The debate about whether one should move into an apartment or house has been around for a long time.
While being a homeowner certainly brings peace of mind, moving into an apartment building isn’t that bad either.
For one, it takes the responsibility of maintenance off your back. Renting is also cheaper than servicing a mortgage, allowing you to save more.
In today’s article, we take a look at seven common myths and debunk what most people believe about living in an apartment. If you’re not a fan of renting, this may change your mind.
“Renter’s Insurance Really Isn’t That Important”
When many new tenants weigh whether or not they should take out insurance on their household property, they opt not to. Most believe that the value of their belongings isn’t that high, making the prospect of paying monthly premiums seem preposterous.
Others, quite wrongly, assume that their landlord is obligated to replace items that get damaged by floods, fire, and other similar scenarios.
The reality, however, is quite different. In the event you lose all that you own, it would possibly cost an arm and a leg to replace it.
Although landlord and tenant laws vary from place to place, landlords aren’t obligated to cover these damages should anything happen.
“It’s Better to Simply Buy a Home”
A lot of people believe that taking out a mortgage on a home is a much better investment than renting one. That may not always be the case.
For one, renting is the more friendly option for most people, especially as far as finances are concerned.
Also, if you’re moving for a short-term work assignment to a new city like NYC, you’d certainly need a temporary place to stay. In such a case, renting a furnished apartment in New York would make more sense than buying a house.
Owning a home is great if you’re in a more settled place with life.
However, if you move around a lot for work and are looking for a more flexible option, then renting would work best.
“All Landlords Are a Nightmare”
We’ve all been there – you know; had a landlord that was really difficult to deal with. They ignored all calls for maintenance and repair of the toilet that swirls but doesn’t flush or your complaints about the neighbor’s dog’s incessant barking.
And, when you finally decided to move out, they made it as difficult for you as they possibly could.
While this is a reality many tenants have lived through, it would be false to say that all landlords are like that. Most landlords are reasonable, kind people, especially if you’re a non-problematic tenant yourself.
That said, it would be a good idea to try to speak to other tenants in the building you want to move into, and get their account of the relationship they have with their landlord.
“Forget About That Security Deposit”
Another common myth that most tenants believe is that once you pay your security deposit, it will be hard to get it back, especially if you sign up for a long lease.
Although a rental unit generally needs more work done after a long-term client moves out, this doesn’t chart as damages. Damages refer to repairs made due to a tenant’s negligent use and misuse of the apartment.
When you’re planning on moving out, make sure to give the landlord at least one month’s notice. You should then ensure the house is in the state it was in when you moved in.
Do a thorough clean-up, repaint the walls to their original color, and fix all the damage you may have caused. Doing this will make it easier for your landlord to promptly return your security deposit.
“Landlords Should Pay For All Maintenance and Repair Costs”
Landlords are obligated by law to pay for repairs to the building’s structure, including walls, roof, and general curb appeal. They may also have foot repair costs arising from floods and similar damage.
Nonetheless, as we’ve mentioned above, damages brought about by your negligence are your own responsibility.
Although the landlord may pay to get them fixed, they will likely take this cost out of your security deposit.
“Landlords Can Evict You Whenever They Want”
This is another myth that many tenants believe, often as a result of them not fully understanding their rights.
Although such laws may differ depending on where you live, as we’ve mentioned before, landlords aren’t allowed to forcefully evict their clients for whatever reason.
If you took out a lease on the house, they are required to provide sufficient proof that you’ve gone against the terms of your lease. They should also provide prior written notice, at least 30 to 60 days before the eviction occurs.
If you are still unable to pay your rent or if you continue violating your lease in any way, the landlord can now start a legal motion to evict you.
“Landlords Reserve the Right to Enter Your Home Whenever They Want”
When you’re living in a rental property, you may have to contend with your landlord occasionally coming into your home. This may be for a few different reasons: to show your apartment out to prospective clients, check the fire alarms and smoke detectors, or simply to carry out routine maintenance.
Under any of these circumstances, the landlord is required to provide timely notice, often 24 hours before knocking on your door.
However, during scenarios like fires, leaks, and floods, they may come in without prior notice.
To Rent or Not to Rent?
If you’ve been considering renting an apartment but aren’t sure it’s a good idea, we hope this article will help you make the jump.
As we’ve seen above, many of the reservations tenants have about renting are myths.
Living in an apartment can be a flexible and freeing experience, especially if you have done enough research on the building, its landlord, and regulations.
