Renting: The Good, the Bad, and the Ugly

Making the choice between renting and buying can often be challenging. Clearly, the ability to own a property is preferable. However, many people today are unable to afford to get a mortgage or are saving for a downpayment. Alternatively, it might be the case that you can’t find the right property at the moment and are considering renting rather than rushing into making a rash purchase.

Whatever the case may be, it is vital to proceed on a well-informed basis. You should take the time to understand the various pros and cons of renting a house in both the short and long term. This not only helps you to assess any decisions you make between renting and buying. It can also empower you to take solid actions to mitigate the negative aspects of the renting experience.

Let’s take a moment to explore the good, the bad, and the ugly of renting alongside some of the steps you can take to make the best of the situation.

Stability

One of the significant considerations surrounding renting a house is the potential for stability. After all, this is a vital influencing component of your and your family’s quality of life. A home is a refuge from the stresses of the outside world. You need to be certain that the house you invest in can play a supportive role in your life for years to come.

Unfortunately, one of the downsides to renting property is that your stability is limited by the terms of your rental contract. Your landlord may choose to sell the property or even inhabit it themselves at almost any time. The potential to have to find alternative accommodation at relatively short notice can leave many renters feeling unstable.

That said, this is where a rent-to-own situation can be a potential bridging component. Signing a rent-to-own lease largely guarantees you a minimum contract term while you gather your finances to take out a mortgage. If you’re confident that you can save enough money, you can gain a sense of stability in knowing that your landlord can’t require you to move out at the end of the lease. You’ll also be working toward making the property your own.

Improvements

There may be times when the property you’re living in is no longer well-suited to your needs. You might want to remove walls or rearrange structural components to better cater to your growing family. The fittings in the kitchen or bathroom may be outdated and require remodeling. When choosing whether to rent a property, it’s important to understand how this could factor into your needs.

As a renter, your control over these elements is relatively limited. Unless the changes are essential or safety-related, your landlord may have relatively little incentive to agree to them. After all, they may be responsible for paying for them. Even in the event that you offer to fund improvements, they might feel that structural changes could affect the value of the property.

It is, therefore, important to take a mindful and well-informed approach to asking your landlord about home improvements you want to make. Reread your rental contract, first of all, to establish exactly what the terms are regarding renovations and changes. There may be clauses that allow you freedom over certain types of changes or a requirement for the landlord to arrange updates every so often. In some instances, it’s worth approaching your landlord with hard data about the return on investment (ROI) certain upgrades have in the current market. This may provide them with motivation to work with you on the project.

Problems

One of the realities of occupying a house is that problems will occasionally arise. Some of these will be serious in nature and related to the structure of the house, its roof, or its foundation. The air quality in the property might be reduced due to faulty ventilation. Others will be relatively minor, such as leaks, but can nonetheless be disruptive. Being a renter can impact where the responsibility for addressing such issues lies.

In most cases, a rental lease will stipulate that the responsibility for repairs lies squarely with your landlord. This is excellent news, particularly with regard to the more costly aspects of the home. It is important, however, to make sure you inform your landlord or rental agent as soon as you notice problems with the property. This is because the costs of additional damage caused by failing to notify the landlord could well be passed on to you, depending on the terms of your contract.

Perhaps the only downside to this is that the efficiency and quality with which the repairs are performed are often at the whim of your landlord. They might delay making repairs immediately or utilize cheap and ineffective contractors. Most states require landlords to meet certain maintenance regulation standards though. So, if a landlord is acting unethically regarding repairs, tenants can contact local building inspectors, sue the landlord, or arrange for a repair themselves and have the costs refunded.

Space

Space is always a consideration when moving into a new house. Whether you rent or buy, the space available to you is likely to be limited by your budget and the local housing market. However, renting will often affect how you are able to respond to this.

As opposed to a homeowner, you’re usually unable to make permanent changes that provide you and your family with additional space. Without your landlord’s permission, you can’t renovate loft space to use as an additional room or storage area. You may not be able to move walls to extend the size of your closet.

The good news is that there are plenty of temporary storage solutions renters can utilize. For instance, if you need to store away seasonal clothing, you can utilize watertight storage bins which allows them to be safely placed in garages or loft spaces. Space limitations can also motivate you to be more mindful about the items you keep and purge your closets of unnecessary elements. You might also find it practical to adapt tables and sideboards to include hidden storage spaces beneath them.

Conclusion

Renting isn’t often the preferred approach to home occupation, but it may be a necessity. Unfortunately, you have a certain lack of autonomy in aspects such as renovations and repairs. Though, this is often tempered by the fact that landlords have the financial responsibility for such elements. It’s important to consider how you can act to balance the negatives with some positives. Empower yourself to maximize space and represent your needs effectively to your landlord. With some consideration, you can make the most of your rental experience.