BookmarkRental Homes Q&A
What to look for in rental houses and why they're often a prudent choice
Is renting a home a bad financial decision?
Not necessarily. Home ownership was once considered the basis of financial security, but that's no longer true for everyone. Housing market analysts are very grim right now, so finding homes for rent until current pricing trends run their course might actually be a smart financial decision. Have you considered rental homes?
Another reason rental homes are a prudent choice for young professionals or beginning investors is that the additional costs of buying a home can be prohibitive. Staying in rental homes as you begin your career and establish investment habits will also give you the flexibility you need to embrace unexpected job opportunities such as a promotion to another city.
A practical benefit of choosing homes for rent over ownership is the accumulation of experience. After living in several different rental homes, you'll have a much better idea of what features you need or don't need, potential trouble spots or maintenance issues, and the expenditures a landlord makes that you'll be assuming once you buy your own home.
What qualities are most important when considering homes for rent?
This is always a very personal question for everyone, so the answer will vary from one situation to another. But there are several basic qualities that most of us desire in our rental homes.
One is cleanliness. How a landlord cares for his or her rental homes will be reflected in how clean and functional they are. Most every landlord will give a house for rent a good "once over" cleaning, but a deeper look will reveal long-term or habitual neglect.
Safety is a necessity for all rental homes. Safety is a neighborhood issue, but proper locks and lighting and household appliances that are in good working condition are issues within your control.
Lastly, the overall feel of rental homes, their design, ambience, and comfort level, are all critically important. With rental houses you like, don't just take one tour. Come back on your own on different days at different times, including weekend evening hours when the neighborhood is usually at its noisiest, and see if you feel at home.
What information should I gather during a rental homes walkthrough?
the monthly rent and which utilities are included in that rent
the required length of the lease
the amount and conditions of the security deposit
are any additional fees such as parking or laundry required
what sort of heating is provided
what sort of cooling is provided
if an individual landlord, how many rental homes does he/she own, and will they provide references
is the cost comparable to other homes for rent in the area
how old the appliances are
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