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What Issues Do I Need to Know About?
Some of the factors to consider when deciding whether to rent or buy are:
- What is your job situation and likelihood of moving again?
- What are the initial and monthly costs of renting vs. buying? And costs of one rental vs. another rental?
- What, if any, are your the tax savings and advantages of renting vs. buying?
- Are their available rentals that match your lifestyle? What is the desirability of these rentals?
- What are the current interest rates and mortgages available?
Top 10 Rental Questions
- How much can I afford to pay?
- What are the available listings in my area? What is the average rent?
- How much will my deposit be? Are there special conditions I must pay for up front?
- What type of contract is the lease? Are there any specific notices?
- How long do I intend to rent? What should the length of agreement be?
- Have I identified important characteristics of my rental property that I want to have?
- What about my credit?
- What about the apartment complex?
- Do they allow pets? What, if any, is the additional charge/deposit for pets?
- When is my date to move in? How long is the application period? Is there a waiting list?
Tips You Should Know
- Rental agreements are usually negotiable, so don't be afraid to ask about special discounts and offer a lower amount than the listed price.
- Be sure that all contract stipulations are in writing and agreed to by both parties, i.e. - who is responsible for cleaning the carpet?
- Be sure to check the lifestyle of others in your rental complex is compatible with your lifestyle
- Be sure to check about tenant services, i.e. - trash pickup, ect.
What are the Initial Costs?
Initial costs on a rental property usually include:
- One month's rent security deposit,
- Additional deposits if you have a pet (many rentals do not allow pets),
- First month's rent and/or last month's rent depending on the area, and an
- Application fee of generally $20-75.
Be sure and get renter's insurance; if you don't, your personal belongings will not be protected in the event of a burglary, fire or any other loss.
Need Help Planning Your Move?
One of the biggest challenges in relocation is moving your family from point A to B. To help you on your way we have provided a to do list that will aide in planning your move, moving your family, and moving-in your new home. Moving Guide