apartments

How to Respond to House-Shaming

Tim Lemke — Fri, 25 May 2018 09:00:16 +0000

You've heard it at the dinner table when visiting Mom and Dad. You've heard it from your cousin Phil. You've heard it from friends out at Happy Hour. "Why are you renting a home when you should be buying? Don't you know you're just throwing your money away?"

There's a lot of pressure to buy a home instead of paying rent. And, yes, there are some very valid financial arguments for homeownership. But buying a home isn't the best choice for everyone, and there are many reasons why it may not make sense for you. Unfortunately, shaming people into feeling bad about renting has become a real thing.

How can you respond to these people? Here are some retorts for those house-shamers in your life. (See also: 5 Money Moves to Make Even If You Don't Plan to Buy a House)

1. Renting is cheaper

This is not always the case, but is often true, especially when you factor in things like property taxes, association fees, and maintenance. NerdWallet last year reported that the median monthly cost of homeownership was 54 percent higher than renting nationwide — and higher than 90 percent in some states.

Many families choose to stretch their budgets when they buy a home, and that's not always the wisest choice. If you are able to live within your means while renting, but aren't sure if you could make ends meet if you bought a home, don't feel pressured into buying.

2. There are multiple ways to build net worth

Owning a home can be a great way to build your overall net worth, but it's not a requirement. As long as you are saving more than you are spending, you're increasing your net worth. And you can give that a boost through a variety of other means, including investing in stocks, bonds, or collecting rare baseball cards. You have the right to choose your own methods for building your net worth. There is no magic formula. (See also: 10 Ways to Increase Your Net Worth)

3. A mortgage is still debt

Unless you are swimming in cash, you're likely going to have to borrow money to purchase a home. In fact, most homeowners are dealing with mortgage loans of tens or even hundreds of thousands of dollars that will take decades to pay off.

Taking on a mortgage loan is nothing to take lightly, especially if you already have debt from student loans, credit cards, or automobiles. You have a right to decide what debt load you are comfortable with. Some people choose to live 100 percent debt-free, and that's perfectly fine. You should resist any pressure to go beyond the debt load you're comfortable with.

4. You need to get your financial house in order first

It doesn't make sense to try and buy a house if your financial situation is a mess. Perhaps you have a low credit score or big loans to pay off. Maybe you've been dealing with inconsistent income due to a job loss or struggles with your business. Or maybe you are just learning to get your own personal spending under control in order to save money.

If your finances aren't in good shape, it may be hard to buy a home in the first place and any home you do buy may just place additional stress on your money situation. If you feel the need to respond to a would-be house shamer, a simple reply of, "We need to get our financial act together first" is a reasonable response.

5. You simply may not want a house

The bottom line is that you may not want to own a home in the same way you have no interest in owning a dog, a fur coat, or a herd of alpacas. People can make all kinds of financial arguments in favor of homeownership, but they are meaningless if you don't actually want a house. A house comes with work and responsibilities that you may not have interest in. You may not be drawn to the idea of settling into a single place. Homeownership just may not be your thing, and that's fine! If you don't want a house, don't buy one. (See also: 4 Worst Reasons to Buy a House)

6. You have other priorities

You may one day like to own a house, but choose to use your time, energy, and money on other pursuits at this point in time. Perhaps you'd like to finish graduate school or pay off student loans first. Maybe you want to focus on building your business or your career. Perhaps you want to focus on your health after recovering from a long illness. Maybe you'd like to spend a few years with your new spouse before taking on the responsibilities of homeownership. There are a million things you can do to better your life at any given time, and buying a home is just one option.

7. It takes time to save for a down payment

One of the easiest ways to get into financial trouble is to purchase a home with little or no down payment. The less money you put down, the more money you have to borrow, and the larger your monthly mortgage payments will be. Putting less than 20 percent down on a home might mean you'll be required to buy private mortgage insurance, and that adds cost to your loan. The sensible way to buy a home is to save as much as you can and put down a healthy down payment, thus keeping your monthly payments low and putting you on the fastest path to building equity and wealth. (See also: 4 Easy Ways to Start Saving for a Down Payment on a Home)

8. You're not settled on where you want to live

It takes time to get a strong sense of whether you want to settle down in a specific community. Maybe you aren't quite settled in your career. Maybe you or your spouse are in the military and know you may have to relocate within a year or two. If you buy a home and decide to move within a few years, you could be faced with the pressure and work of selling the home. If you have not had time to build equity in the home, you may not make much profit on the sale and may even lose money. This also comes down to comfort level. If you simply don't feel right buying a home in a community you don't plan to settle into, renting is perfectly fine.

9. It's nobody's business

Look, you're going to get all kinds of advice on how to best manage your money. A lot of that advice is great. Some of it is not. But ultimately, the decisions you make with your money are yours and yours alone. The choices you make with your money should be based on your own personal situation and values. The next time someone questions why you haven't purchased a home, it may simply be best to say, "None of your business."

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This article is from Tim Lemke of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

10 Red Flags to Look Out for When Renting Your First Apartment

Paul Michael — Fri, 25 May 2018 08:30:31 +0000

Are you ready to fly the nest? If it's time to find a new apartment, there are some things to look out for before signing a rental agreement. If you don't know what to be wary of, your first place could put you in financial jeopardy and even physical danger. These are the biggest red flags. (See also: 10 Questions to Ask Before Signing a Lease)

1. A limited selection of photos

If the ad for the apartment features just one or two photographs of the place, don't even bother making a call to see it. Landlords know that great photos help sell a place. It's the first thing any potential renter will look at, and they will scour them before looking at features and price. If there are just a couple of photos, perhaps blurry or only showing one room or the outside of the building, the landlord is hiding something. Either the unit is in awful condition, it's small and dark, or it's got other issues that he or she would rather not talk to you about until you get there; and that's when the hard sell begins. Don't see any place that doesn't show you all the interiors and exteriors in advance.

