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*Living~By~Faith*
Sep 30th 2008, 04:21 AM
I have mentioned in a couple of other threads that I'm trying to move to town. Our first plan was to move into a trailer that my brother has, but those plans fell through. Then we were thinking about buying a house that my brother is fixing up but my dad is now saying that we can't afford to buy a house....any house! He also wouldn't be approved for a loan anyway because he has bad credit due to not paying some medical bills a few years ago.

I guess the only option I have left is to find a place in town to rent. There is some houses for rent that are all handicap accessible that I'm going to try checking into. They are only a couple of streets over from my church. I just hope they have some that are available and that I will be able to move into quickly.I've tried looking in the phone book and on the internet to find any contact information but can't find anything. I'm going to ask someone at church if they can help me find something out about these houses.

I don't know anything about renting so I would like to know what are some hidden costs to renting that I may not know about?

ilovemetal
Sep 30th 2008, 04:40 AM
renting is like throwing money in the garbage. i rent:B

for those of us (everyone) who can't buy a house we rent. it's no biggie. hidden costs....i've never had any. it's not like a phone bill. you just pay damage (which you get back if you don't party like it's 1990) pay heat maybe, and like, internet and phone. it adds up, and i usually cry when i give away 400 dollors. but then i think how awsome i have it compared to mexico or somewhere....

anyways, i hope it works out eh. also maybe theres a site called craigslist, just goodle that word, it's big in canada, at lease where i live. it's all the rage! weeeeeeee

*Living~By~Faith*
Sep 30th 2008, 04:50 AM
renting is like throwing money in the garbage. i rent:B

for those of us (everyone) who can't buy a house we rent. it's no biggie. hidden costs....i've never had any. it's not like a phone bill. you just pay damage (which you get back if you don't party like it's 1990) pay heat maybe, and like, internet and phone. it adds up, and i usually cry when i give away 400 dollors. but then i think how awsome i have it compared to mexico or somewhere....

anyways, i hope it works out eh. also maybe theres a site called craigslist, just goodle that word, it's big in canada, at lease where i live. it's all the rage! weeeeeeee


Yes, I agree it is throwing money down the drain. That's why I really want to buy something, but I don't see that happening in the near future.

lbeaty1981
Sep 30th 2008, 01:13 PM
It's been my experience that things can vary quite a bit when renting a house. There's usually an application fee, as well as a pet deposit if you have animals (assuming they allow pets in the first place). I would definitely check and see what their policy is for maintenance, though. The people I rent from will cover pretty much all repair costs, but some places do require you to pay a percentage yourself. Other than that, I really can't think of any other hidden costs.

IPet2_9
Sep 30th 2008, 01:32 PM
In this economy, I'm going to take the contrary view and say that renting is not a bad idea. A big part of what makes renting "throwing money down the drain" is that it depends on real estate prices going up (which usually they have). But in this economy, real estate prices are more looking to go down than up.

Even if you own, you're still paying interest and property taxes. After you deduct 30% of that amount in tax deductions, the remainder of that is your "rent". That "rent" you pay can come close to what you're paying in rent already. That's assuming house prices remain level--it's the property appreciation where you come out ahead. But if it goes down, you're better off renting.

teddyv
Sep 30th 2008, 04:56 PM
In this economy, I'm going to take the contrary view and say that renting is not a bad idea. A big part of what makes renting "throwing money down the drain" is that it depends on real estate prices going up (which usually they have). But in this economy, real estate prices are more looking to go down than up.

Even if you own, you're still paying interest and property taxes. After you deduct 30% of that amount in tax deductions, the remainder of that is your "rent". That "rent" you pay can come close to what you're paying in rent already. That's assuming house prices remain level--it's the property appreciation where you come out ahead. But if it goes down, you're better off renting.
I'd agree with this thinking right now as well. If there was ever a time that it is good to be renting, right now is it.

*Living~By~Faith*
Sep 30th 2008, 07:11 PM
I guess renting isn't too bad. It's really the only option I have and it's probably the only option that I'll ever have unless I get married someday or unless my brother carries a loan for us. He was going to do that in exchange for some land so that he could build houses on it and make a profit. But my dad isn't agreeing to that. I'm trying to be understanding about that. Right now we don't have any debt at all, but if one of us had to be hospitalized then we've have medical bills to pay along with a mortgage payment. Which would probably be a strain on us.

I like that these are houses instead of apartments because I really don't like the idea of living so close to someone that I don't know. It's also nice that they are already wheelchair accessible, so I don't have to worry about having a house fixed for me. The location of these houses are also great. Now I just need to find out how to check into them and hope that one is available to move into quickly. Does anyone know if it would take a long time to be approved? I don't know what would be involved in that.

