Busting Myths Associated With Renting

Busting Myths Associated With Renting


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Home ownership has got a cult status in the minds of most men and women and renting has earned a bad reputation. However, renting should not be taken as a necessary evil as it provides flexibility and the much-needed living space to millions of men and women around the country. There are many myths surrounding renting that need to be busted to remove all doubts from the minds of the people.

 

Your money is going to a waste

Most people will tell you that you are throwing your money down the drain by living in a rented place. Yes, you are not getting ownership, but you are getting a place to live with your family. It is foolish to equate renting with throwing your money into the trash. And these people conveniently forget the maintenance costs that are borne by the owner of the home. If you are not financially ready or the prices are exorbitant in the area you live, it is prudent to live in a rented place.  If you have any doubts in your mind, you can find out what is better in your case, buying or renting, with the help of tools available on the net. If you take a look at the costs of owning a home, you will know that living in a rented place is a much better idea for you.

 

It is the landlord who calls the shots

Critics of renting say that tenants are hapless, and all the shots are called by the landlord. However, this is not true if you look at the agreement that you sign with your landlord before moving in. You can clear all your doubts when singing a lease agreement with your landlord and you can always walk away if you feel that he is not leaving any negotiating power to you. You can always ask your landlord to add or delete a clause if you feel it is unjust for tenants. If you are a good tenant, you will find that your landlord will accede to most of your demands. Landlords need good tenants as much as renters need a place to live.

You cannot walk out of a lease agreement

This is one of the most popular myths doing rounds in the minds of people. Proponents of this myth say that a tenant is hapless and must live in the premises of his landlord until the duration of his lease agreement. It is true that as a tenant, it is not advisable to sign a lease for a very long time period. This is simply because life is unpredictable, and it may throw surprises requiring moving to another place. If it becomes necessary for you to move out, you can always sublet your unit. You can also ask your landlord to work out a solution that does not harm the interests of both of you. However, you must remain mentally prepared to pay the fee for breaking the terms of your lease. Alternatively, you can talk to your landlord regarding the possibility of moving out before the expiry of the lease term when signing the lease.

 

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