Renting Your Way to Financial Independence

If selling your home may not seem like the best option for you now, especially considering depressed home values, you may have already thought about renting your home to one or more tenants instead. Renting your home while waiting to sell it after home prices improve may seem like a simple short-term solution. There are, however, many pros and cons to think about when making the decision to sell or rent your home.

Whatever your final decision is, always remember that you are dealing with your home, one of the largest investments you will ever make in your lifetime. It is best to make your decision based on the financial benefit to you, rather than on the perceived convenience of renting instead of selling your home in this difficult real estate market. It is also wise to remember that becoming a landlord involves much more than placing a rental ad in the local paper, choosing a tenant, and collecting rent checks every month. There are a host of legal responsibilities and liabilities inherent in the role of landlord. If you are not prepared to be a landlord, you could set yourself up for a long list of unpleasant and costly (Read More….)

Negotiating a Lower Rent

Whether you are trying to find a new place or renew your lease, you should consider negotiating a lower rent. After all, it is always nicer to pay less in rent so that you can have money for other expenses. You might think that most landlords won’t budge on the price of rent, but many of them are actually willing to negotiate with you. Here are some tips for negotiating a lower rent.

Mentally Prepare Yourself

Before you start negotiating rent, you have to mentally prepare yourself. Convince yourself that you deserve a lower rent and walk into the negotiation with confidence. If you seem hesitant or nervous during the negotiation, the landlord probably won’t take you as seriously. If you feel uncomfortable negotiating rent right now, try negotiating smaller bill payments like a cell phone bill.

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Let the Landlord Know That You’re a Good Tenant

A great way to negotiate a lower rent is to let the landlord know that you’re a good tenant. For (Read More….)