2. Bars on the windows

You may think it's good to have an extra layer of security, but let's be honest; bars mean trouble. Clearly the apartment is in an area rife with crime, and if the landlord has taken to adding bars to the windows, it's bad. The only reason bars are up is because it's a last resort to prevent break-ins, vandalism, and other crimes. If you see bars, don't even enter the building.

3. The rent is too good to be true

Landlords are in the business of making money. Whether it's just one person renting out one property, or a whole agency renting out hundreds of homes, the end goal is profit. So if you come across an apartment that is priced way under the going rate for that area, be afraid. Be very afraid. It could be a bait and switch, which is illegal — when you call, suddenly that apartment at that low price is no longer available, but there's a similar one that's way more expensive. Or, there's one that's the same price but has fewer rooms and is in an awful neighborhood.

Another reason could be that there is a major problem with the rental unit. For example, it's directly above a loud bar or restaurant, or it's near a high-traffic area that ensures you'll never get any sleep. The price may also be compensating for unusually high utility bills, pest infestation, or significant problems with the structure. The chances are, a super-low price is simply a worm on a hook, and you're the fish being reeled in. Don't bite.

4. Emails coming from different people

When you reply to an ad for an apartment listing, it's fairly common to get a few different reply addresses at first. One could be an auto-responder saying someone will be in touch, or it could come from a third party domain like Craigslist. However, if the email addresses keep changing, and the name of the person you're dealing with is also going through an identity crisis, you have a potential scammer on your hands. Take a look at the domain names, see if the person has a presence on LinkedIn, or if there is a legitimate website linked to that landlord or agent. If they're a ghost, you should steer clear of this property. And if the emails are filled with typos and other errors, that can also be a bad sign. (See also: 6 Ways to Apartment Hunt on Craigslist Without Getting Scammed)

5. The landlord or agent isn't available

If you're having trouble getting in touch with the landlord now, at a time when he or she should be extremely keen to talk to you, imagine how tough it will be when you're a tenant. At this stage in the process, you represent money. They want the apartment rented out, and to be making a profit ASAP. If your emails go unanswered for days, your calls go to voicemail, and you are having to play detective to get any kind of answers, this is not the place for you. It could be a scammer, it could be disorganization, or it could be laziness and apathy. None of these are qualities you want in someone who you'll be relying upon for repairs to the apartment and other issues.

6. Too many things are in need of repair

If you're walking around and everything looks good, but the door on the microwave is dinged up or loose, it's probably just an oversight or something the landlord intends to fix before you move in. Any good landlord will bring it up and assure you the repair will be made. If not, ask for it to be taken care of before signing the lease. However, if you see signs of neglect, and many items that look broken or in a state of disrepair, move on. If the landlord is showing you this, imagine what he or she is hiding from you? It also doesn't bode well for any repairs you may need once you're a tenant. (See also: 13 Things You Must Inspect Before Signing a Rental Agreement)

7. Some doors remain closed on the viewings

Yikes. If there are doors that are locked and the landlord won't show you that area, you have every right to be very suspicious. You're about to live here, and deserve to see every room. That means the closets, the attic or basement, the garage or storage unit, and even the crawl space if you desire. Some landlords will say that some rooms are off limits because they use it for storing maintenance supplies and other personal items. That needs to be considered in the lease, and should be accounted for in the price of the rent. But any landlord serious about his or her business will rent their own separate storage unit.

8. There are funky odors or stains

There's no excuse for this. An apartment should be made "view ready" by the landlord, and if it's not looking or smelling good, you're going to have issues. The biggest concerns are mold and mildew. If you're smelling that damp, musty odor it means the apartment could have some major issues with mold. This can cause structural damage and health issues. You should not be smelling any kind of cigarette smoke unless the listing says "smoking OK," which is rare these days. And look for stains on the walls or ceiling. If you see a fresh coat of paint on one small section of the apartment, ask about it. They may be trying to hide a problem.

9. The tour is rushed and given at an odd time

If you have a landlord or real estate agent rushing you through the tour, or only letting you see the apartment at certain times of the day, you are being deceived about something. Maybe the neighborhood is noisy and dangerous after dark. It could become an all-night party zone. Or, you could get stuck next to horrendous traffic and transportation noises during rush hour. And if you're close to an airport, make sure the apartment is insulated from that noise or you'll regret moving in for the entire term of the lease.

10. You're asked to sign an incomplete agreement

Don't just walk away, sprint! A lease is a contract between you and the landlord, and your signature means you agree to whatever is on it. If the landlord or agent says certain items will be filled in later, you cannot trust what's coming. Maybe they tell you you're getting a discounted rate, but then change their mind. They may say they'll take care of all the utilities, but afterward change that. They may even add in that the security deposit is nonrefundable. When you sign a lease, everything should be completed, and there should be two identical copies — one for you and one for the landlord, each signed and dated by both parties. And if they say you'll miss out if you don't sign right now, it's a pressure tactic that can only lead to trouble. (See also: 10 Questions Landlords Can't Ask)

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This article is from Paul Michael of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

5 Money Moves to Make Even If You Don't Plan to Buy a House

Dan Rafter — Thu, 03 May 2018 08:30:11 +0000

You know that owning a home and making a mortgage payment each month is a big financial commitment. You know, too, that having a solid credit score is a must if you want to be approved for that mortgage loan.

