Arlen Lopiccalo: don't buy the cow when the milk is free...ask your father
Glynda Darrin: Renting is when you don't own the apartment or home, but pay the person who does month by month. What you should know about renting is that in the long run it is more costly than owning a house, partly because the money you spend is basically "thrown away" - it doesn't build equity (i.e. when you move, you won't get anything back) - and partly because monthly payments on a house could potentially be lower than monthly rent payments.But until you have enough money to put down up front for a down payment (usually between 10-20% of the house's total cost, so like for a $100,000 house, which is probably very small, $10,000 up front), you will probably have to rent.When you rent, you will have to sign a contract with whoever owns the property you are renting. That contract will have specific terms that you will have to follow. The most important would probably be about who pays the ! utilities and maintenance. Most renters have to pay for their own utilities, like gas, electricity, cable, internet, phone, and sometimes (but not often) water and trash removal. I have found that contracts that have the utilities included in the monthly price sometimes are not as nice as places where you pay your own utilities, but that probably depends on where you will be renting.When you rent, the landlord will usually ask for a deposit. This is used to pay for any damage YOU incurred while you lived there, the remainder of which will be returned to you at the end of your contract. So for example, you pay $600/month rent and your deposit was $500. You drop your hair straightener on the carpet and damage it. It costs $30 for the landlord to get it fixed. At the end of your contract, you will get $470 back instead of $500. Usually this money only pays for the damage YOU do. So let's say the toilet clogs and needs to be replaced. The landlord will likely pay for that thems! elves, unless you somehow did this. Usually it's just old plum! bing, and the landlord will know this.Sometimes the landlord may also ask for the first and/or last month's rent when you first sign the contract.Other things decided in the contract are when you will have to pay your rent, what the penalty is for paying it late (usually a fee - mine was $25 for the first day late plus $5/day for every additional day), how long the rent is (6 months, 12 months, etc.) and what to do if the place needs maintenance. Since you don't own the property, the landlord is usually responsible for fixing broken toilets, getting rid of rodents or bugs, etc. Sometimes they require the renter to purchase things like lightbulbs, sometimes not. When you go to look for a place to rent, you should try to find something that is well within your price range. If you can save money by doing laundry at home, you might skip a place with a washer and dryer. Don't go into a contract that you can barely afford. You should have a nice cushion. Some great places to look! for places to rent are craigslist, facebook, and actually just by driving around the neighborhood where you want to live and looking for "for Rent" signs. If there is a number on the sign, you should call and say, "Hi, I'm inquiring about the house at 'such and such an address' - can you tell me more about it?" Remember to ask about all the amenities, if utilities are included, how much the deposit and rent are, and how long the contract will be. My husband and I are renting now until we can afford a down payment. Food for us costs about $180-200/month (but then again, I'm pregnant, food prices vary depending on the state, and you might eat more/less than us). Electricity costs about $100/month (we use electric heaters, though, and don't pay for gas). Our internet costs $30/month (we got a good deal with a local satellite company, NOT comcast). So, no, it's not hard to rent. You just have to make sure you can afford the place where you will live, and afford means there is ! a cushion. Good luck!...Show more
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