Rent vs Buy in Miami>Question Details

Peter, Other/Just Looking in Outside U.S.

what to expect when renting a house?

Asked by Peter, Outside U.S. Wed Aug 17, 2011

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Expect for the unexpected. Encourage your renters to purchase renters insurance, always keep reserves of capital to unforeseen expenses, negotiate whether you will be doing yard maintenance, and above all, be prepared to refresh the home when the tenants leave. There is always some wear and tear in a home after a years stay. Make sure you list with a reputable agent as well!
Best of luck!
1 vote Thank Flag Link Mon Apr 2, 2012
Houses are much nicer than living in an apartment. You have more privacy, more space, possibly a garage or two, but with a house comes more responsibility. When you rent a house from a private owner, more than likely there will be certain things you’ll have to take care of on your own that never even crossed your mind when you lived in an apartment. Now while I won’t be able to cover them all because house rental agreements vary, I can give you a list of 7 standard things to be prepared for. Remember, my motto is be prepared, and if you are prepared, these items won’t come as a surprise to your budget.
0 votes Thank Flag Link Sat Mar 31, 2012
Renting is a good way of learning first hand about the area, before buying.
It's also a good idea to read Florida Landlord/Tenant Act (which your agent can provide you with), so
you know your rights and responsibilities as a tenant, and those of your landlord as well.

Good like with enjoying your big back yard!

Irina Karan
Beachfront Realty, Inc.
0 votes Thank Flag Link Sat Mar 31, 2012
Thanks so much everyone! Very helpful.. It's my first time renting a house with a large backyard!! I'll follow your suggestions!
0 votes Thank Flag Link Thu Aug 18, 2011
Hi Peter, why renting? If you qualify for FHA mortgage you can buy with a low down payment and this will open credit lines and you can deduct the interest in your income taxes and many other benefits, chances are you will be paying almost the same amount per month. Today there are great opportunities out there. I forgot to mention, if your problem is the down payment there are lenders out there offering hard money, high interest rates, but you can deduct those...Good luck!
Web Reference:
0 votes Thank Flag Link Thu Aug 18, 2011
Hello ..

Landlords are responsible for paying the taxes, insurance, and mortgage. Beyond that, you'll need to check your lease agreement. Some landlords will pay for HOA (swim and tennis) while others will not. Almost all landlords provide appliances but some will not be responsible for any repairs that are needed except to ensure they are in working order at the start of a lease. Most landlords will be responsible for major systems such as HVAC, plumbling and electrical but only if the problem was not caused by the tenant. The only way to really know is to thoroughly read your lease. If you don't like a provision in it, see about getting it discarded with the landlord. If they refuse and you can't live with it, you'll need to move on.
0 votes Thank Flag Link Thu Aug 18, 2011
Hello Peter,

In general, Landlord is responsible for paying real estate taxes and insurance on the house.(Flood, winstorm and homeowners) If you want to protect your belongings, you may want to suscribe a renters insurance. He is also (in general) reponsible for the major repairs to roof and structure, and repair or replace appliances.

Each lease agreement can be modified according to the needs of the parties. By law, you are entitled to peacefully enjoy the property and have exclusive use of it.

Yolande Citro
305 705 9105
Web Reference:
0 votes Thank Flag Link Thu Aug 18, 2011
Good morning Peter, Mott told you everything you need to know. Now you also have to have in mind that you have to take care of the property and appliances as your own.
In Florida some landlord (all my clients) ensure the property in case something happens. This is done expecially if the property does not have a mortgage.
Good luck Raisa.
0 votes Thank Flag Link Thu Aug 18, 2011

You can expect the owner to pay for the annual real estate taxes, maintain the roof and all electrical, mechanical and structural elements of the property.

The landlord/owner is typically also responsible to repair or replace appliances as needed. These typical landlord responsibilities are NOT etched in stone. Every lease agreement could be somewhat modified for a particular situation.

A tenant can by law expect quiet, peaceful enjoyment and exclusive use of the premises.

Mott Marvin Kornicki, Broker
8811 Harding Avenue | Surfside, Florida 33154

786-229-7999 Cell-Text
0 votes Thank Flag Link Thu Aug 18, 2011
Rent versus Buy?

