Depending on who you talk to, discussing renting a house in Fort Collins will bring a number of different opinions, comments and even misguided information. Despite the many misconceptions about renting, there are several positive reasons to rent and not buy.
Whether you rent a home already or are looking for your first rental, here are 7 renting myths you should stop believing.
1. You’re Just Throwing Away Money
Arguably, the most perpetuated opinion about renting is that you will simply be throwing away your money. Although it might be true that you cannot build equity in a rental home, it doesn’t mean that renting is a bad financial decision. In many circumstances, renting provides unique advantages that will make more financial sense.
Renting may not produce the same return on investment as owning a home, but for the lives of many, it can still provide financial security and even financial gain. Some reasons why renting can be better than buying include:
- Limited financial responsibility of maintenance or repair costs
- Greater flexibility on where to live and how long to live there
- Easier ability to downsize or relocate from changes in a financial situation
- Lower insurance costs
- Fixed amount on rent for the duration of the lease
- Easier to manage with roommates
- Financial flexibility for other types of investments
Regardless of the reason, renting a home still provides you and your family with a home that will provide a safe and secure place of residence. Whether you own it or not, a home is an invaluable asset and a necessary expense.
2. You Can’t Rent a House With a Bad Credit Score
A bad credit score can make things more challenging, but it will not completely disqualify you from finding a home. If you have bad credit, there are steps you can take to help you get an apartment or a house. Being upfront and honest with your propety manager about your credit history is a good place to start, while other actions can also help. This could include paying rent in advance, providing written referrals from previous landlords, using a co-signer, applying with a roommate, or offering proof of income.
3. It’s Impossible to Get Out of a Lease
Life can take unexpected turns when you’re least prepared for it, leaving you to manage and address various aspects of your life. At times, these turns may force you to make changes in your living situation and expenses and property management companies understand this. If you’re being relocated because of your job or perhaps you were let go, it is not impossible to get out of a lease. Each property management company will have terms and conditions that will apply along with the possibility of a fee, but it will not be impossible to get out of your lease if life throws you a curveball.
4. You Will Definitely Get Your Security Deposit Back
Security deposits are required for nearly any rental home situation. A security deposit provides financial protection for the landlord in the event that a tenant causes damages to the property or there is a breach of contract. At the end of the lease, if the property is found in good condtiion and the terms of the lease have been properly followed, the deposit amount is returned to the tenant. You can lose your security depoit or a portion of the depost if there are damages or issues with the condition of the home. The best way to try to avoid charges is by simply leaving the home in the condition you received it in or better.
5. You’ll Lose Your Security Deposit if You Live There Too Long
People often believe that the longer they live in a rental, the more likely it is that they will lose their security deposit. Although a longer length of tenancy can result in a greater amount of normal wear and tear or maintenance issues, it does not mean that those issues will be considered damages. Property managers and landlords take into account the length of time the tenant has lived there and the condition in which they have maintained the property.
6. The Property Owner Is Responsible for All Repairs
In general, the property owner is responsible for much of the general maintenance and repairs for the property. However, if repairs are needed because of tenant negligence, the cost of the repair will likely become the responsibility of the tenant. For example, if you are responsbile for a broken window, you will be responsible for replacing it. But if an older refrigerator simply stops working, the property owner will be responsible for repairing or replacing it.
7. You Can Just Withhold Rent and Take Care of Maintenace or Repairs Yourself
While it’s your responsbility to care for your rental home in Fort Collins, it is not your place to decide how repairs or maintenance are done. You may think it’s easier for you to schedule repairs or maintenance on your own and then deduct the amount from the rent, but that is not typically an acceptable practice. If there is an issue with the home, you must contact your property management company and they will handle repairs as per their agreement with you as the tenant and their agreement with the property owner.
With help from All Property Services, you can find your next Fort Collins rental home and put your mind at ease of any myths about renting a house that you should stop believing. Call us today at (970) 224-4446 to learn more about available properties.