But what if you never plan on owning a home? What if you plan on renting forever? You don't need to worry about maintaining strong credit and building a high credit score, right? Wrong. Even if you never plan on making the jump from renting to owning, there are still several money moves you need to make to ensure a happy financial future.

1. Pay your bills on time each month

Paying a credit card bill 30 days or more past due will send your credit score tumbling by 100 points or more. You might not think that matters if you never plan on taking out a mortgage and buying a home. But it does.

Other lenders rely on your credit score to determine how likely it is that you'll make your monthly payments. They also use that score to determine how high of an interest rate to charge you if they do approve you for a loan.

This means that lenders will look at your credit score when you apply for a loan to buy a car. They'll look at it if you need to take out a personal loan. And when you're applying for credit cards, you'll need strong credit to qualify for cards with the best rewards programs and interest rates. (See also: Pay These 6 Bills First When Money Is Tight)

2. Keep your credit card debt low

Consumers applying for mortgages know that having too much credit card debt can hurt their application. But even if you're not planning to own a home, it makes good financial sense not to carry a balance on your cards each month.

Credit card debt comes with high interest rates. If you don't pay off your balance at the end of each billing period, credit card debt can grow quickly. If you're not careful, those minimum monthly payments can become a huge financial burden.

High amounts of credit card debt can also lower your credit score. Only charge what you can afford to pay off in full when your credit card bill comes due. And if you do have outstanding credit card debt, use whatever extra money you have each month to pay it down. (See also: The Fastest Method to Eliminate Credit Card Debt)

3. Show landlords how financially responsible you are

You might think it doesn't matter that you missed two auto loan payments or that you skipped over a medical bill that's now in collections. But even if you don't need to prove to mortgage lenders that you're a good financial risk, you will need to prove it to apartment landlords. You have to live somewhere, right?

When you apply for an apartment, the odds are high that your landlord will run a credit check to determine if you're likely to pay your rent on time each month. You'll have to consent to have such a check performed. If you refuse, don't bet on getting that apartment.

The credit check will show negative financial moves such as late payments on recurring loans and credit cards, accounts that are in collections, car repossessions, and recent bankruptcies. It will also show how much you owe on your credit cards and other loans. You'll need to pay your bills on time, keep debts out of collections, and keep your debt levels low if you expect to qualify for the better apartments in your city. (See also: 10 Questions Landlords Can't Ask)

4. Build an emergency fund

Homeowners know how important an emergency fund is. They draw on these funds to cover such unexpected emergencies as a burst water heater, dying furnace, or leaky roof. By having money saved in such a fund, they can cover these home repairs without resorting to putting the costs on their credit cards.

But you should build your own emergency fund even if you never plan on owning. Even without a home, you will face big and unexpected bills. What if your car's transmission goes out? What if you lose your job? If you don't have an emergency fund of cash savings, how will you pay for these charges without running up credit card debt?

Experts recommend saving six to 12 months' worth of daily living expenses in an emergency fund. That might sound intimidating, but if you take it slowly by depositing whatever you can — even if it's only $100 a month — you can gradually build up a significant emergency fund. (See also: 5-Minute Finance: Start an Emergency Fund)

5. Save for retirement

Retirement is closer than you think. You need to steadily save for the days when you'll no longer be working. This is especially important if you never plan to own a home. Homeowners often receive a nice chunk of cash when they sell their homes and downsize to a smaller residence. If you plan on renting forever, you won't have that opportunity.

Instead, you need to start saving for retirement as soon as you begin working. If your company offers a 401(k) plan, sign up. Explore other retirement options such as IRAs, too. (See also: 5 Retirement Accounts You Don't Need a Ton of Money to Open)

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This article is from Dan Rafter of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

How to Negotiate Your Rent

Kat Tretina — Wed, 04 Apr 2018 08:00:07 +0000

When I moved from Pennsylvania to Florida, my husband and I looked everywhere for an affordable apartment. We finally found the perfect place that was within budget, and for that first year, it was wonderful.

Then we got our renewal notice and found out our rent would go up by over $250. That would have broken our budget. I thought about moving, but the high cost of relocating scared me away. Instead, I decided to negotiate with my landlord. It worked; we agreed on a $100 increase instead of $250. By just taking 10 minutes to discuss our lease, I saved us $1,800 over the course of the year.

When you're renewing, you have certain benefits over prospective tenants. Negotiating rent might sound impossible, but it can be done.

Look at comps

Research comparable rental units in the area that offer similar features and perks of your current apartment. This way, you'll get an idea of what the fair market value is where you live. You might find that your rent is the same, or even much higher, than it would be with a newer unit. That finding can give you significant bargaining power. (See also: 10 Best Tools for Finding an Apartment on the Cheap)

Review your rental track record

You might think your landlord would be unwilling to negotiate, but you'd be surprised. Good tenants are hard to find, and keeping a reliable tenant is much better than having an empty unit sit on the market. If you've been a good tenant — always paying rent on time and never causing trouble for the property manager — you will have more negotiating power.

