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Renting or Buying a Home
We all need a roof over our heads. For most of us, there are two options available. Either we rent or buy a home depending on our financial condition or living situation. In today's world, the cost of living has gone up drastically. Property prices and home loan rates have risen considerably. Therefore, you must research both renting and buying and then make an informed choice. Depending on the location and size of the homes for rent that you are interested in, you could end up paying a considerable amount of rent. On the other hand, if you buy a house by taking out a loan, you might end up paying more in total repayments on the loan than the home is actually worth. Weighing these options in light of your personal needs is crucial to your search for the right home for you.
Renting a home has a lot of benefits. You have the flexibility to terminate your lease and move whenever you want or need to. You are not usually responsible for any maintenance or repairs. You don't have to pay property taxes.
If you cannot afford to buy a home, then renting one is the most feasible option. Most rental homes are handled by homeowners themselves, making it relatively easy for you to rent a home quickly. Also, you don't typically need a real estate agent to help you find a property since you deal with the owners directly.
Finding the Right Rental
There are several factors to consider when you plan to rent a house. Ask yourself:
- Is the neighborhood safe?
- Is it close to your place of employment?
- Is it close to a good school system or your church?
- How many bedrooms and bathrooms will you need?
- Do you have a pet or roommate?
- Do you have large furniture that has to fit in the home?
- Will you need parking accommodations or do you need to be close to public transportation?
- How long do you expect to live in the rental home?
- What are the parking regulations in the neighborhood?
Make a list of requirements before looking at homes and you will have a better chance at finding the right rental that fulfills all of your requirements once you sign the rental agreement.
Things to Watch Out For
Before you sign on the dotted line, inspect the house for physical damage or safety violations. You want to make sure that the rental is safe to live in and you are not held responsible for damages caused by previous renters. Taking pictures or a video recording of existing damage is a great option. You can date them and get the landlord to sign a document stating that he or she is aware of the damages. Also, ask your landlord to rectify the damages before you move in and that any repairs be recorded in the rental agreement.
Getting Ready to Move In
To ensure that you are getting the right home for you and your family, you also will need to check with the landlord about several concerns and ask any questions you need to before signing the rental agreement. Establishing a cordial relationship with your landlord will have a positive impact on your stay in your rental home. The rental agreement is a legally binding contract which will contain all the information about your obligations, the landlord's obligations, and the home you will be renting. Things such as the price of the security deposit, the consequences of breaking your lease early, and so forth, will be explained thoroughly in this contract. Once you have signed on the dotted line, you will be able to move in. When you rent a home, you are generally responsible for the maintenance of the entire property, which includes cleaning and managing both the inside and outside of the house. If you want to keep your security deposit, you must make sure that your rental is kept in good condition during your stay there.
Other Rental Options
You can also look for homes with rent-to-buy options. Even if a home is not advertised as rent-to-buy, you can ask the owner if they would be interested in selling it in the future. You'll want to keep in mind, however, that even if the owner expresses an interest in eventually selling the property up front, they will not be obligated to sell to you.
Since it might be difficult to find a rental home that meets all of your requirements, you will want to find listings for several homes before choosing one.
You can start your search for rental homes in the area of your choice with Rent.com. Rent.com is a great way to find local homes that fit your requirements and your budget.