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10 Things Every Renter Should Know

Dec 31, 2014

Purchasing a home often takes years of planning and careful consideration. Buyers typically search for homes for 12 weeks and use a variety of sources for research before deciding to buy a home. However, many renters are not nearly as thorough in their research. Like any other big commitment, careful consideration and understanding is required. Here are ten things every renter should know before renting a home or apartment.

rent vs buy

  1. A lease is a binding, legal document.
  2. All parties should understand the lease before signing it. Ask questions!
  3. Get the complete rental agreement in writing. Verbal agreements and statements don’t count.
  4. Tenants have their own rights, and they vary depending on the state and city.
  5. All tenants need renter’s insurance to protect their personal belongings and for liability reasons.
  6. The landlord is responsible for providing and maintaining a safe, habitable environment and should typically pay for repairs due to normal wear and tear.
  7. All parties should do a walk-through of the property before signing a lease agreement.
  8. Don’t withhold rent payment to try and settle a disagreement with landlord.
  9. The landlord must return the full security deposit at the end of the lease, or explain why it is being withheld, within a reasonable timeframe.
  10. It may cost you considerably less to own a home than rent. 

With the exceptionally low mortgage rates available, house payments — including taxes and insurance — are often less than the market rent of a home. After appreciation, forced savings due to amortization, leverage and tax savings, the actual cost of owning a home could be half the cost of rent. Check out your net cost of housing here.

For more information on purchasing a home, and the advantages of buying versus renting a home, contact the helpful real estate agents at Hilton Head Island Real Estate Brokers.

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