Is It A Great Time To Rent?

Monday, August 10, 2009, 3:05PM

By: John Birch

John Birch
ADDvantage Real Estate

Is it a great time to Rent?

Now is a great time to rent a home! I keep seeing rental prices going down with the struggling economy. This leads to the question many potential buyers question have, should I buy or should I rent?  There are three instances in which you should decide to rent. One is when you plan to move from the area in next two years or less. The second is when are unsure of your future income or job stability. The 3rd instance is if you can’t get a fair interest rate or mortgage terms due to your current credit score.
Some people feel if you are new to an area you should rent for a while and that could be true, but my thinking is take advantage of the first time buyer credit of $8,000 while you can. This program ends Nov 30, 2009, and it would be a good opportunity lost if the program isn’t available when you are ready to buy. 
A few tips for renters; How to get the best deal.
 If your credit score is good and your income is easily verified, you are in a good position to negotiate the rental price! So offer a bit less and state to the landlord you’re a low risk, and that’s worth the price break.
If you have money to pay several months in advance, ask for a rent discount for the early payment and pay in advance. (Caution it is best to make sure the owner’s mortgage is current) check county records to see if the lender has filed a motion to begin a foreclosure.
Ask for a tenant reference of the landlord or manager. Most property management companies would be glad to provide a reference of their service. If you can’t talk with someone who has been a long term tenant it might mean the company has a policy to raise the rent dramatically after the first year. 
For property information contact John Birch 727 385 6547 or