Wednesday, February 15, 2012

Renting advantages and disadvantages

In my previous post I told you about being both sides of the real estate spectrum being a tenant and a landlord. In this post I will try to discuss as much as possible the advantages and disadvantages of renting a place. First I will start with advantages, the first being you just pay one month rent and one month security and just move right in, no need for you to make the place beautiful as it is mostly done for you by the landlord. For once this post will assume that you have already chosen a house and are in the process of moving in. Signing a lease is a breeze as compared to tons of paper when you are buying a house. Usually the landlord will ask you for your photo identification and two months worth of pay stub to verify that you actually have a job and can pay for the rent for the first year.

Usually leases can be of three types, one is a one year lease and the second one is a two year lease and the last one is month to month lease. I would not go into lease hold or lease and buy back or lease to own or the variations of leases. I will make it where you just lease and that is it. Another thing a landlord if he has been hurt before with a tenant will want to have a credit background check to make sure you are not a delinquent person on some loans. In big buildings they do require tenant credit report but I will again make it simple here just for a two family house and no hassle landlord.

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