The satisfaction of having a home of your own can beat any milestone in your life. But sometimes, you may need a transition of sorts before finally making that big investment. Renting a home may just be the kind of transition you need as this sits between renting an apartment or living with family and owning a home.
While the idea holds a lot of promise, there are certain things you should weigh before coming to a decision – most importantly, the pros and cons of renting your house. Here are several factors for you to look into:
Your finances
Pro: Many have opted to rent a home instead of buying one, primarily because of the lower fees involved when renting. You have a deposit to pay, as well as other payables like security fees and advanced rental payment that must be completed prior to contract signing. All those initial fees combined may be the biggest financial requirements to prepare for, should you choose to rent a home.
Meanwhile, when preparing a down payment for homeownership, you have to set aside up to 20% of a house’s price tag.
Some may also not be able to afford the monthly mortgage if buying a home on a loan. If monthly home rental fees are more manageable for your pockets then renting a home is the way to go.
Con: Probably the biggest financial setbacks when deciding to rent a home are the following:
- You don’t build equity; after all, the home you are living in is not yours even after all the rental payments you made. The landlord, however, builds equity and reaps profits from their property in the long term.
- On the landlord’s whim, they can increase your lease upon renewal which could occur every six months to yearly.
Dealing with a landlord
Pro: There are many homes for rent in Salt Lake County with their respective landlords seeing to their properties’ upkeep. They shoulder the responsibility of maintaining the home from attending to repairs to keeping the home’s physical appearance in tip-top shape. That burden falls on you if you are the homeowner.
Con: There are good landlords and bad landlords. If you happen to strike a deal with one who only has personal profit in mind, then your own welfare is at risk. You may want to do some research into a landlord’s background and dealings with previous tenants before deciding on a home to rent. But if you find out about your landlord’s darker side only after you’ve moved in, then you may want to renegotiate with them or – if things cannot be resolved on that level – go the legal route.
Customizing the home
Pro: Sometimes, you only need to talk to your landlord and discuss how you want to make some cosmetic upgrades to the home. Some landlords may be flexible enough to allow some minor improvements like repainting, putting up picture frames or paintings, or even making some landscaping changes.
Con: There are limitations to what you can do to make the home you’re renting truly yours – aesthetics-wise. The landlord still has the last say regarding cosmetic alterations to the home. Once you decide to move after making those changes to their home, the landlord will have to invest anew in bringing back its neutral look for the next tenant.
If you need more tips for renting a house in Salt Lake County, as well as prime rental options here, then Capital Real Estate can gladly help. Reach out to our team today at 801.330.8986 or email us at info(at)capitalrealestate(dotted)co.