Home Rental Prices Lower Than Ever Amid Struggling Economy

By Michael Jon Lazar on 12/15/08 7:30pm
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If you are in the market to rent a home, right now may be the best time to do so. As the economy has declined, namely in the real estate sector, where homes have lost an estimated two trillion in value in the fiscal year of 2008, many people are turning to home rentals to find a place to make their abode. And who can blame them when buying a home right now just does not make much sense. On the other side of the field we have groups of avid investors who have plenty of capitol that are buying up homes that are being short sold to the banks in the hundreds. These same investors will rehab the homes and then turn them on the rental market for a few years until they break even and can sell them for a profit.

Why Home Rental Costs Have Declined
It’s all about supply and demand when it comes to home rental costs going down over the past two years. As more homes become vacant, and more investors leap at an opportunity to make a quick dime in a few short years, the supply has increased much more so over the demand.

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To Rent or to Own: The Pros & Cons

By Michael Jon Lazar on 12/15/08 7:19pm
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If you are in the market to buy or rent a home, there are some things that you will want to consider. Both sides of the coin have several pros and cons, which can help you to decide which choice is right for you. And considering the current state of the real estate market, there are more pros and cons than ever before when looking into these options. Home rental can be a joyful experience, if you find the right home and the right landlord. But home ownership can also be rewarding, even when home values are declining. Take a look at some of these pros and cons and see which option is right for your situation.

The Pros of Home Rental
Renting a home has several pros. First you will not have to pay property taxes on your home, which will save you some money each year. You are not responsible for the home upkeep, or general maintenance, and you do not have liabilities that are commonly associated with home ownership. When you rent a home you can sign a lease and you are not bound by a home loan or mortgage.

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The Difference Between a Good Landlord and Slum Lord

By Michael Jon Lazar on 12/15/08 1:41am
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There are so many horror stories out there about renters who had the worst experience possible when renting a home. And not surprisingly, many of the bad stories tend to relate to horrible landlords, better know by most as slum lords. These are folks that will take your money, not maintain the property and evict you if you fail to pay or pay late. Nice people huh? So if you find yourself wondering if you have a good landlord or a bad landlord, there are some things that you can do to figure this out. The below paragraphs should help you determine what kind of rental situation that you are in.

A Good Landlord
A good landlord always makes sure that the home is maintained. The property looks great and if you have a problem you call them and they send somebody out to fix it. A good landlord makes sure that they take care of their renters. They assure that your experience while in their home is the best that it possibly can be. A good landlord will compensate you for problems by reducing your rents.

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Does Your Landlord’s Home Owner Insurance Policy Cover you as a Renter?

By Michael Jon Lazar on 12/15/08 1:36am
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If you think that your personal possessions are protected by your landlord’s home owner insurance policy think again! The only thing that the home owner insurance policy of your landlord will protect is the property itself. If the sewage backs up, then maybe your possessions are covered, if the landlord sees fit to pay you out. However, in most cases, and in most states, a rental home does not offer coverages in the home owner insurance policy that protect you, the renter.

What Does your Landlord’s Home Owner Insurance Policy Cover?
The policy is like most other home owner insurance policies, but it has been modified as a rental. Basically the home, the structure and the property are covered, as well as others in the event of the landlord’s liability, not yours. So if anything goes wrong, like a friend breaks their leg on your stairwell, you are liable, not the landlord. Sounds kind of crumby doesn’t it?

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The Landlord Checks Your Credit, How do you Know They are Kosher?

By Michael Jon Lazar on 12/15/08 1:26am
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For those of you who are looking for a home rental, the state of the current real estate market should be something that you take into consideration. Why you might ask? Simple! Because there are currently many landlords out there who may not be paying the bills on their rental homes, and if they are not, they could very well be nearing the foreclosure process. Some renters have even been duped into renting a home that is already in the foreclosure process, and there is not much they can do about it but move, as the law does not protect you from this sort of anomaly.

How to Prevent Rental Nightmares
Just as your landlord or prospective landlord may request a credit report from you and proof of your current income, the same is true from you. You can find out if the home is entering foreclosure or if the landlord is on the up and up. A good rule of thumb is to check out the county recorder office in your area – found at the city or government website for your location.

