Renting can certainly be a stress free occasion. You live in a place, and if everything there goes wrong, your stress is only temporary – whereas the owner has to deal with it in the long run. Or do they? This article will help you weigh out the decision “Own, but have to deal with breakdowns, or rent and be victim of breakdowns.”
As a renter, it is quite possible for you to move into a place that is victim to an annual or semi-annual problem that you just weren’t aware of. The landlord on the other hand, might know very well about this problem, but doesn’t need to disclose it, because they want somebody in there to take the place and make sure that they are receiving their rental money. As soon as you discover the problem, you can leave and somebody else will step right in to take your place.
For example, if you live in a basement apartment, and the landlord lives just upstairs. (This isn’t an uncommon housing situation at all for people to rent out their basements.) Everything about this home just may seem perfect, but unfortunately when this house was built, the plumber had all kinds of issues – it was his first gig. So occasionally a pipe might spring a leak, or some other kind of issue. Where does water want to travel? Downwards… to your living area.
When this water starts falling, let’s hope that it Let’s hope that the water falls nicely onto a linoleum floor where perhaps a bucket might have already been waiting. But more likely, it will fall through the light fixtures and right onto your equipment – like your computer. Whose loss is it now?
This is where I should put in a plug for renters insurance. Get it. The reason why I’m writing this post is because that exact thing happened to me – this morning. Luckily we spotted the leak before it was to late, but if it had destroyed anything more valuable than the carpet we don’t own – I would be moving out right now. Instead I’m still going to wait (but get renters insurance in the mean time)
Home warranty’s can also be a great idea. If you buy a home, it covers the cost of a situation like this (which will probably be about $600) for one year, and they have a $50 deductible. It’s really up to you, but remember that some of these things can definitely be unforeseen.
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