Renting Property
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Renting Property |
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Find an Apartment Landlords Down Side to Renting
Renting property is different from owing property. To begin with, when you rent, you do not need a mortgage. There is no large down payment. You are only expected to pay first and last months rent (sometimes a security deposit too).
As a renter you will have a landlord. This individual (or group association) will collect your rent and be responsible for an repairs or changes to your rented property's physical structure. In other words, if the sink leaks, call your landlord and he will either come fix it himself or send someone he has paid to fix it.
There is a down side to renting. First, you do not gain anything except a place to live while renting. Second, you must adhere to the conditions of your lease. A lease is a legal document you will sign that outlines the rules and responsibilities of living in the property. If you fail to follow any part of the lease or if you landlord decides to sell the property, you may have to move. Also, when you decide to move, you have to start over and no part of your rent is tax deductible.
To search for rental properties, go to Homestore.com's Apartment search site and type in your city and state in the field on the left side of the screen.
Perhaps you have discovered that you can afford a high monthly rent payment. If this is the case, it may be a good idea to investigate owning property instead of renting.
Home Careers Budget Financial Management
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Last modified 06/19/02