3 Major Home Rental Myths
Are you considering renting an apartment or a home in 2020, but have heard that renting is just throwing your money away or that the landlord can enter your home at any point? The truth is that these are common myths that may stop you from enjoying the benefits of renting. Here at Bancroft & Associates, we want to help you make the right decision for your family by explaining the common rental myths and giving you the truth behind them.
1. Renting is like throwing your hard-earned money in the trash.
This is the number one myth of renting, and it’s perpetuated by individuals who don’t understand the benefits of renting versus owning a home. The premise of this statement is that you are not building equity when you pay a landlord to rent your home or apartment. While that statement is true, the fact is that when you own a home, you are responsible for 100 percent of the repairs. This means if your roof fails, you must replace that roof from your personal finances or take out a loan to pay for a new roof. If your water heater or HVAC system breaks, you are responsible for calling the appropriate contractors and getting those items repaired. By contrast, when you rent, your landlord is responsible for making those repairs and maintaining certain items in your rental, according to your rental agreement. This can save you money when compared to the costs of owning and maintaining a house.
2. Renting limits your privacy because your landlord can enter anytime he or she pleases.
While it is true that your landlord and maintenance workers can enter your apartment, they can’t enter any time they want. By law, most landlords must give tenants at least 24 hours notice before they enter a rental unit. They usually accomplish this task by placing a written notice somewhere on your door. The 24-hour notice allows you to get ready for the inspection, routine maintenance, or visit to show off your apartment or rental home to another prospective tenant by picking up your personal items and putting them away and performing some light cleaning.
3. You can’t rent a good apartment or house if you have terrible credit.
The truth is that you will have a more difficult time getting a mortgage in Tucson with bad credit than you will a lease. When landlords review applications, they perform a background and credit check, and they check your current employment status. The background check seeks to make sure that you haven’t committed any crimes, defaulted on a previous lease, or been evicted, which are all weighed heavier than a bad credit score. The employment check verifies that you are working, and you can also provide pay stubs and other employment verification to prove that you are working and have the income available to pay your monthly rent. Additionally, many landlords will allow you to pay the cost of the entire lease upfront, which completely bypasses a bad credit score because the landlord has all of the money for the lease.
If you are looking to rent a new home, apartment, student housing unit, or commercial property, give us a call today at 520-881-4884. We can help you find the perfect rental property in Tucson for your family or your new or existing business.