Reduce Your Responsibilities And Risk By Renting
While many of us may dream of owning our own homes, it can be beyond our financial capabilities. The cost of homes keeps increasing, and the cost of mortgages seems to be going up with it. Then, of course, comes the cost of insurances, maintenance, improvements, and furnishing. It all adds up to a figure far beyond the reach of most of us. But it can also add up to lots of responsibility and the risk of losing it all if you can’t keep up your repayments.
Renting, on the other hand, comes with far fewer responsibilities. Sure, you need to keep it in good decorative order to keep the landlord happy. But if something breaks or stops working, then it’s your landlord’s job to find a contractor and get it fixed. You don’t have to worry about all those liability or homeowner insurances. And if a storm damages the home, your landlord has to provide alternative accommodation.
There is, of course, the whole renter’s dilemma to consider. Rent is still expensive to pay, as would be a mortgage. Should you share a tenancy? That can halve your rental costs, but your choice in roommate should be a carefully considered one. After all, if they walk out your rental contract might demand you cover the whole rent if you want to stay there. Are you just throwing money away when you rent? Obviously not. You’re getting a roof over your head! And you’re getting all the services of a landlord such as maintenance and repairs.
What type of landlord should you look for? Many private landlords are lovely people and can offer that personal touch. The trouble is, they have no back up if they fall ill or even if they go on vacation. And if you end up with a landlord that doesn’t care much at all, then you might have to go into battle every time you want something done.
Corporate landlords or single-family rental businesses usually own dozens of properties. That means their processes are backed up by a team of staff and a uniform approach to renting. In fact, some landlords like Invitation Homes have thousands of properties across several states. This might make it easier if you need to move from one location to another later on. Dealing with one business simplifies your life as a tenant. It sets a standard of expectation for the quality of the home you live in and the landlord service you’ll get.
Is it easier to rent than buy? Yes, and it can be much quicker to move in as well. When you buy, there can be several months of waiting for all the legal and survey checks to be completed. There might even be a delay trying to get your mortgage approved. You are still likely to be credit checked for a rental, but these checks are less in-depth and intrusive.
As with a mortgage, you might be asked for an employer’s reference to confirm you’re in permanent work. Generally speaking, it might take just a few days to be accepted and moved into a vacant rental property. Enjoy your new home.