Benefits of rentingFor many people, determining whether to live in an apartment or purchase a house can be a daunting decision. Both options have their pros and cons, and there are several common misconceptions out there. As you make your choice, consider the following benefits of renting with Clover Residential.
1. Lower upfront costs than buying a home.
When you rent, you don't have to worry about saving for the substantial down payment, attorneys’ fees, substantial closing costs, or property and school taxes.
2. Lower monthly costs.
Renting will generally cost you less per month than a mortgage payment for a similar size and quality space.
When you rent, you're not locked into a long-term financial commitment the way you can be with a house — giving you the flexibility to move if you need to.
4. Less financial risk.
When you rent, you don't have to worry about the value of your house, or your ability to sell in a buyer’s market.
5. Fewer maintenance expenses.
Unlike homeowners, renters don’t have to budget for unexpected expenses, such as a leaky roof, broken furnace, or plumbing issues.
FREQUENTLY ASKED QUESTIONS OF FIRST-TIME RENTERS
Q. What is the difference between a private landlord and professional management company?
A: A private landlord might be someone who is hoping to get rich from their commercial real estate investment, which might mean scrimping on expenses and improvements. On the other hand, a management company like Clover Residential is in the business for the long term. We are experts in property management and we strive to ensure that our residents are happy and get the best value for their rent dollars.
Q. What is the lease agreement?
A: The lease agreement specifies the terms and conditions of your residency in your apartment or townhouse. It clarifies your roles as a resident, and what Clover Residential is accountable for. Please read the document over carefully so that you fully understand the legal agreement you are initiating.
Q. Should I buy renters’ insurance?
A: We recommend you acquire renters’ insurance since it’s relatively inexpensive and protects you in the case of fire, flood, burglary, earthquake, and many other destructive events.
Q. Should I hire a moving service?
A: Keep in mind that friends and family, though they may seem cheaper than hiring a moving company, do not have insurance in case of breakage en route. All moving companies should have insurance for loss or damage. Unless you choose to pay for the very expensive packing service, you will be responsible for packing everything yourself. Consider purchasing bubble wrap and using it to wrap fragile items such as china, glasses or lamps.
Q. Do your properties allow pets?
A: Some of our properties are pet friendly, while others have size restrictions or do not allow pets. Please contact the particular property you are interested in to find out more.
Q. Can I have someone move in with me?
A: Adding or removing names to and from your lease must be reviewed with your landlord or managing agent.
LIVING EXPENSE CALCULATOR
Use the calculator below to list your monthly expenses and get a better idea of how much rent you can comfortably afford.
CALCULATE LIVING EXPENSES
Description of ExpensesMonthly Cost
Monthly Living Expenses:
Annual Living Expenses:
- Start sorting items you will take with you and others you will give away, throw away, or sell.
- Create a folder for all of your moving-related information and expenses.
- Check with your tax professional to see if your moving expenses are tax-deductible.
- Notify the post office, newspapers, magazines, credit card companies, family, and friends about your upcoming move.
- Contact the telephone, cable, electric, and Internet providers at your old home to arrange disconnection of services on the day after your move.
- Contact your new telephone, cable, electric, and Internet providers to arrange connection of services on the day before your move.
- Make a list of repairs needed in your old home, and arrange for the work to be completed before the move.
- Start packing as soon as you can. Remember to label each box with a description of contents and desired room location to speed up the unpacking process.
- Schedule your garage or yard sale and arrange to drop off items you're giving to local charities.
- Make personal travel arrangements for the move.
- Arrange for transporting pets, houseplants, and anything else the movers can’t take.
- Start cleaning out your refrigerator and freezer. Put baking soda or charcoal inside to keep these appliances smelling fresh.
- Contact your insurance company to either initiate or update a renters’ insurance policy.
- Transfer all prescriptions to a drugstore near your new home.
- Pay all outstanding bills and be sure to indicate your new address on payment receipts.
- Empty your safety deposit box and arrange for a new safety deposit box at a bank near your new home.
- Give the movers directions to your new home. Include your contact information, including your cell phone number, new home phone number, and an emergency contact.
- Give your old home a thorough cleaning.
- Pack linens and other things you will need immediately in boxes labeled “Open First, Load Last.”
- Do a final walkthrough to ensure that everything has been packed.
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