Relocating to a new home or apartment can be a very exciting time. There’s just something about a change in scenery that can be so uplifting for many people. If you’re confused with trying to decide if you should buy or rent a house, there are a number of factors that you should take into consideration. You’ll want to make a decision that’s going to be beneficial for both your finances and future.
Costs and Expenses
You’re probably aware that you’ll need to plan ahead for the monthly rent that you’ll need to pay to your landlord. In addition to this cost, there are other costs and expenses that go into renting a home. Most landlords will require a deposit for the first couple months of living there. This is basically a good faith payment that lets them know you have the money available for ongoing payments. Renter’s insurance pays to replace your belongings, so that is another potential cost to take into consideration.
Lease Terms
There will be a number of details outlined within your lease agreement. It’s important to read through this information completely before signing. One important thing to pay attention to is how long the lease will be. Some landlords will let you rent from month to month as long as you need to. Other landlords will require you to sign a lease for a full year. If you were to leave before that time period is up, you would need to pay out the rest of the money that would’ve been paid over the course of the year.
Improvements and Repairs
Some landlords will allow you to paint rooms as you’d like, but you may have to present the colors for approval before doing so. You may also be required to paint the walls again before you leave so that the color scheme is neutral. If you damage anything like walls or flooring, this is usually going to come out of your pocket before you can terminate your lease. Be prepared to take care of the home, but also have some money set aside to rectify certain situations that come up.
Renting a home is a great way to enjoy the perks and benefits of a house without needing the money to buy your own property. Apartment living isn’t for everyone. It can be much quieter and convenient to rent a home. Renting a house is also a good opportunity if you just don’t know what the future holds for you. Regardless of the reason you’re renting a home, make sure to keep these details in mind before you make the plunge to sign the lease.
It’s a good idea to get a property inspected before you decide to rent or buy. Schedule a residential inspection with us today!
