For first time home buyers, their first home purchase can be the culmination of years of planning and consideration. Buyers typically look for 12 weeks and use a variety of information sources for research before purchasing. However, many renters are not nearly as thorough in their study.
Like any other commitment, a person makes, careful consideration and understanding is required. There are things that every renter should know before they rent a home or apartment.
- A lease is a binding, legal document.
- Understand the lease before signing and ask questions.
- Get the complete agreement in writing instead of verbal statements.
- Tenants have rights too and they vary depending on the state and city.
- Tenants need renter’s insurance for their personal belongings and liability.
- The landlord is responsible for a habitable and safe environment and should typically pay for repairs due to normal wear and tear.
- Do a walk-through of the property before signing a lease.
- Don’t withhold the rent to settle a disagreement with the landlord.
- The landlord must return your deposit or tell you why it is being held in a reasonable time.
- It may cost you considerably less to own the home than to rent.
First time home buyers need to do their due diligence. Seek out only the professionals. First time home buyers sometimes have a tendency to listen to everyone except the Realtor, Lender, Inspector and any other real estate professionals.
With the exceptionally low mortgage rates available, the house payment including taxes and insurance can easily be less than the market rent of a home. By the time you factor in appreciation, forced savings due to amortization, leverage and tax savings, the actual cost of housing could be close to half of the rent even if a reasonable repair allowance is factored. Check out your net cost of housing.
First time home buyers should find an agent that they feel will do the best job. I have helped many, many first time home buyers throughout the years, not so much by “selling” them a home, but by educating them on the process.
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For more information about Denver Colorado Real Estate or homes for sale along the Front Range, call Marilyn Van Steenberg, Dream Home Consultant, Certified Residential Specialist and Eco-Broker.
Specializing in Buyer Representation & Relocation Real Estate Transactions.