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Renting a Home 101
Renting a Home 101
A breakdown of a renters profile, the requirements and the benefits associated.
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So you’re ready to get a home, should you buy or rent? While home buying is most popular, renting might be best for you! Individuals who rent often are students, young professionals beginning their career or seniors who do not want house maintenance tasks. Their monthly income tends to fluctuate more and are open to relocating within a short period. When applying for a rental home a landlord may ask for your contact information, a letter of employment, a bank statement, a credit report, a guarantor or co-signer, or references. This is to ensure their investment is being put in good hands and that you are capable of meeting the financial requirements. A relationship built on trust is created between a renter and landlord during this process.

There are benefits that are associated with renting, home affordability can be found within rental homes. The price of homes have risen making it more difficult for individuals to save for a down payment. Predictable monthly expenses are seen more when renting a home. You are not liable for property tax or homeowner insurance fees. You have more flexibility to move when you rent, selling a home is a more expensive process. If you decide to rent within a condominium building you will gain access to their amenities such as gyms, pools and underground parking. When deciding if you should rent or buy, choose the option that best aligns with your lifestyle and goals.

To be successful when renting properties, it is important to treat it as a business.
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