We've covered a lot of ground here on "Your Home," but the one area that's been neglected is rentals. Why would you consider renting a house as opposed to buying one? And is it similar to renting an apartment? Our resident rental experts have the answers.
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"We're finding that a lot of people going into rentals are either people just starting out, maybe they don't have great credit or people that are relocating to the area that are looking for something temporary," said real estate agent Peggy Gray.
A sluggish economy and a poor housing market go hand-in-hand, which has increased the demand for rental properties.
"The people that have foreclosed are looking for rental options. It's a cheaper way to go. Some people, who can't afford their mortgage payments and are starting to go into foreclosure, are opting to rent their home and find a cheaper place to live," said Gray.
If you're simply trying to determine whether you're ready to buy or not, there are some tools online that can help you figure it out.
"One thing they can do is get online and look at a rent vs.buy calculator. It will calculate for you at what point your home ownership will become profitable," said agent Mary Zingerman.
One of the other things Zingerman said she's seeing more of lately, given the economic climate and the current real estate market, is the option for folks to rent-to-own.
"That can be set-up several different ways. Some people who have their house on the market, actually for sale, will consider a rent-to-own possibility for a buyer who comes along and says, I just don't have the money for a down payment right now. But, during the course of a year I probably can save up. Would you consider renting? A lot of home owners now, due to the market, are saying, yes to that where before they would have said, no," said Zingerman.
Both Gray and Zingerman stressed the importance of renters insurance. In fact, most landlords will require you to purchase it before you sign a lease. Some policies will even cover items stolen from your car if it gets broken into while parked at the property.