first question you need to ask is, "How much rent can I afford to pay"? If you pay too much then you could get into a situation where you will be perpetually late on your rent payments or other bills and that will damage your credit.

When renting a home the rule of thumb is this. You should spend no more than 30% of your take home pay per month on the rent.

If the rent on that house is more than 30% you might want to think twice about taking the plunge. If that's the case then you want to look for something more affordable for your income.