Should You Rent a House? 5 Things You Need to Know.
With an unstable economy and tumultuous job market, more and more families are turning to home rentals as an alternative to buying a home in Worcester County Ma. As a real estate professional in Leicester Ma. I have found there are many pros and cons to renting a home instead of buying one. When I am working with buyers and sellers that are leaning towards renting, my experience in managing real estate comes in handy.
It is important to think about your decision thoroughly before you sign a lease. Most renters lease a home for at least a year, though some landlords look favorably on tenants who are willing to extend their leases in order to develop a long-term relationship. A tenancy at will is the most favorable agreement to both parties when renting. Whether you want to rent while you look for a home to purchase or you simply want to save money, renting a house this year could be right for you. Here are some tips that might help you save time and money.
1. You’ll be able to look for a home to buy
If you aren’t sure whether or not you want to buy a home, especially in an unfamiliar state or city, renting a house could be the right choice for you. You’ll typically rent a house for at least a year, which will give you plenty of time to find neighborhoods that you like, tour real estate properties, and even save up money for a down payment.
2. You’ll be limited in your decorating choices
One of the downsides of renting, especially long-term renting, is that your home decorating options will be limited. You won’t be able to redo your floors, remodel the kitchen, or paint your walls without your landlord’s prior approval. Even then, you’ll be limited to what he or she decides is right for the house.
3. You’ll have to obey someone else’s rules
While most landlords are very friendly, they do have their policies for tenants. If you choose to live in a rental home, you’ll have to abide by your landlord’s rules. This could be anything from no overnight guests to no smoking to no pets. Before you sign your lease, make sure that you discuss your behavioral expectations with your landlord. If you want to have a pet live with you, for example, your landlord may be willing to permit it for an additional fee.
4. You won’t have to worry about repairs
One of the most troublesome aspects of owning your own home is that you’re responsible for any and all repairs. If something breaks, you’re the one who has to either fix it or pay someone to fix it for you. With renting, your landlord will handle all repairs for you. This can be quite a relief if you’re renting an older house that has a lot of problems.
5. You’ll be able to save money
Perhaps the biggest perk to renting is that you’ll be able to save up money for your future. Whether you want to save for a year before you embark on a long overseas backpacking journey or you just want to pad your bank account before you apply for a home loan, renting enables you to live free from the stress that a mortgage often brings.