See how many units are available

If you live in an apartment complex or if your landlord has several rental properties, see how many units are currently available. If your landlord has several openings, they're more likely to do what they can to get you to stay. Otherwise, they risk letting another unit sit unused, which means losing even more money.

Talk to your landlord

Once you've done your research, talk to your landlord. You can talk in person, but if you'd prefer, you can also send an email (that's what I did!). Below is a template you can use:

"Dear [landlord],

I received the lease renewal for my unit, and I'm concerned about the price increase.

The new rate would cost me an extra [$X] per year. I looked at other rentals in the area, and several complexes offer more features and larger units at [$X] price, which is much cheaper than the increased rate for my unit.

I believe I've been a good tenant; I've never missed a payment, and there's never been a single noise complaint or any other problem. If there's any way we could make it work, I'd like to stay here, but the price increase is more than I can reasonably afford.

Could you compromise on the rate? I could afford [$X]; that's the top of my budget, but it would be worth it to stay in my home."

Whether you rent a home from a private individual or lease an apartment from a big company, you can negotiate your rent. By doing your research, you may be able to get a lower rate.

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This article is from Kat Tretina of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

5 Ways to Handle Big City Rents

Aja McClanahan — Thu, 01 Mar 2018 09:30:06 +0000

If you can't resist the lure of big city living, but hate the impact it would have on your pocketbook, you might be wondering if there's any way you can actually afford such a move. In some ways, living in the city can be worth the costs — the convenience, the night life, and plentiful job prospects are just a few perks of living in a bustling metropolis.

While you don't want to overextend yourself, there may be a way to make your big city dreams come true. Here are some tips that can help you handle big city rents.

1. Don't look at apartments outside your budget

This sounds obvious, but it can be easy to get carried away when you see the "perfect" place. Different landlords and management companies will have varying requirements around income and credit, but it's important to avoid busting your budget despite their thresholds. Before you even begin touring apartments, consider the financials first. Figure out a comfortable amount of rent that would fit your budget. Limit your search to places that stay within that dollar amount. (See also: Here's How Much Life in the Big City Will Cost You)

2. Keep it compact

If you really want to save on high rents, you'll probably have to consider a much smaller place than you would living in a suburb. Maybe you really wanted a two or three-bedroom apartment to accommodate your home office and occasional overnight visitors, but it causes the rent to skyrocket. Making some concessions on your "must-haves" could save you a lot of money living in the big city.

3. Look for a sublet

Someone else's inconvenience could be very convenient for you. At times, people need to move before their lease is up and there's not much they can do about it. Rather than break the lease and incur the associated fees, they choose to sublease their place for slightly less than market value.

If you can find someone who needs to unload their rental via subletting, it could easily save you a few hundred bucks a month. There are a few legal nuances that could make this arrangement complicated, so make sure you know your rights and clear the subletting agreement with the landlord before agreeing to anything. (See also: 10 Best Tools for Finding an Apartment on the Cheap)

4. Consider up and coming neighborhoods

You might want to be at the epicenter of the local club scene or famous block of hipster dive bars. The only problem is that these trendy places could cost a fortune in rents. Would you be open to living somewhere that isn't quite yet at the center of all the action?

Think about places that are safe but still on the verge of becoming a preferred neighborhood. Rents in these trendy urban outposts can be surprisingly low. The bonus here is that you could get a great place with lower expenses and beat out neighbors who'll discover the area at higher rent prices later down the line.

5. Get a roommate

If you've found a big-city apartment, but can't seem to make ends meet, it might be time to get a roommate. The good news is this should be pretty easy to do, especially in a city. There are tons of apps, services, and websites where you can start your roommate search full-force. Some popular ones include Craigslist, Facebook, Silvernest (for baby boomers and empty nesters), and Roomster. (See also: Avoid These 7 Things When Living With Roommates)

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This article is from Aja McClanahan of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

What Happens to Your Apartment When Your Landlord Gets the Boot

Kat Tretina — Mon, 26 Feb 2018 09:30:06 +0000

Finding the perfect rental for you and your family is hard enough. After searching through hundreds of listings, touring apartments, and finally moving in, the last thing you want to worry about is any hiccups with the property. Instead, you want to focus on turning your new rental into a home.

Unfortunately, most tenants don't know if their landlord is keeping up with the building's mortgage payments until it's too late. Instead, you might only find out once the property has entered into foreclosure. When that happens, it typically means your lease is no longer valid.

Before you start panicking, it's important to know that tenants have rights, even in the case of a foreclosure. Here's what you should do if you find out your landlord's property has entered into foreclosure.

1. Understand tenant protections

Most states have their own tenant protection laws in place. For example, in Florida, you can remain in your rented home while it goes through the foreclosure process, which can last several months. When the proceedings end, you will likely have to find another place to live. If the foreclosed home is sold, the new purchaser may offer you the following options:

Enter into a new rental agreement. If the new owner intends to use the home as an investment property, they may offer to allow you to stay if you sign a new lease with them.
Move out in 30 to 90 days. The new owner might not want to deal with tenants. If that's the case, they must provide you with a written notice asking you to leave by a certain date. Depending on where you live, that notice period can range from 30 to 90 days.

The U.S. Department of Housing and Urban Development has a searchable database of tenant rights in each state in each state. You can use that database to find specific information about tenant protections in your area.

2. Document all correspondence

If your landlord sends you any notices or offers, such as offering you cash to move out early to speed up the foreclosure process, document the time, date, and key points of every conversation. When possible, have all conversations and negotiations via email so there's a written record.

