If you’re like me and most of my Silver Lake Real Estate clients you may have heard renting is a poor decision if you can afford to buy in our city.
All aspects of renting are not bad and in fact, it’s on the rise because of the home value price. But the overall viewpoint of renting is also changing. Let’s look at the three most common myths about renting so you can make up your own mind. Sound fun?
1. Mom And Dad Said We’re Throwing Our Money Away
Our Silver Lake Real Estate Agents are sure you’ve heard through the grapevine that every dollar you spend on rent is like tossing it into the trashcan, but is that true? Not really. You need a roof over your head right? Would you be living for free if you didn’t pay rent? If you can find a place to live without paying rent or a mortgage go for it, and please tell me how I can do that too.
For most of us living in reality and Silver Lake, CA who want a spot to call home, we either pay the landlord, the landlord’s mortgage, or our mortgage. Period.
Renting should also make life simpler. Meaning, you’re not responsible for paying the property taxes or the regular household maintenance cost. Most landlords will include the house, apartment, or condo system repair services fees and some also pay your utilities.
You should also consider the Silver Lake housing market price points. It’s incredibly expensive to own and maintain a residence in Silver Lake Los Angeles, CA. Maybe you don’t have quite enough funds for a down payment or enough reserve funds saved to deal with immediate deferred maintenance issues. Simply stated, maybe renting is a better option for you rather than becoming house poor.
To find out whether or not renting vs buying is a better choice for you I’m standing by as an expert Silver Lake Real Estate Agent available to answer all of your questions and help you through the exercise of deciding the best path for your housing needs vs wants.
2. The Landlord Is Always Right
The everyday common myth surrounding tenants vs landlords is that the landlord has all of the power and the tenant is subservient.
Contrary to popular belief, tenants have a lot of negotiating power as they’re signing a lease to rent, says Kendall Key, owner of Realpro Eastside and Broker of record for Shelhamer Group.
Maybe you’re loosing thinking about buying a house within 12 months, or perhaps you may need a job relocation clause. Simply point out, can you work with me? Everyone filling out a rental agreement has the right and power to ask questions and modify the application agreement,” Kendall advises.
Our Silver Lake Realtors suggest that you make sure if you’re leasing a residential spot you read the entire lease and understand what you’re signing. If there are terms you don’t agree with or want to talk about your adjust don’t be afraid to ask.
3. It’s Almost Impossible To Get Out Of A Lease
Here we go with another renters market myth is it’s difficult or impossible to get out of a lease without paying the entire lease or having a major ding on your credit report.
Our Silver Lake Real Estate Agents totally get life throws you, me, everyone curve balls all the time. Whether your family is getting bigger or smaller, an intolerable neighbor, or job relocation, or maybe you lost your job, or a number of other reasons why you want to break your lease life changes – I get it.
Our Silver Lake Real Estate Agents say it’s important to make sure you understand if you have a subletting clause in writing. Another option is to work with the landlord or the property management company to help fill your unit if you need to separate.
A clear line of communication is always the best bet with the landlord or property management company. Of course, there may also be fees associated with breaking or modifying your lease, but taking and making reasonable concessions is the bath of least resistance.
REALPRO EASTSIDE IS A LICENSED REAL ESTATE BROKER BRE: 01874944 IN THE STATE OF CALIFORNIA AND ABIDES BY EQUAL HOUSING OPPORTUNITY LAWS. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATIONAL PURPOSES ONLY. INFORMATION IS COMPILED FROM SOURCES DEEMED RELIABLE BUT SUBJECT TO ERRORS, OMISSIONS, CHANGES IN PRICE, CONDITION, SALE OR WITHDRAWAL WITHOUT NOTICE. TO REACH THE REALPRO EASTSIDE'S MAIN OFFICE PLEASE CALL 310.753.6484
GLENN SHELHAMER IS A LICENSED REALTOR CALBRE#01950995 AFFILIATED WITH KENDALL KEYCALBRE#01874944.
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