Renting a home is something that a lot of people turn their noses up at. They think that buying property is the only way to live. They can’t imagine why anybody would want to rent a home when they could buy one.
However, renting is more suited to many people. Many people choose the luxury rentals in Washington DC over buying because it makes for less maintenance for them to worry about.
It’s likely that people who won’t even consider renting have believed many untruths that they’ve heard in the past.
There are all kinds of misconceptions about renting a home. Here, we’re going to talk about 7 rental myths you should not be fooled into believing. Read on, and you might have just changed your mind by the end of the post.
Don’t Be Fooled By These 7 Rental Myths
Rental Myth 1: ‘You’ll Lose The Security Deposit If You’ve Lived Somewhere For A Long Time’
There will likely be more wear and tear if you have lived somewhere in the long term. Wear and tear is not necessarily damage. It doesn’t automatically mean saying goodbye to your deposit.
Simply make sure the place is in the same condition as when you moved in. Clean it up, cover any holes, and repaint walls if you can.
Rental Myth 2: ‘You Can’t Negotiate’
Renters usually have more power than they realize when they sign a lease. It isn’t all in the landlord’s favor. It can be a good idea to inquire about mortgage clauses if you plan on buying soon, and even job relocation clauses.
Your landlord can work with you, not against you. You must make sure you understand what you’re agreeing to before you sign on the dotted line. This is one of the biggest rental myths.
Rental Myth 3: ‘You’re Just Throwing Your Money Down The Drain’
It’s true that you’re not gaining equity when you rent. But you are paying for a roof over your head. And that’s not burning money. You’re also avoiding household maintenance costs, which can be a huge weight off your shoulders.
Some costs may even include utilities. This means you may not have to worry about depending on what’s included. If you don’t have enough for a down payment, or live in an expensive housing market, then renting might actually be the best choice.
Rental Myth 4: ‘You Can Be Evicted At Any Time Without Warning’
You can’t just be kicked out at any time, no matter the horror stories you may have heard. This is another one of the most common rental myths.
Your landlord must have sufficient evidence that you’ve broken the lease agreement. It must be justifiable. It can be fuzzy if you’re a month to month renter, though.
But you should never come home to find you have been moved out while you’re out. You would get sufficient and written notice by law if for whatever reason your landlord did want you out of the property.
Rental Myth 5: ‘It’s Way Too Hard To Get Out Of A Lease’
It’s not advisable to look into long-term renting when things could change in the near future. However, you don’t always know what’s around the corner. It’s not too difficult to get out of a lease if you need to.
You could even sublet, providing this is allowed. You may need to speak with your landlord or property management company before going ahead. Looking at properties like https://www.glamourapartments.com/real-estate/long-term-rentals is a good idea if you know you’re going to need somewhere to stay longer-term and that things aren’t likely to change.
Rental Myth 6: ‘You Won’t Get An Apartment With A Bad Credit Score’
It might be challenging, but it doesn’t mean you’re not going to be accepted. You can find various things to back up your case, such as pay stubs, letters of recommendation, and more. Don’t automatically write yourself off.
Rental Myth 7: A Landlord Is Responsible For All Maintenance And Repairs
A landlord can be responsible for many repairs, but this depends on where you live and your lease. It is not your landlord’s problem if something is your fault. General maintenance, pest control, noise complaints, and plumbing are usually the things your landlord will take care of for you.
Tenant negligence is another matter and may mean your security deposit is used to fix the damage. This, of course, is unless you’re willing to fix it yourself. To avoid any disputes, it’s a good idea to take pictures of the place before you move in and save them.
This way you can prove if something was already a little damaged or on its way out later on down the line.
There are so many more myths about renting a home. The above are just 7 rental myths. Will you consider renting as an option after reading this? Leave your thoughts below. Thanks for reading!