3. Consider legal options

When you enter into a lease, your landlord is expected to adhere to those terms. If the landlord is delinquent on their payments and defaults on their mortgage, they violate those terms. You might be able to take your landlord to small claims court to recoup losses, including:

Moving expenses.
Time off from work to handle moving.
Apartment application fees.
Security deposits.

Keep in mind that if your landlord has defaulted on their mortgage, they may not be flush with cash. However, if the court rules in your favor, you could have years to collect those damages. It's a good idea to consult with a lawyer about your options and how to pursue any suit against your landlord.

3. Keep paying your rent on time

A common misconception is that you don't have to pay your rent while the home enters into foreclosure. Some people stop making payments completely or try to make them directly to the landlord's mortgage company. Doing so can hurt you. Your landlord is still entitled to rent payments while you continue to live in the home. If you fall behind on your payments, you can still be evicted from the home and your credit report could be damaged by late payments.

4. Start searching for a new home

Some states give you 30 to 90 days to stay in the home, even after a foreclosure sale has occurred. However, once you find out that the building has entered into foreclosure, it's a good idea to start looking for a new place to live right away. In certain high-demand areas, it can take weeks — sometimes even months — to find a new home, so the earlier you start, the better.

5. Follow eviction instructions

The new building owner will send you a notification with a set date you must leave the home by, along with detailed instructions. Almost always, you will be expected to leave the home in clean, well-maintained condition. You may be subject to penalties if you leave signs of visible damage. Make sure you follow those instructions carefully to avoid any surprise charges or problems.

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This article is from Kat Tretina of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

You Got an Eviction Notice. Now What?

Kat Tretina — Fri, 16 Feb 2018 09:30:08 +0000

It's a terrible feeling: You come home from a long day of work, wondering what to make for dinner, when you see a large piece of paper taped to your door. Your heart sinks as you read it, realizing it's an eviction notice telling you that you have to leave your home.

If this has happened to you, you're certainly not alone. According to real estate site Redfin, over 2.7 million people faced eviction in 2015. High rents, low wages, and constantly changing market conditions make keeping up with rent payments difficult. (See also: The Simple Way to Decide How Much Rent You Can Really Afford)

If you've received an eviction notice, here's what you should do next.

The eviction process

If you fall behind on your rental payments, or pay only a portion of the amount due, your landlord can evict you. However, the process is more complicated than just telling you that you have to leave. Eviction laws vary by state, so it's a good idea to check out your state housing department's guidelines.

Generally, to evict you legally, your landlord has to follow an eviction procedure.

1. You will receive notice

Your landlord must issue you notice before proceeding with the eviction. This could be a 30-day notice to either vacate or comply, a pay-by date you must meet, or a deadline to rectify whatever violations are grounds for the eviction. In some cases, you may have only a couple of days to come up with funds or fix the problem. If you can't come up with the money or address the issue, the landlord can proceed to the next step.

2. Your landlord will pursue a court order

If you do not pay the balance on your account, or comply with the terms of the eviction notice, your landlord can get a court order against you. Once you receive the order, you can choose to fight the eviction in court. If the court finds you were not complying due to legitimate problems with the apartment, such as a lack of heat or running water, it may sway the ruling in your favor. If the judge does not rule in your favor, the court may offer you an alternative payment plan to help keep you in your home.

3. Moving out

If you lose the fight in court, you could have just a few days to move out. In many cases, the local police will be there to escort you. If you stay in the unit beyond that date, the landlord can ask the police to have you forcefully removed.

Know your rights

If you're going through the eviction process, you still have rights. For example, a landlord cannot lock you out of a property, remove your belongings, or shut off your utility services until the court order is in place and your formal eviction date has passed.

During the eviction proceedings, your landlord is still responsible for maintaining the property. For example, if your apartment heater is broken, your landlord must repair or replace it according to the terms of your lease.

If you feel like your landlord has violated these guidelines, or otherwise is evicting you unfairly, you can find free legal advice and representation from Legal Services Corporation, a nonprofit organization that provides financial support for civil legal aid to low-income Americans.

How to fix an eviction

If you're facing an eviction, you may be able to avoid being forced out with the following options.

1. Work out a payment plan

In many cases, landlords would like to avoid eviction as much as possible. It can be a long and expensive process, and they have to find a replacement tenant afterward. It makes more financial sense for them to keep a current tenant in place if at all possible. If you're behind on your payments, talk to your landlord about a potential payment plan to get back on track. Making weekly payments can help you get back on your feet and stay in your home.

2. Come up with cash (fast)

Although it may sound impossible, you can often end an eviction by paying what you owe in full. Go through your belongings and sell anything you don't absolutely need, such as furniture, clothes, toys, electronics, or even extra kitchen supplies. You can also pick up a side hustle to earn extra money quickly to pay your outstanding bill. (See also: 14 Best Side Jobs For Fast Cash)

3. Seek charitable aid

There are some nonprofit organizations that offer financial assistance to low- and middle-income families facing a crisis. You may be able to receive a grant or low-interest loan to pay your rent so you can stay in your home. To find programs near you, check out Rent Assistance.

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This article is from Kat Tretina of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

6 Tips to Sell Your Condo Fast

Damian Davila — Wed, 01 Nov 2017 08:30:09 +0000

This year is turning out to be a great market for home and condo owners. Despite the consistent rise in home prices across the nation (prices saw a 5.8 percent increase in 2017), buyers are still rushing to take advantage of the lowest mortgage rates in history.

