Resources & Advice for Renting a Property
I. Making the choice to rent
For some, renting is their best option at the moment in light of their situation and the housing market in their area. While many choose to rent for poor reasons, like generational trends within their immediate family no matter the circumstances, without running the numbers first or being aware of their options to boost their credit scores for free or buy a home without a down payment, others have completely legitimate reasons for renting and it is wise for them to do so. For instance, someone that's going to be somewhere for a very short period of time is typically best off renting. Conversely, after I closed with one buyer whose large family had never purchased before, they said that I changed their life and made their dream come true. I go over some of the possibilities on my Rent or Buy section, and include a calculator here on the subject. While many think that you need to live somewhere 5 years in order to buy, I think that's too low of a number in light of recent depreciation in late 2022 without making any changes to the house.
While also having an overall upward trend, home prices can go up or down over comparatively small periods of time while rent prices tend to not go down as much when they do vs home prices.
II. Locating a property to rent: I've dedicated a separate page to the subject here.
III. Miscellaneous
A. Step-by-step rental instructions
While geared toward a short-term rental, even if looking for a long-term rental, there are step-by-step instructions here.
B. Getting a home to rent when you have low credit, no credit, or eviction history
C. Avoiding fraud
One matter to note when dealing with any landlords directly, which is much more common when considering properties not on MLS, is that it is more important than usual to make sure that everything is documented. For instance, someone in my family had their security deposit taken because they were dealing with a private landlord who did not have as much of a reputation to uphold as a rental company. Because they did not take pictures of their space prior to going there, they had less recourse to win a small claims battle over the security deposit despite the fact that they left the space the way that they found it.
D. There are also a number of questions to ask landlords & property managers prior to submitting an application.
F. Landlords: Can I rent out my home?
IV. Getting Help
If you'd like help from me personally regarding renting in southeast VA, click here for my fees & further details.