Information About Leasing a Home
When you sign a lease on a house, you agree to pay the landlord a certain amount of rent each month and normally need to also put down a security deposit to offset any damage to the property that occurs while you live there. You may also need to pay an additional deposit if you have any pets living with you.
Lease Terms
The term of your lease is typically for a six- or 12-month period. However, some landlords may offer month-to-month lease options or longer lease terms. Your rental agreement will detail your responsibilities as a tenant, such as paying for utilities, and provide information about security deposit refunds. Your lease may also state that your landlord can enter the rental property if emergency maintenance is required, even if you are not home.
Benefits
Leasing a home can be less expensive than buying a home if you factor in a down payment, homeowner's fees and property tax liability. Leasing a home also means less personal interior maintenance responsibility. If something breaks inside the home, such as the dishwasher, your landlord retains responsibility for fixing it. Once your lease term expires, you may renew the lease or seek another rental property without the hassle of putting your house up for sale.
Considerations
If you want to paint your walls, upgrade appliances or in any way alter the interior or exterior of the rental property, you must obtain your landlord's permission first. If your rental property has a yard or plant landscaping, your landlord may expect you to take proper care of it in terms of watering and mowing the lawn. As with any rental property, consider taking out a renter's insurance policy to protect your possessions from damage caused by flooding or fire or from loss associated with burglary. If you do not pay your rent on time, your landlord may serve you with an eviction notice.
Purchasing Options
Certain landlords may offer you a lease-to-buy option on the rental property. If you can't qualify for a mortgage in the immediate future due to credit or financial reasons, renting to own can give you the opportunity to eventually purchase your own home. Your landlord will credit a percentage of your rent towards the purchase price of the home, according to the University of Tennessee, Knoxville's College of Law. After a specified period of time, you will have the option to buy the property at the purchase price and secure a mortgage.
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