If you have been thinking about selling your condo, now may be the one of the best times. Take it from me; I was able to get the right offer for my apartment in just 21 days. Here are the key strategies to keep in mind when selling your condo.

1. Review the DOM range for comparable condos

Short for "days-on-market," DOM measure the days that a real estate property is on the market before a seller accepts an offer from a buyer, or the agreement between real estate broker and seller ends. Search online for real estate agents specializing in your building and look for a listing of the units that have been sold and are currently in escrow. That list will include the DOM for each unit.

Look at comparable condos to yours (similar square footage, floor location, and type of unit) to determine a reasonable time frame for your condo to sell. The definition of fast sale varies from property to property, but this range will provide you a better benchmark.

2. Decide what improvements are worthwhile

It takes money to make money. Before officially listing your condo, you'll need to prep it. Depending on the condition of your unit, it may just need a fresh coat of paint, or it may need a total makeover. There are several ways that you can go about deciding how much money to put into renovations.

First, attend open houses of comparable units, also known as "comps," currently listed in your building and review the listing pictures of comps currently in escrow. This will give you a sense of what caught the eyes of buyers and what type of inventory you're competing against. Put yourself in the eyes of potential buyers and think of improvements that will make your unit stand out from the competition or compensate for less desirable features (perhaps there's no ocean view, but your unit is the only one with new cabinets).

Second, review the 2017 Remodeling Cost vs. Value report from the National Association of Realtors to find out the average value that a renovation project adds to properties in your region. In 2017, a minor kitchen remodel recouped a national average of 80.2 percent of its cost while a bathroom addition only recouped 53.9 percent. Choose projects that don't break your budget and have a higher chance of boosting your asking price. (See also: How Much Are Pricey Home Upgrades Really Worth?)

3. Gather documentation and review any HOA rules

The more you know about your condo, the more prepared you'll be to address questions from buyers. For example, the presence of asbestos in the popcorn ceilings in older buildings can be more common than you think. However, your building's homeowner association (HOA) may have already done a study to find out the percentage of actual asbestos in the ceiling. If the survey reveals that the actual percentage of asbestos in the ceiling falls within acceptable standards, you don't necessarily have to remove it and can include the survey in your disclosure statement to the buyer.

Also, HOA rules can help you determine what improvements are worthwhile. Let's imagine that you have a wooden floor with partial water damage due to an open window during a storm. You're trying to decide whether to replace the floor entirely, lay down additional flooring on top, or leave the floor as is. Depending on the rules of your building, you may or may not be required to also soundproof your wood floor, which can add hundreds to thousands to your quote. Always check with your HOA before starting any work on your unit.

4. Look for ways to minimize listing costs

Skipping the standard real estate agent's commission of 5 to 6 percent sounds like an awesome idea in theory. While pocketing an extra $15,000 to $18,000 on a $300,000 condo is enticing, make sure to understand just how much easier a real estate agent can make the selling process. Even worse, you may dramatically reduce the number of potential buyers by going the "for sale by owner" (FSBO) route. Many buyer's agents won't show your property to their clients at all or strongly discourage those clients from making an offer, citing the risks of closing without a professional representing you.

Still, there are plenty of ways that you can save on listing costs while working with a real estate agent.

Ask if the commission is negotiable. Don't assume that a 6 percent commission is the default. With the rise of low-fee real estate brokerages, such as Redfin charging only a 1 to 1.5 percent listing fee, some agents are more open to negotiation in some markets.
Stage your home yourself. According to Realtor.com, a staged property sells an average 88 percent faster and for 20 percent more than one that hasn't been staged. But professional staging can be expensive: Realtor.com estimates an initial design consultation with a professional stager ranges from $300 to $600, and actual staging ranges from $500 to $600 per month per room. Staging is one area in which going DIY can help you keep costs down. (See also: 8 Ways to Stage Your Home Without Hiring a Pro)
Your real estate agent can be a useful resource to shop around for contractors for small fixes. In case a buyer were to ask for proper grounding of electrical outlets, replacement of broken faceplates, or other type of work, your agent may be able to hire a contractor at a much lower rate than one you'd find on your own.

5. Screen the clauses in your buyer's initial offer

Receiving your first offer is very exciting! Still, take a step back and thoroughly review the clauses included in that buyer's offer. Here are some things to keep an eye on. (See also: 9 Things Sellers Should Watch Out During Escrow)

"Acceptable to buyer" prorations and closing adjustments. If you were to submit a counteroffer, request to delete such verbiage from the offer. "Acceptable to buyer" adjustments are subjective and can open the door for a buyer to include unnecessary items or requests.
Tighten the time frames for any buyer's obligations. The longer that an escrow process takes, the higher the chance of the sale not going through. So, shorten review times, such as review of seller's disclosure and inspection after completing buyer's contingencies requests, whenever possible.
Watch out for additional addendums. Here's where knowing your HOA rules comes in handy. Depending on when certain work was completed on your unit, some work may not have required a permit or certain additional requirements. Going back to the example of the wooden floor, if the floor was installed before the year in which the soundproofing requirement went into effect, you wouldn't have to remedy the situation. Pay close attention to addendums requesting to remedy unpermitted work or allowing the buyer to submit a repair or credit request for repairs.

