Renting an apartment for the first time or making the decision to buy a home brings with it many considerations. Rushing the process is not a great idea.
Failure to spend the time learning about the processes, terminology and procedures may end up costing you thousands of dollars. Additionally, making a poor choice in either a home or apartment can mean you must put up with all sorts of inconveniences at best, and loss of privacy or safety at the worst.
Being new to the process means you can easily be talked into situations and purchases otherwise not good for you. This is where learning all you can about what to expect, what is normal, what the terminology means and how the process generally proceeds protects you as well as potentially save you money.
Also find out when the best time to move is and avoid costly mistakes. Use the information in the following sections to boost your knowledge about renting or buying your new living space.
When is the best time to move?
Just as there are certain seasons in the year where buying a car is advantageous, so too there is a best time to schedule a move. Additionally, you must consider your own personal and work situations. Many factors affect the price the seller is offering for a home, and many apartment complexes offer move-in specials during certain times of the year.
Being aware of the fluctuations of the housing interest rates is also another aspect affecting the price of homes. The lower the interest rates, the better for buyers. Understanding the common reasons for real estate fluctuations, as well as typical seasonal discounts for apartment rentals is crucial to getting the best deals. The tips on these pages help you make that happen.
Renting Terms Explained
Renting your first apartment brings with it a roller coaster ride of emotions. It is exciting to imagine the independence of having your own space. However, the reality of that independence is the price tag and all of the expectations belonging to apartment rentals. Apartment renting comes with its own set of terminology you may never have encountered before.
Take the time to learn the important words so you are informed about amenities, rules and regulations. Understanding what everyone’s rights and responsibilities are helps you get off to a great start.
This page offers you a list, along with explanations, of the most common terms you hear when filling out an application, speaking with a leasing agent and when presented with options. Learn what certain professionals in this field do and what their titles mean.
Not all rental agreements are the same, so learning a little about the different types and what each requires is one of the most crucial pieces of information you need in order to get the best deal and protect your budget.
Last, learn how to read a basic rental description of a place. Understanding how to read between the lines, what is meant when companies use certain industry standard words and when to walk away from certain listings saves you from looking at places to which you would be ill suited.
Home-Buying Terms Explained
Deciding to buy your first home is a momentous decision, and one that should not be entered into lightly. In fact, making the decision is the easy part. Taking the time to educate yourself on various terms such as PMI, appraisals, points and WDO makes your purchasing journey a little easier.
In this section, learn what the rules and regulations are regarding the sales agents, what a standard commission is for a real estate agent, and who is involved in the purchase process.
Being fully informed does not speed up the process for purchasing a home, but what it does do is increase your understanding of what is expected, customary and what rights you have as a purchaser.
In the course of purchasing your home you meet several different people who each have a different, but important role. Learn what it is they do, what to expect when working with them and how it may affect your financial decisions. Understand the terminology involved with selecting your loan package and the differences between them.
How to Rent When You Eventually Want to Buy
You may never aspire to own a home, instead planning to be a lifelong renter. Depending on where you are located in the country and your circumstances this may be the perfect solution for you. However, you can also rent while leaving yourself the option to purchase if you choose to in the future. This primarily pertains to rental homes, but may also relate to condominiums.
If you know in the future you will be buying a home, then consider using the information in this section to place yourself in a good position to take advantage of purchasing a home when the conditions are optimal.
Renting the home you plan to possibly purchase also gives you a chance to see if you like the area, the neighborhood and whether the aspects of living there suit your lifestyle. You do this without the commitment of a mortgage. The act of renting-to-own also gives you a chance to save money for the purchase, or for a home you prefer.
This section also provides you with detailed information about what is involved in the rent to own contract, how to negotiate for good terms and how to make the best decisions based on your financial situation. Taking the time to fully understand what is involved in renting someone’s home, and eventually owning it, saves you a lot of stress and headaches when making your decision.
Rent-to-own is not an avenue for everyone and it is not the same as renting an apartment or renting a home not open for sale. Taking the time to learn the pros and cons associated with the process makes you a savvier buyer as well as a happier homeowner.