IPet2_9
Sep 30th 2008, 08:10 PM
Getting approved for rent should be no problem, unless prior landlords have had some bad experience with you. From my experience (which was a long time ago, granted...), the approval process should take anywhere from a couple hours to a couple days.

ilovemetal
Sep 30th 2008, 08:31 PM
oh yeah, for the record renting rules. no stress about propert tax, house matinance etc. you just pay and live. i don't mind it really. eventhough it sucks, it's part of life. or be homeless.....i guess....

*Living~By~Faith*
Sep 30th 2008, 09:11 PM
What if you've never rented before? Do they look at your credit history or anything like that? I probably have bad credit due to my dad taking some of my medical bills and putting them up instead of paying on them. I didn't know that he was doing that or I would have handled them myself. He did the same thing with some of his own medical bills, except his ended up being sent to the credit agency or whatever it's called.

House maintinance and yard care are also things that I like that are taking care of with renting. Otherwise I'd have to find someone to do those things. How is renter's insurance taken out?

IPet2_9
Sep 30th 2008, 09:22 PM
A good landlord will look at your credit history, but it sounds like your issues are unrelated. They may have questions & it'll delay your approval another day.

For me, I have a home warranty, so house maintenance is no big deal. The biggest time sink, by far, is the yard work. But I refused to do a condo, because those are ridiculously overpriced when you factor in the HOA fees. Renter's insurance is carried by any of the mainstream insurance companies who sell homeowner's. Don't do AIG. :) It helps with your application, though, if you can tell them upon applying that you already have renter's insurance. A lot of their tenants don't, and if their tenants do anything like start a fire, the renter's insurance covers the liability for the damage they do to the other tenants' property. So landlords like it.

*Living~By~Faith*
Oct 1st 2008, 02:18 AM
On the way to church this evening, I told my mom about wanting to check into renting one of the handicap accessible houses that are in town. She agreed that it would be a good idea. I also found out the contact information from someone at church, so I'm going to be contacting them within the next couple of days. The person at church told me that her mom lived in them for awhile. She said it's completely accessible for wheelchairs. We drove by the houses when we left church tonight. They are only a couple of minutes from the church and less than 10 minutes from town. These are actually duplexs with only one bedroom, but I guess that is okay. I really hope that there is something available so that I can move in right away.

I also found out that my parents can in fact move into the trailer that my brother has in town. It's just that they aren't able do anything to the trailer. It'd be so nice if I could rent on of the houses and my parents could move into the trailer.

I know my dad isn't going to like the idea of me moving out and honestly I don't like the idea of moving with my dad's mental and physical health the way it is and with my parents marriage so bad. But it is time for me to live in town and get out of my own.

Bethany67
Oct 1st 2008, 05:54 AM
If the US is anything like the UK, it's a renter's market right now. A lot of people bought second properties on a 'buy-to-let' scheme thinking they could rent them out to cover the mortgage repayments, and now they're panicking, so you may be able to renegotiate the rent downwards a bit.

If you were in the UK I'd recommend getting a copy of your credit report from Equifax or Experian; I don't know how it works in the US, but over here your records are linked to anyone with whom you have a financial relationship. So my records are linked to my husband's because we have a joint mortgage, but not to the people who lived in this house before us. It doesn't go by address here so you can't be penalised by former inhabitants who defaulted on debts at that address. I get my report every 6 months to check that no-one's managed to take out credit in my name.

Here they'd want about a month's rent as a damage deposit, and a month's rent in advance. They take up references from your employer if you have one, and they want to see bank statements. You'll sign a tenancy agreement which will specify the period of occupancy (normally 6 months) and the terms of giving notice on both sides. You'd also need to pay electricity, gas, water rates, phone/internet, plus council tax (a local tax which covers street lighting, road repair, garbage collection etc.) I'd look into the insurance issue; the landlord will probably have a policy to cover the costs of rebuilding the place itself if it got burned down, but it won't cover your personal possessions.

If the place comes furnished, make sure there's an inventory, right down to the knives and forks and the state of the carpets. Check that it's accurate because anything on the list which is not there when you eventually leave will need to be replaced by you.

always
Oct 1st 2008, 05:42 PM
look into the possibility of renting to own as well, that is of course if you can afford to rent a home you would like to own, don't forget to get renters insurance to cover your belongings in case of a fire or whatever.

renting to own right now is a good idea, and you don't have to feel like you gave money away