Welcome to San Diego Blog | July 13, 2018
3 Common Rental Myths Debunked
Renting your home can often get a bad rap and you often see real estate sales firms pitching the benefits of buying a home over renting. While purchasing may be the best option for some people, if you love flexibility in your housing and the option to try new places to live more often, than renting your next home may be the best option. Let’s look at and debunk a few of the most common rental myths.
- You’re throwing your money away!
Many people will tell you that renting is taking your money and throwing it away by paying someone else’s mortgage. While it is true that you are not earning equity in a home, but you are paying to keep a roof over your head which can not qualify as throwing your money away.
Another potential savings from renting is avoiding the high costs of household maintenance and upkeep. If you are renting a home and a problem occurs, all you need to do is contact your landlord and they will fix the issue. Fixing even the smallest maintenance issue can be very expensive, and upkeep and repair services are almost always included in a lease agreement.
Another reason to consider renting over buying is the geographical area that you will be living in. Maybe you are living in an expensive market or just don’t have enough saved for a down payment and need a roof over your head. More simply put, renting a home is better than having no home.
- You have no negotiating power
Another common myth in renting is that the landlord holds all the power in the lease negotiation phase. Contrary to popular belief, renters actually hold quite a bit of negotiating power when it comes to signing your lease extension. The most important thing to remember is to read your lease agreement in its entirety and ensure that you understand it completely. If you see anything that you are uncomfortable with, ask for further explanation or even removal of the clause. Your landlord will further explain anything you ask about and the worst thing they can say is No! Be sure to check the surrounding area for current market rents so you are as informed as possible for your negotiation as well.
- The unit has to stay the same if you would like to extend
Another negotiating point that is often overlooked is making small improvements to the condo at the time of lease renewal. If you have lived in a condo for an extended period of time things may need replacing and now is the time to ask! The more cost effective the upgrade the more likely your landlord is to make the change so do your research before asking. An easy upgrade most landlords would be willing to make is the installation of ceiling fans or something along those lines. Not only will it make their property more desirable for you to occupy, but also for future tenants! Your landlord may ask you to split costs if it is a more expensive upgrade so be ready for that as well.