Welcome (back) to the world of renting

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 until you sell it, and this is not a seller's market, but you already know that.

Also, you know those pesky repairs that nickel and dime you when you own a house?  Let the landlord worry about that.  As long as you're not purposely trashing the place the landlord is responsible for the maintenance of your unit or home.  Less to worry about.

Speaking of, it's a good idea to purchase renter's insurance, as we discussed before on this blog, but you definitely don't have to worry about flooding, fire or earthquake insurance, or taxes.  And in some cases your monthly bills might go down.  I only pay for the heat I use in my apartment and I get free cable.  The landlord picks up the tab for garbage and sewage.  Yey!

And lastly, unless your landlord is a total jerk, your rent will stay the same as long as you have your lease.  So there's something you can count on staying the same.