6. Understand your BATNA

Short for Best Alternative to a Negotiated Agreement, BATNA is a key concept in any negotiation. Here's why: This is the price point at which you can't do better than accepting your buyer's offer. When listing your home, you'll have to decide on the initial price. Most of the time, you want that first price to be above the lowest price that you'll accept for your condo. That way, you'll be more willing to lower the price to make a sale happen.

Pricing your home too close or exactly at your BATNA will work against you because you won't have any wiggle room to work with a buyer. Unless you're in a red-hot seller's market, you can't take an all-or-nothing approach to your condo sale. Would you be willing to go down $1,000 in price to sell your condo today, or stick to your guns and wait an extra three months? Once your condo has been on the market for a few months, your agent may ask you to lower the price. Knowing your BATNA will help you negotiate your condo sale more efficiently and potentially lower the DOM of your unit.

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This article is from Damian Davila of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

The Easy Way to Sublet Your Apartment

Christa Avampato — Fri, 08 Sep 2017 08:30:10 +0000

Breaking a lease is usually an expensive proposition, but it's a situation that may be necessary for a number of reasons. A new job, moving in with a partner or spouse, or the need for more space are all scenarios where you might need to break a lease. (See also: 8 Moves to Make If You Need to Break Your Lease)

If you find yourself in any of these situations, the best option may be to sublet the apartment. Someone else gets a much-needed place to live without committing to a full-term lease, you don't waste money paying a penalty to your landlord, and your landlord doesn't have to scramble to get the apartment filled before the end of your lease. Everyone wins.

First things first

Check your lease. Is subletting specifically prohibited? If so, approach your landlord. How you approach your landlord will depend upon your existing relationship with him or her. If you can just be honest and explain what you want to do, great!

Assuming that you decide to proceed with subletting, here are a few steps to make the process as smooth as possible.

1. Ask friends and family members first

Before putting the apartment on a listing site, check with your friends and family members. Would one of them be interested in subletting from you, or do they know someone who would? A personal connection and referral almost always beats a random subletter, provided your friends and family members are responsible and respectful of the space.

2. Set boundaries

Are there certain rules that someone who sublets your apartment needs to follow? These could include no smoking, sorting the trash, collecting your mail, pet policies, or taking care of your belongings for an extended period of time. Make sure you're clear and upfront about these types of expectations so there are no gray areas down the road.

3. Have a proper sublease in place

Subletting an apartment shouldn't be done on a handshake, even if it is between friends or family members. To protect both parties, draft up a simple lease. There are a number of free templates available online. Rocketlawyer is a popular option for this, as is LawDepot. The lease should include the monthly (or weekly) rate for the sublease, the beginning and ending dates of the lease, the name of the person (or people) who are going to be living in your apartment, and any of those boundary specifics mentioned above.

4. Collect a security deposit

It's a smart idea to collect a security deposit from the person or people who sublet your place. This can be helpful if the renters need to break their sublease or if there is damage done to the apartment. Remember, even though you're subletting, you are still legally responsible for the condition of the apartment when the lease is up, and if there are damages, your landlord may charge you for the repairs.

5. If subletting isn't an option, consider a swap

A few years ago, I wanted to try living in California for the summer. Rather than sublet my place in New York and find a sublet in California, I arranged a swap. A mother and daughter stayed in my apartment while I lived in their condo in Santa Monica. We followed all of the same steps above that I outlined for a sublease and we both got a summer experience we would never forget.

In my situation, I wrote a post on my blog and someone found the post. It all worked out in a pretty magical way. If I tried this again, I would work through my network first to see if I had any friends, family members, or friends of friends who would be interested. If that didn't work out, I would try one of the new housing swap services that have popped up since I did my home exchange.

HomeExchange.com has more than 65,000 homes in 150 countries. Members pay $9.95 per month to list their property with the service. They facilitate over 120,000 swaps per year.

Love Home Swap is another site with a few different swap models. You can do what they call a "Classic Swap" in which you go to someone else's home and they go to yours for a specific amount of time. They also have a "Points Swap." Rather than having to agree on dates and location, you rent out your place whenever it's available for points instead of money. Then you can use those points to make a reservation for an available property on the site when you want to travel.

Before you use a service to facilitate a swap, make sure the site is secure, that it verifies each user's identification, and the service has legitimate reviews on sites like Yelp. With any swap, have a legal agreement in place between you and the other party to make sure there are no surprises and that all terms are clear.

If life leads you in a direction away from your current lease, don't resist that call. There are numerous ways to manage a lease rather than have it manage you.

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This article is from Christa Avampato of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Why I Choose to Rent Instead of Buy

Kat Tretina — Mon, 10 Jul 2017 08:00:08 +0000

Conventional wisdom says that buying a home is a smarter financial decision that renting. However, homeownership is a huge decision, and it can be an expensive option. Owning a home is not for everyone, and for some, renting can actually be the more cost-effective choice.

That's certainly the case for me. Despite earning a good income, my husband and I have decided to rent for the foreseeable future. Here's why it makes sense for us.

1. Affordable housing is hard to find

We live in one of the most highly-desired towns in the Central Florida region. A single-family, 1,200 square foot home in our neighborhood starts at $350,000. Even if you do find a home at that price, they often need significant improvements to be livable. Typically, houses in that price range need new roofs or foundation work.

If we put 20 percent down on a home — a whopping $70,000 — our monthly payment for the mortgage, insurance, and taxes would be about $1,600 a month. Besides coming up with a huge down payment, that's a high monthly bill.

