RENTING A HOUSE OR APARTMENT

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Wikipedia, the free encyclopedia

Renting is an agreement where a payment is made for the temporary use of a good or property owned by another person or company. The owner of the property may be referred to as the lessor and the party paying to use the property as the lessee or renter. There is typically an implied, explicit, or written rental agreement or contract involved to specify the terms of the rental, which are regulated and managed under contract law.

Examples include:

  • Renting real estate (real property) for the purpose of housing tenure (where the lessee rents a residence to live in), parking space for a vehicle(s), storage space, whole or portions of properties for business, agricultural, institutional, or government use, or other reasons.
  • When renting real estate, the person(s) or party who lives in or occupies the real estate is often called a tenant, paying rent to the owner of the property, the leasor, often called a landlord (or landlady). The real estate rented may be all or part of almost any real estate, such as an apartment, house, building, business office(s) or suite, land, farm, or merely an inside or outside space to park a vehicle, or store things all under Real estate law.
  • The rental agreement for real estate is often called a lease, and usually involves specific property rights in real property, as opposed to chattels.

Articles Published by Ken Dunn
Dunway Enterprises

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Benefits of Renting

While there are some renters who view renting an apartment or a house as a failure, there are others who see the benefits there are to be gained from renting a property as opposed to purchasing a property. Some of the benefits of renting include the ability to save money while renting for the purpose of purchasing a home, few maintenance requirements and the inclusion of amenities which the renter would not likely be able to afford if they were to purchase a home instead of renting. Although there are some negative aspects to renting an apartment, this article will focus exclusively on the benefits of renting a property.

The Ability to Save Money:

Being able to save up a great deal of money for the purpose of making a down payment on a dream home is just one of the many great advantages to renting a property. Many homeowners were able to realize their dream of homeownership only after living in a rental property for a certain amount of time. Although renting is often criticized as throwing money away because it does not result in equity, the ability to save money while renting is unparalleled

Rent for an apartment is usually considerably less expensive than the monthly mortgage on a home. The home is also typically much bigger than the rental property but in cases where the renter is renting for the sole purpose of saving money, the value of renting cannot be denied. Depending on how long the renter stays in the apartment, they may save hundreds or even thousands of dollars during the course of the rental agreement.

No Maintenance Properties:

Another advantage to renting a property is there is typically little or no maintenance required by the renter. This is especially true in an apartment situation. The renter may be responsible for small items such as changing light bulbs but more extensive repairs such as leaks in plumbing or clogs in drains are typically handled by the maintenance staff of the rental property.

Additionally common areas such as grassy areas or gardens are maintained by the maintenance staff. The exception is usually when the renter rents a home as opposed to the apartment. In these cases the renter may still not be responsible for small repairs but might be obligated to take care of items such as maintaining the grass.

Worthwhile Amenities:

Another advantage to apartment living is often the amenities offered to residence. Such amenities might include usage of the pool, an exercise room, meeting spaces and a theatre room. In most cases these amenities are offered free of charge to resident and their guests. Many renters who might be able to purchase a home would not likely be able to purchase a home with amenities such as a pool, fully equipped exercise room and a home theatre.

These items are often considered luxurious and are not available in the majority of homes which are on the market at any particular time. In fact searching for homes which specifically have these features may severely limit the number of search results and may result in no search results at all when these features are searched in conjunction with a typical price range.

However, those who rent can enjoy access to these amenities. They may pay more in rent than those in a comparable apartment complex without these amenities but they are also still likely saving a considerable amount of money each month as long as they are budgeting wisely and have chosen a rental property within their price range.

RENTING A HOUSE OR APARTMENT

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RENTING A HOUSE OR APARTMENT

RENTING A HOUSE OR APARTMENT

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RENTING A HOUSE OR APARTMENT