Every Renter Should Know

Buyers often spend weeks researching before they buy a home. Renters often spend far less time before signing a lease, even though a lease is a real, binding commitment.

Whether you rent or buy, here’s what to know. Please note: I don’t handle rentals or property management. I help people buy and sell homes.

Here’s an honest look, whether you’re buying or selling nearby.

Before you sign a lease

• A lease is a binding legal document. Read it all and ask questions.
• Get every promise in writing.
• Tenant rights vary by state and city.
• Get renter’s insurance for your belongings and liability.
• Walk through the unit and note its condition before you move in.
• Don’t withhold rent to settle a dispute; know the proper process.
• Your deposit should be returned, or the reason explained, within the time the law allows.

Is it time to buy?

Depending on prices, rates and rent in your area, owning can cost about the same as renting, or less, once you factor in equity from loan paydown and appreciation over time. Every situation is different, so it’s worth running your own numbers.

Start with the buyer questionnaire, or read Opportunity Costs.

This is general information, not financial, tax or legal advice. Talk with your lender, CPA or attorney about your situation.

A simple plan for your renting vs. owning move

I’ve been helping people buy and sell homes across the west metro for about two decades, and I build and remodel luxury homes too. I’ll help you see both what a property is and what it could be.

Getting the house ready, or making it yours

If you’re selling and want repairs handled before buyers see them, Super Crew Contractors can give you an estimate. If you’re ready for something custom, Ivy Lane Homes does luxury home building and remodeling. And a quick coverage check with Intrinsic Insurance before closing can save you a surprise. For the local picture, read my Chaska homes guide or browse neighborhoods in Chanhassen and Victoria.

Your next step in renting vs. owning

Every move is different. When you’re ready to talk about yours, I’m a call or text away.

Please note: I don’t handle rentals or property management. I work with buyers and sellers, and that’s where I can help you most in renting vs. owning.

Twin Cities market notes

Stay close to the market, without the noise.

Every so often I send a short, practical note: what Twin Cities homes did, prep tips that are worth the money, and neighborhoods worth a look.

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— David