Renting could be the best move you make. According to a TPN Vacancy Survey, it's a renter's market with fantastic options up for grabs. For some renting still raises red flags. If you're one of the hesitant, read on. We've debunked 10 renting myths that could be keeping you from your dream home.
Myth #1: You're wasting money
You might not own your property. But, renting brings so many benefits. You have the freedom to move around. You can afford a nice property close to work and the amenities you like. Instead of paying off a mortgage, you can use that money for other exciting investment opportunities.
Myth #2: You'll find renting stressful
Far from it. Finding a rental you'll adore is only a few taps away. There are scores of fully furnished and partly furnished homes in desirable areas. Once you're renting, you also won't have to worry about certain upkeep, improvement and repairs for your premises. If a giant gorilla terrorises the city and wrecks your building, that's your landlord's responsibility.
Myth #3: Your landlord will be a nightmare
Forget the horror stories you've heard. Overall, most landlords know they're bound by law to ensure you have a safe, habitable home. Some have even signed up with a property management service, taking the hassle away. The benefit for you is that there's a professional who will keep the property in tip-top condition.
Myth #4: Your landlord can pop over any time
Your landlord might own the property. But, you have a right to privacy. If they wish to enter for non-emergency issues, they'll need to give you reasonable notice. When they make repairs, change locks or renovate, you'll also need to be consulted and informed.
Myth #5: Your rental price is set
You're welcome to negotiate the rental agreement and price with your prospective landlord. Do your research! Investigate the rental offerings in the area and see what else your budget can get you. Then, bring your findings to the table.
Myth #6: You can be evicted at any time
Rest assured, the law protects you from getting kicked out without warning. If you're on a signed lease, your landlord will have to prove you've breached it. Your landlord will also need genuine reasons for asking you to vacate the property.
Myth #7: You can't afford a house
Renting is nothing to scoff about. After all, celebs like Jennifer Aniston and Justin Bieber have done it. More and more families, working professionals and retirees are choosing to rent. It's also a smart way to test an area before putting down roots.
Myth #8: You can't rent with a bad credit score
Landlords will often check your credit history. This tells them whether you're a good financial risk. A negative score makes renting a challenge but not impossible. You can back your application with a financially credible guarantor, get a roommate or show proof of a solid employment history.
Myth #9: You're chained to your lease
You've signed the dotted line. That's binding, right? Wrong. Life's messy and it's fine if you genuinely need to leave. You'll need to give your landlord at least one month's notice to cancel your lease before it expires. You may have to pay a reasonable cancellation fee depending on your rental agreement.
Myth #10: Your religion can be a deciding factor
No, it doesn't. The Rental Housing Act protects you from discrimination based on your religion. You also can't be denied for your age, race, gender, sex, marital status and sexual orientation, to name a few factors. If you are refused, you can lodge a complaint with the Rental Housing Tribunal.
No myth should stop you from living the good life. Get on that property search and let Century 21 do all the hard work for you! Check out our Krugersdorp listings, give us a ring or drop an email our way today.