Renting vs. buying a home is one of the biggest decisions you will make in life. This decision comes with its own set of advantages, disadvantages, and risks. The advantages and disadvantages of renting a house – or apartment like apartments in Round-Rock vs. buying are fairly clear-cut, but the risks aren’t usually obvious until you’re already knee-deep into the endeavor. When renting vs. buying a home, it’s important to be aware of potential risks that can be extremely difficult or even impossible to recover from should something unforeseen happen. So, let’s dive in and see what kind of risks you might face when deciding about the house for rent or buying that perfect house for your family.
You Are Not Your Landlord’s Priority
Landlords are in the business of making money, plain and simple. They’re not your friend or neighbor that you can call up and ask for favors like letting you pay rent late because you overspent this month. If your landlord is a good one, he or she may be more lenient than others, but it’s not their job to be lenient.
You Need to Be Organized and Pay 0n Time
If you are constantly paying late and trying to avoid contact with your landlord, you will not have a good relationship with them. Their goal is to make the most money possible off of managing properties, and if you’re always paying late or causing problems that need attention, they’ll either raise your rent or kick you out.
Sometimes Renters Cause More Damage Than They Cause
This is especially true if you don’t do proper maintenance on your unit. If you’re a messy person or don’t properly care for what needs to be repaired, you stand the chance of causing more damage than the wear and tear that comes with living in a property. For example, clogged drains can cause water overflow that could damage countertops and cabinets over time
Communication Is a Two-Way Street
One major complaint that tenants have is that they don’t feel like their landlord listens to them. But it goes both ways — landlords often find themselves unable to reach their tenants as well. To be a good tenant, you need to be responsive and listen to your landlord’s concerns, and so does your landlord. Service requests are more likely to be addressed when both parties take the time to communicate and listen.
You Can’t Fix Everything, But You Can Try.
Unfortunately, some repairs just cost too much to justify making them. If your landlord can’t or won’t make all the repairs you’d like, it doesn’t mean they’re trying to take advantage of you. You can’t fix every problem in your apartment, but you can try. You might not have control over what goes on in the other apartment, but you do have control over how you respond to it. Communicate with the other tenants about what you need and what works for them, and try to find a solution together. Don’t get too comfortable in your apartment if it means not taking care of yourself or the space around you.
Don’t Get Too Comfortable In Your Space:
Many tenants forget that they are ultimately renting from someone else. They build additions and plant gardens without permission from their landlords — big mistake. It’s best to treat everything as temporary and don’t get too attached (and don’t do anything that might lower your security deposit when it comes time to move on).
Be Conscientious of Your Neighbors:
Your neighbors don’t want to be disturbed by loud music, barking dogs or late-night parties. Unfortunately, this isn’t always easy to control if you don’t know who your tenants are.
You can make them sign a lease agreement that prohibits parties and noise after a certain time, but it’s difficult to enforce. The only way you can be sure your tenants won’t disturb the neighbors is by getting to know them before they move in.
It’s also important to let your tenants know that you take complaints from neighbors seriously. If they get one too many complaints, they risk getting evicted. So it’s in their best interest to be conscientious of the people around them.
Sometimes Rules Have To Be Flexible
If you are a landlord, you probably have a list of rules for your tenants to follow. After all. They are staying in your property and you want to make sure that they take good care of it. You have the right to make certain rules such as not allowing pets or smoking in your unit. However, you cannot discriminate against potential tenants based on their age, race, religion or gender. You may also consider making some of your rules flexible depending on the tenant’s circumstances
Tenants and Landlords Are Part Of A Partnership:
Tenants and landlords are part of a partnership. The tenant needs a place to live and the landlord needs to make money by renting the property. This is a symbiotic relationship, meaning both parties benefit from each other, while at the same time depending on each other for success. This is why it is so important that tenants and landlords understand their rights and responsibilities. In order to avoid problems in the future. Here is some information about the basic rights of tenants.
