What You Need To Know About Renting – FWS030

2015-12-01

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Moving can be stressful, especially when you are moving out for the very first time or thinking about renting a house. There are a number of things we need to be aware of, so I had a conversation with Coach Jeremy about what you need to know about renting before making the move.

Things to know before renting

Weigh out the pros and cons before deciding between renting an apartment or house

Is it located near your place of work or family?
What utilities are included?
Will you be staying for a prolonged period of time?

Tip: Ask for previous 18 month history on utility costs so you can budget accurately.

Of course, there are financial considerations:

Furnishings – do you need to buy curtains and can openers?
How much is the security deposit?
Will you have a roommate?
Are room mates allowed?
What is the rule on pets (and is a hamster a pet)?
Are you allowed to hang pictures and plaques on the walls?

We also recommend you buy renter’s insurance for your belongings.

What you need to know before renting a house

You will likely need more furnishings
More repairs and maintenance will be required
In most cases you pay for all utilities
Do you need to maintain the grounds? (i.e.: mow the lawn)?

Renting a house can provide you with more privacy and more room, but it also comes with larger utility expenses and more responsibilities.

Renting is not throwing money away

Renting can help you maintain a level of freedom homeowners can’t experience:

More flexibility to move – even to another unit in the same building
There are fewer expenses than an a homeowner (less space = lower utility bills)
Fewer responsibilities (yard work, shoveling the driveway, etc)

Action Step:

Create a pros-vs-cons list of buying vs renting

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About The Author

Steve Stewart

Coach Steve has been helping everyday Americans pay attention, not interest, since 2007 after he and his wife paid off $15k in consumer debt and, using the principles he teaches, they paid off their house in 2015. You will find him using his passion and messaging gifts to create financial education content through speaking, blogging and coaching all over the United States. You can reach him by completing a contact form at http://FinancialWellnessShow.com/contact