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Attention Home Renters: The Importance of Renter’s Insurance

By Michael Jon Lazar on 12/10/08 10:54pm
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Are you currently renting a home and do not have any renter’s insurance? Certainly renting a home can be a far more affordable choice than choosing to purchase your own home. You don’t have to worry about costly repairs or property taxes each year, but you do have to worry about disasters, like fires and floods. Your personal possession are not covered by the home owner insurance policy that the landlord holds – which means that if something bad does occur, you are on your own buddy.

Why you Need Renter’s Insurance
Renter’s insurance is essentially like home owner insurance for a renter. It covers disasters like fires and floods, etc. It also covers your personal property against disasters, break-ins and theft. Finally, it protects you from personal liability should somebody fall and break their arm while over at your house, and then later decide that they should sue you for all that you have.

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Pride of Ownership

By jemanji on 12/9/08 4:33am
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My wife and I rented until we were fully 30 years old, and then bought a 1200-square foot rambler in an inexpensive part of town. We were then, and are now, primarily motivated by the sentimental notion that our house would appreciate in value and make us money.

We bought it for, oh, $85,000 and sold it for $102,000 about four years later. Good money? I suppose. A lot of things come out of that $17,000.

About six years ago, we bought a nice tract house in Bonney Lake for, oh, $300,000 or so and watched as Bonney Lake went through its pressure-cooker price adjustment. Worth $450,000 only four years later? Wow! Who would want to rent? How can you afford to lose out on appreciation?

LOL. After the bubble popped, we wound up in the same boat as most of the folks in our development: upside-down in a refinanced house. What we wouldn't give to be renting!

You refinance to $450,000, and then try to sell for $350,000 and can't? Let me tell you, it's a feeling that no renter can (or need) imagine.

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Creatures of Impermanence

By msarko on 12/4/08 11:40am
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At the heart of it, renting is about economy. We rent because we can't afford to buy. At some point, practical reality starts to sway us psychologically. If and when the option to buy comes, is it somehow more meaningful than a number in a bank account? What does it say about us if we choose to continue to rent when we have the means to buy?

Very few people who buy actually manage to purchase outright. We live in a culture of mortgage, broken as that culture turned out to be. Just looking at that word, it inspires us to run. Mort gage, from the Latin-informed Old French meaning literally, "Dead Pledge". It is a contract with an end in mind. Either the mortgage defaults for non-payment, or the contract is fulfilled and it ends in full ownership. In essence, a mortgage is rent with the intention to stay, whereas a lease agreement is rent with the intention to leave.

It may not be a very sunny mindset, entering every new apartment thinking, "I'm going to leave here soon," but that's exactly what you're saying with a lease. It's like starting a relationship with a pre-determined breakup date.

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How to Get Your Cleaning Deposit Back

By hellenwyeth on 12/3/08 4:50pm
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Every time you move into a new rental you are asked to put down a cleaning deposit with the rest of your move-in costs. When the lease is up, most people just assume that they aren't going to see that money back. Landlords and apartment companies know this and they aren't going to willingly offer it back you.
 
When moving in you were given a walk though of your new home and you were told in the paper work that you are to return the property the same condition that it was rented in aside from normal wear and tear that is expected to happen over time. Be sure to ask them what they consider to be normal wear and tear as most places don't consider even the holes left in walls from hanging pictures and such. Get documentation of their qualifications and keep it with your rental agreement paperwork. 
 
Take pictures of anything that has damage to it when you do your walk through. This includes appliances, carpet, walls and counter tops. Don't leave anything out. If it doesn't look new document it. Be sure to give your leasing agent or landlord copies of everything with the proper dates and explanations.


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Welcome (back) to the world of renting

By beatriz on 10/16/08 5:27am
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So you lost your home to foreclosure and now you have to rent?  BOO-HOO-HOO!

You should rejoice!

Renting is given such a bad name and frankly, it's that mentality which contributed to the housing crisis.  If you had not bought into the belief that you HAVE to own a house, then maybe you would've stayed within your means and actually saved the money necessary for a down-payment , rather than committing to the sub-prime loan that just screwed you over!

But enough with the lectures!  It's time to look on the bright side of renting.

One of the major advantages of renting versus owning(unless of course you have loads of money) is that for the most part, you can choose where you want to live, again, so long as it's within your means.  You may not be able to afford the apartment with the sweeping views of the city, but you might be able to afford living in the neighborhood.

Another advantage to renting versus buying: if you decide the neighborhood you thought you'd love turns out to be a crack den when the sun goes down, then you can choose to move when your lease expires!  Renting offers flexibility that you don't get when you buy a home, where you are committed to the property unti

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