subject: Rental benefits in long island examined [print this page] Rental benefits in long island examined Rental benefits in long island examined
Whether you are rich or poor, all of us will have a rental in some point of our lives. Many of us rent due to affordability, bad credit situations or because it is convenient. What ever your situation may be, let me remind you Long Island is an expensive place to buy a house or even rent for that matter. However with the rising interest rates in housing, I personally think it is a better option to rent for now. You have the freedom to relocate to a new place or job with out being tied down in a mortgage. Rentals that does not allow pets are cheaper and some even includes utilities. If you have pets like me, a house with a backyard is convenience, just make sure you get some roommates to share the rent with you.
Before even considering a place to rent, you have to do some calculations. Take a pen and paper and write down all your monthly expenses minus the rent. You have to now choose a rental using the rest of the money allowed per month after the expenses you just calculated. You have to keep in mind that almost all rentals include a security deposit. Be prepared to set aside a few bucks every month after all your expenses and rent for emergency's.
Lease agreements come in 6 months, 1 year or even 2 years. If you want better flexibility a landlord may agree to a month to month lease. You can break the lease with a month in advance notification to the landlord. Before we choose a rental place, carefully examine the lease agreements. We do not want extra costs to us if anything in the house goes wrong and if it is not covered in the rental. If you don't agree with the lease you have to discuss the issue with the landlord immediately because remember it is a legal contract once you sign it. After your sign the lease be sure to take pics of the place for your record. Be sure to get a renters insurance which is very cheap that it is worth around $70 bucks depending on the area you live.
Apartments doesn't provide the same level of security, privacy as home rentals but it does have its benefits. If you are renting an apartment you do not have to worry about some of the maintenance associated with a home rental such as mowing the lawn, clogged sinks, shoveling snow etc. Although poorly managed apartments may require you to shovel some snow but to only dig your car out but at least not your entire drive way.
As you can see renting is not such a bad idea especially in long island where the economy is not doing so well. If you got a great job think twice about purchasing a home here, try the rental option for now at least till the economy gets better. I am personally waiting to get out of Long Island in a few years. I can save up till then and buy a much bigger home else where for half the price and low interest rates compared to Long Island.
