When most people think about buying a house, they think about mortgages, down payments, and all of the other necessary things to own a piece of property. However, what if you don’t want to purchase a house? What if you’re not ready or able to buy one? It is where renting comes in.
Is it time to move? If you’re indecisive about renting a house, consider the advantages that come with doing so. Renting offers all sorts of benefits, from convenience to affordability. With today’s technology, there are many more options than ever before when it comes to finding a rental that fits your needs. Whether you’re seeking to be near to your place of business or school, or if you need extra room for a growing family, there’s a rental that’ll work for you.
Tips on Renting the Right Property
Whether you’re a student looking for a short-term lease or an adult searching for a long-term rental, finding the perfect house to rent can be a daunting task. There are many factors to think about, such as location and size, as well as cost and services.
1. Do Your Homework
To avoid scams and unreasonable demands from a landlord, you may want to prepare in advance. Normally, a rental agreement is signed before closing the deal to benefit both parties. You can also find free lease agreement templates online to guide yourself on what demands you can make and what can be denied.
2. Decide What You Can Afford
Before you start your search, it’s essential to figure out how much rent you can realistically afford. Consider your monthly salary and expenses, as well as utilities and other essential expenditures.
3. Consider Your Needs and Wants
Once you know how much you can spend, think about what kind of property would best suit your needs. Do you need a lot of bedrooms for a large family? Or is a smaller place more appropriate for your lifestyle? Would you prefer to live in the city or out in the country?
4. Narrow Down Your Options
Start your search once you know what kind of property you’re looking for. Use online resources and ask friends and family for recommendations.
5. Visit Potential Rentals
Once you’ve found a few options that look promising, schedule visits to each one. It will give you a chance to see the property in person and feel for the neighborhood.
6. Make a Decision
After weighing all the factors, decide which property is right for you. Remember, it’s always okay to change your mind later on if something doesn’t feel quite right.
It is also important to consider:
- How much space do you require – look for square footage and a number of bedrooms/bathrooms? Your decision will be influenced by how big or small your family is and how big of a hoarder you are.
- How close do you want to be to conveniences – is being within walking distance of restaurants, bars, and shopping important to you? Or would you prefer a bit more peace and quiet?
- What kind of vibe are you looking for – urban, suburban, or rural?
- What kinds of amenities are important to you – do you need a washer and dryer in the unit or access to a gym?
- What’s your budget like – You don’t want to fall in love with a place that’s out of your price range.
- Do you need furniture – If so, how much do you want to spend? Or maybe, you already have your own furniture and just need a place to put it.
- What kind of lease are you seeking for – month-to-month, six months, one year? It depends on your plans for the near future.
- What’s the condition of the property – you don’t want to rent out to later find mold and mildew sneaking up on you.
- What is included in the rent – properties come with different amenities and features. Some include cable and internet, others don’t.
Renting a house can be a great alternative to buying a home. There are many benefits to renting; let’s explore them.
Not My Headache
One of the most significant benefits of renting is that it’s more convenient than owning. Your landlord is responsible for all significant expenditures, such as appliances, heating and cooling systems, and roof repairs when you rent. It can save you a lot of money and headaches in the long run.
When you own a house, you’re responsible for all repairs and upgrades, both big and small. Repairs can be both time-consuming and costly if you’re not handy. When you’re renting, your landlord is on the hook for repairs.
And should something in your rental break or go out of style, it’s not your problem – unless, of course, you caused the damage. You can simply enjoy living in a comfortable home without worrying about maintenance costs. You’re not particularly handy.
Oh, All Those Amenities
You grew up dreaming of having your pool, and now you can live that dream – without all the upkeep! When you rent a house, especially in a good neighborhood, you have access to many more amenities than you would if you owned your own home. Pools, clubhouses, gyms, and walking trails are just some of the great things that may be available to renters.
All this provides an excellent opportunity to make new friends and get to know your neighbors. Who knows, you may even find a new best friend or two!
The best part about renting a house is that it’s not permanent. If you don’t like the area or the neighbors or you’re just ready for a change, then all you have to do is give notice and move on—no waiting for your home to sell or worrying about losing money on the deal. You can take your time looking for a new rental and find just the right one.
It also allows you to try out different neighborhoods without making a long-term commitment. If you’re not sure if you want to live in the city or the suburbs, for example, renting is a great way to test it out.
The construction site nearby makes too much noise, the walls are too thin, and I can hear my neighbors’ every move, or I don’t feel safe in this neighborhood are all valid reasons to move on. With renting, you have the freedom to choose where you want to live without worrying about breaking a lease.
You can look for a neighborhood near your kid’s school or one with a lower crime rate. With renting, you have the flexibility to choose the area that is best for your family without being tied down.
Build Your Credit
If you’re a young adult just starting or you’ve had some financial bumps in the road, renting can help you build your credit. As long as you make your rent payments on time each month, it will reflect positively on your credit report.
It can be helpful when you’re ready to buy a house and need to get a mortgage because having good credit will give you a better interest rate on your loan.
Renting also allows you to save money for a down payment so that when you’re ready to buy, you’ll have more money to put down and won’t have to pay as much in interest.
What? No Real Estate Taxes?
You don’t have to worry about real estate taxes when you’re renting. It can be a considerable saving, especially if the house you’re renting is in a more expensive area. Property taxes are a significant expense for homeowners and vary by location. Property tax expenses in some sites may reach thousands of dollars each year.
Property taxes are based on the estimated value of a home and the amount of land it’s built, making them rather complicated. Property taxes can be costly for homeowners with new constructions growing ever larger. Isn’t it good news that you don’t have to worry about that when renting?
Flexibility on the Go
If you are someone who is always on the go, renting might be the best option for you. When you rent an apartment, you are able to move with much more ease than if you owned a home. If your job requires you to move to a new city or state, it will be much simpler to do so when you are renting. Renting also allows you the freedom to travel without having to worry about finding someone to take care of your house while you are away. If you are aiming for a quick vacation or an extended trip, renting is the best way to go.
Additionally, if you are someone without a fixed source of income, renting can be a great option for you. If your income varies from month to month, it can be difficult to afford a mortgage. However, by renting, you can avoid the hassle of having to reapply for a mortgage every time your income changes. And, you can always downsize or move if your current rental doesn’t fit your needs.
Testing the Waters
Purchasing and owning a house is a big achievement, but sometimes life throws you curve balls. What if you purchase a house and then have to relocate for work? What if you can’t sell your house in a reasonable amount of time? What if you just don’t like the neighborhood you move into? These are all things to consider before buying a house.
Renting offers you the chance to ‘test drive’ a neighborhood or location before you buy. If it turns out that the area isn’t right for you, or if you don’t like your landlord, you can always move. With a mortgage, you’re locked into that house and neighborhood for the long haul.
Of course, there are also benefits to owning a home. You can customize it to your needs, make repairs when you want to, and generally have more control over your living situation. If you’re able to afford a mortgage and are confident that you’ll be in the same location for a number of years, buying may be the right choice for you.
Owning a house might be advantageous in the long term for homeowners, but it comes with a lot of added responsibility and financial burdens that are renting doesn’t. For those who don’t want the hassle or can’t afford the upkeep, renting is the way to go!