If you discuss Utah property management, be prepared to receive a bunch of tips, suggestions, and pointers. People have various perceptions and misconceptions about renting homes. But like any other topic, people don’t really know what they are talking about.
The number of homes for rent in Washington Utah has witnessed a significant surge in the last decade and is expected to rise in the future further. A large number of young adults, those younger than 35, are most likely to go for rental properties over homeownership.
But, despite a substantial rise in renters, there are some myths about renting a home in Utah. This article discusses these common perceptions that you should avoid if you are looking for a rental property.
You are wasting your money
This is a common thing all those people who don’t know how rental works say. And to those who are new to renting, it might make sense as well. When you live in a rented property, you don’t build anything for yourself; whereas, mortgage payments slowly increase your ownership on a property. However, you need to keep a note of a dozen other factors when deciding whether to purchase a home or seek rentals.
Buying a home before you are ready can put you in a risky financial position. Just because you have enough funds to make the down payment, it does not mean you end up purchasing. Moreover, purchasing a house is associated with various other expenses, such as taxes, landscaping, HOA fees, home repairs, etc. Also, in initial stages, a small percent of your mortgage payments add up towards your equity; thus, you don’t really fall behind if you pick renting.
Lastly, if you have a job which includes transfers every three or five years, purchasing a home can be a tricky call. When renting, you have the flexibility to move out as per your life and work demands.
Rent prices and terms are not negotiable
Another common misconception people have towards rental property management Utah is that the prices and terms are not negotiable. Most renters think that the landlord-tenant relationship is a victory for the landlord only, and they are always at the receiving end. But, that is not true; this relationship is a win-win for both parties.
However, the leverage you have simply depended upon the housing demand and the market. But, you can always negotiate on various factors such as monthly rates, agreement length, security deposit amount, and other clauses to be mentioned in the lease. The worst that can happen is the landlord will say no.
Everything mentioned in the agreement is legal
This is another myth people believe in — if something is written in the lease, it is legal and needs to be followed — but it’s not true. A landlord can write anything in the agreement, but it is not mandatorily applicable, especially if it is against the rules. Prepaid rent, high-security deposits, and without notice entry are some examples.
For a security deposit, a landlord cannot ask for more than two month’s rent (first month and last month). If a landlord asks for six months or one year’s rent, it is illegal, even if it is mentioned in the lease. Even if you want to move in urgently, you can pay for whatever the landlord is asking, and then visit the Landlord and Tenant Board to ask for the return of what you have paid extra. The landlord cannot evict you for taking this step as it is a legal exercise.
Landlords can enter the rental premises anytime
If your landlord is your property owner, they can enter the townhomes for rent in St George Utah, but not at any point in time. Landlords need to provide tenants with reasonable notice and time. The laws regarding the notice time can vary by local areas, to be sure to be updated with them.
You will surely get your security deposit back
Although security deposits are refundable, there are several cases issues which can enable the landlord to withhold it partially or fully. For example, the landlord might inspect your houses for rent in Saint George Utah before you move out And if there are certain damages inflicted on the property by your end, the landlord can deduct those expenses from your deposit. On the bright side, if you have lived by rules and have not damaged the property, you can definitely expect a full return of your security deposit.
Renting a house might have some drawbacks, but it can be the best choice for those who are not ready to purchase their own home, either due to financial reasons or other life and work problems. These were a few common perceptions people have towards renting homes in Utah.