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More Renter Tips

Here are some more tips for renters, compiled by Garden State Apartments!

Go Slow When Just Starting Out
For recent college graduates or recently married couples, starting out with a rental property may be the best option. Otherwise immediately taking out a home mortgage may carry with it the need for loan co-signature, as well as compromised negotiating positions and higher mortgage rates given an inability to include a 20 percent down payment. 

Weigh Options Entering Retirement
Renting is also an option for those entering retirement who want to try out different living arrangements like being closer to family and living in an active adult community, as well as for those who no longer want the headaches associated with owning a home. In addition, selling a home when it’s a seller’s market and initially opting for a rental property allows retirees to wait out the market until they have the leverage to purchase the retirement home of their dreams.

Navigate Through Home Foreclosure
In what may become a reality for thousands of Americans given the current home mortgage crisis, renting at a time of foreclosure allows consumers the ability to maintain their style of living while working toward buying another home.

“Home foreclosure is one of the most difficult life events people may experience,” said Kancherla. “Taking a step back and getting finances under control—all while pursuing the best housing option available—well positions renting as an ideal solution.”

Other renting tips that Garden State Apartments advocates include:

• Understand the Lease: Be sure there is clarity between property manager responsibilities and renter responsibilities, as well as on overall lease conditions. If something is promised by the property manager, make sure to get it in writing.