There is much debate over the question, is now really the time to buy? In Southwest Florida, yes it is. It is definitely a buyer's market. Interest rates and home prices are extremely low. There are short sales, foreclosures and normal sales. There are plenty of homes to choose from in a variety of price ranges. Whether you are a local, an investor, a snow bird, a retiree, a first time home buyer - there is something for everyone.

Another question that comes to mind is, should you rent or should you buy? Some people say you are throwing your money down the drain when you rent. But there are some instances when you have to rent. Some people can never qualify for a mortgage and others are just not meant to be a home owner. Overall it is almost always better to own your home rather than rent. You build equity and you can write off your mortgage interest.

People that lost their homes to a short sale or foreclosure will not be able to buy for another 2-5 years and are forced to rent. A lot of other people are also choosing to rent rather than buy. This is having an enormous effect on economic recovery. What is holding them back? People need to be able to save enough money for a down payment and qualify for a loan. Some people are looking for a new job, a better paying job, or waiting for a promotion or raise.

If you are thinking about buying now, meet with a lender to see if you qualify. Then take that leap while the market is good for buyers. Again, interest rates and home prices are the lowest they have been in years. Now is the time to buy in Southwest Florida.
0 votes Thank Flag Link Thu Aug 18, 2011
Are you thinking of renting full time or for a vacation?

If you have a vacation rental property, here is a list of items that most people expect to see when they arrive. This is geared toward living in Southwest Florida.

1. Entry - Outside door mat, inside rug with a chair or table to place items.

2. Living Room - A sleeper sofa with sheet sets, blankets and pillows. An additional sofa or loveseat, coffee table, end tables, chairs, lamps, artwork or wall hangings, television, DVD player, stereo or radio, and a bookshelf with books, games, and puzzles.

3. Dining Room - A table with enough chairs to accommodate however many people the home sleeps, light fixture over the table, placemats and/or tablecloths.

4. Bedrooms - Each bedroom should have a bed with two sets of bedding, one dresser, two night stands, two lamps, an alarm clock, a mirror, hangers in the closet, artwork, a television at least in the master bedroom, a chair and wall hangings.

5. Bathrooms - Each bathroom should have at least two sets of towels, a mirror, towel racks, toilet paper holder and tissue, bath mat, rug in front of sink, toilet brush, wastebasket, soap dish, shower caddy, blow dryer, glass shower doors or a shower curtain.

6. Kitchen - Appliances should include refrigerator, stove, microwave, dishwasher, coffee pot, toaster or toaster oven, can opener, hand mixer, and blender. Utensils should include dinner ware, flat ware, stirring spoons, spatula, rubber scraper, tongs, wire whisk, cheese grater, potato peeler, bottle opener, corkscrew, steak knives, glass ware, wine glasses, coffee mugs, and plastic cups for kids. Other items should include pots and pans, baking dishes, mixing bowls, baking sheets, muffin tins, measuring spoons and cups, serving bowls, kitchen scissors, and a half gallon pitcher. Don't forget the oven mitts, hot pads, kitchen towels, dish cloths and sponges as well as a kitchen garbage can. Rug in front of kitchen sink, wall hangings, a telephone and phone books, flashlight, candles, matches or a lighter, writing pad and pen, fire extinguisher.

7. Cleaning Supplies - Mop, broom, dust pan, vacuum cleaner, dish soap, dishwashing soap, laundry soap, dryer sheets, all purpose spray cleaner, window cleaner, toilet bowl cleaner, scrub pads, and sponges.

8. Laundry Facilities - washer, dryer, iron, ironing board.

9. Optional Items if you have a lanai or outdoor space - Grill, barbecue tools, patio table and chairs, table umbrellas, beach umbrella, beach chairs, and beach toys.

10. Other - Give emergency contact phone numbers, list of local amenities such as grocery store, post office, pharmacy, bank, movie theatre and other attractions. Typed directions of how to use the TV, DVD player, stereo or other electronic equipment. Menus from local restaurants.
0 votes Thank Flag Link Thu Aug 18, 2011
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