When You Rent a House Do You Pay Taxes & Homeowner Insurance?
If you are an apartment dweller looking for more space or a yard for the kids or pets, you may want to consider renting a house. Learning exactly what the financial responsibilities of renting a house are before signing a lease makes sense. Although you may be renting a home just like the one across the street, your financial responsibilities are not the same as those of the homeowners in the neighborhood.
How Property Taxes and Homeowner's Insurance are Paid with a Rental Home
The owners of the house are responsible for paying property taxes and homeowner's insurance, often referred to as "hazard" insurance, even though they are renting the home to you. If they have a mortgage on the property, chances are their lender is collecting a portion of the property taxes and insurance each month. This type of monthly mortgage payment includes PITI, or principal, interest, taxes and insurance.
Lenders Will Help Owners Pay Taxes and Insurance
Lenders encourage homeowners to pay a portion of their taxes and insurance each month, which the lender holds in an escrow account until the bills come due. It is in the lender's best interest to help the owner of the property pay these bills on time. The owners can always chose to pay their own tax and insurance bills, but if they haven't set enough money aside, they could find these large bills a strain on their budget.
Property Taxes and Insurance Do Not Directly Raise Your Rent
Just like the owner of a single house, apartment owners also pay property taxes and insurance on their properties. Owners who rent out their property consider these expenses as part of the cost of doing business and they take these expenses into consideration when establishing their rental fees. To assure these important bills are paid punctually, a prudent landlord would never ask a tenant to pay a tax or insurance bill directly.
What a Renter Might Expect to Pay When Renting a House
A security deposit, pet deposit for pet owners, and first and sometimes last month's rent are common expenses up front for a rental house. Read your lease carefully for hidden costs, but always negotiate your best deal, depending upon market conditions. Utilities, water, sewage, trash, phone, cable/Internet and renter's insurance are common renter's responsibilities, with the accounts in your name. If there are homeowner association (HOA) dues, some landlords may insist you pay them, especially if they include recreation center access.
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