Tips For Today’s Real Estate Market #7 – Do You Lease Or Do You Rent?

Tips For Today's Real Estate Market #7 - Do You Lease Or Do You Rent?There are many questions to ask yourself when looking for a new place to live. If you have the means to you should try to buy a place because right now the market has never been better for first time buyers. Low interest rates, government aid, and an abundance of foreclosures have made it very nice for anyone looking to buy a home. However, if you are unable to afford a home or simply just do not want to, there are some things that you need to decide on and have prepared that you may not have expected.

Leasing and renting may seem like the same thing, but there are some differences that are important to keep in mind. Leasing gives you more rights, you have rights when you rent but not as many. A lease clearly stipulates the what the land lord or owner can and can’t do with the property while you live there, and they can not raise rates on you. This does work both ways however because you have more responsibility to the house and to the owner. Renting gives you more of an open door policy, allowing you to leave sooner if you want, you are less responsible for the home. You can however, be subject to rate hikes and if the owner wishes to sell the property you have no way of stopping it until your contract is up.

Either way you do have to be prepared when looking to rent or lease a home. Many land lords and owners have begun using credit scores to help determine the best applicants. This is because of a high volume of renters and they want to make the right decision. If you have a poor credit score you can look into credit repair. Credit repair is a fast and simple process that only takes a few weeks and can help you save money as well as get approved fast.

By David George