What You Need To Know About RENTING - FWS030

Financial Wellness Show - Improve the Health and Wealth of Your Money

Residential Liquidity: Everything you need to know before renting a house or apartmentwith Coach Jeremy

Moving can be stressful, especially when you are moving into an apartment.

There are a number of things you need to be aware of to make your move the smoothest transition possible.

Things we need to know before renting a house or apartment:

Weigh out the pros and cons before deciding between renting an apartment or house:

Is it located near your place of work or family?What utilities are included?Will you be staying for a prolonged period of time?

Tip: Ask for previous 18 month history on utility costs

Of course, there are these financial considerations:

Furnishings - do you need to buy curtains and can openers?How much is the security deposit?Will you have a room mate?Are room mates allowed?What is the rule on pets (and is a hamster a pet)?Are you allowed to hang pictures and plaques on the walls?

We also recommend you buy renter’s insurance for your belongings.

What you need to know before renting a house

You will likely need more furnishingsMore repairs and maintenance will be requiredIn most cases you pay for all utilitiesDo you need to maintain the grounds? (i.e.: mow the lawn)?

Renting a house can provide you with more privacy and more room, but it also comes with larger utility expenses and more responsibilities.

Renting can help you maintain a level of freedom homeowners can’t experience:

More flexibility to move - even to another unit in the same buildingThere are fewer expenses than an a homeowner (less space = lower utility bills)Fewer responsibilities (yard work, shoveling the driveway, etc)

Action Step:Create a pros-vs-cons list of buying vs renting

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