While the housing market is extremely competitive in our neighborhood, rentals are much more affordable. We rent a large two-bedroom apartment with granite countertops, stainless steel appliances, hardwood floors, and resort-like amenities for just $1,300. And we didn't have to come up with a large payment to move in.

The lack of affordable housing is a nationwide issue. Particularly in areas like New York City or San Francisco, buying a home can be out of reach for most Americans. In those cases, it can make more sense to rent than buy.

2. Maintenance isn't my problem

If we were to buy that $350,000 home, the down payment and monthly mortgage payment would be only a small portion of our home expenses. We'd have to budget to prepare for other expenses, like emergencies. If the roof needs repairs, or if the appliances break, we'd have to cover the cost of the replacement.

With renting, all I need to do if there's a problem is call my landlord. Within 24 hours, they'll have the problem fixed. Not having to worry about the extra cost is helpful and gives me peace of mind. (See also: What It Really Costs to Own a Home)

3. Homes are not an investment

Houses are often touted as a good investment. However, the recession of 2008 showed how flawed that idea was. There's no guarantee that a home's value will increase over time, and there is a chance it could decrease.

The homes that go for $350,000 in our area sold for $500,000 pre-recession. But in 2008–2010, those same homes plummeted to under $180,000. For homeowners who took the plunge to buy, they lost a lot of money and either saw their bank foreclose on their homes or are still underwater.

To me, homes are a place to live, not an investment. My goal is to have a safe place to live, not to earn money. (See also: Stop Thinking of Your House as an Investment)

4. Flexibility is key

Homeownership scares me because it feels permanent. Of course, you could sell the home if you need to move, but that process can be long and complex. And you can end up losing money on the deal.

Renting gives me more flexibility. If an opportunity pops up on the other side of the country, I just have to pay to break my lease and am free to leave. Having that option is reassuring in a sometimes tough job market.

5. We have other priorities

If homeownership is your goal, you may have to sacrifice other things to make it possible. To save for a down payment, you may have to cancel your retirement contributions, or take money out of your emergency fund.

Contributing the maximum to my 401(k) and building my emergency fund are important to me. Because buying a home would mean postponing those goals, home searching just isn't in the cards.

Buying a home

Whether or not to buy a home is a very personal decision. While many say that homeownership is essential for financial security, it's not the only option available to you. Depending on your circumstances, renting can give you more disposable income each month and more freedom to pursue your other goals.

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This article is from Kat Tretina of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

4 Home-Buying Habits We Can Learn From Millennials

Dan Rafter — Wed, 28 Jun 2017 09:00:12 +0000

Millennials entered the housing market later than their baby boomer and Generation X predecessors. They chose to rent for longer, and are just now starting to flood the housing market.

But just because millennials have been slow to embrace homeownership doesn't mean that they don't have anything to teach others about buying a home. In fact, despite their late jump into the housing market, millennials have demonstrated plenty of smart home-buying behaviors. Here are a few smart homeownership habits we can all learn from this younger generation.

Don't rush

Ellie Mae, a software company that works with mortgage data, says that millennials — young adults from the ages of 18 to 34 — are currently the largest group of homebuyers in the housing market. According to the company, in January of 2017, these young buyers took out about 45 percent of all the mortgage loans used to buy homes. But homebuying is a recent trend for this age group.

Economists have long observed that millennials waited longer than older generations to jump into the housing market, just as they have also waited longer to get married and have families.

This isn't necessarily a bad thing. Buying a home is expensive. You'll need money for a down payment and the closing costs on your mortgage loan. This will run you thousands of dollars.

As millennials show, there's nothing wrong with waiting until you have a more established job and reliable income to buy a home. Having that economic stability will eliminate some of the stress of covering that mortgage payment each month.

Don't break your budget

You don't want to overspend on a home. And today, that's getting easier to do because housing prices continue to rise. The National Association of Realtors says that the median price for a home sold in March of 2017 hit $236,400. That's an increase of 6.8 percent from March of 2016, when the median price was $221,400. This March also marked the 61st consecutive month in which home prices rose on a year-over-year basis.

One of the most often-cited reasons for millennials' slow entry into the housing market is the student loan debt they face. According to Student Loan Hero, the average college graduate of the class of 2016 has $37,172 in student loan debt, up 6 percent from the previous year. Taking on the added debt burden of a mortgage can be intimidating when you already owe tens of thousands of dollars in student loans.

Millennials know about debt. It's why so many of them are cautious about overspending. And this wariness is a good habit to acquire. Just because a mortgage lender approves you for a mortgage loan of $250,000, doesn't mean you must buy a home costing that much. It's OK — and is, in fact, fiscally smart — to buy a home that costs less. This will leave you with money leftover and an easier time making those housing payments each month.

Be realistic about the American dream

Buying a home has long been a part of the American dream. But millennials understand that this American dream can easily turn into a nightmare.

Many millennials saw their parents lose their jobs and struggle to make their mortgage payments during the Great Recession. Some saw their parents lose their homes to foreclosure. Others watched as their parents' homes steadily lost value, leaving them underwater — owing more on their mortgage loans than what their homes were worth.

Millennials learned that buying a home wasn't the only way to be happy in America. They learned that it could, in fact, be one way to be unhappy in America.

The good habit here is that you should never jump into owning a home just because everyone else seems to be doing it. Owning a home isn't the right choice for everyone, which brings us to one last habit.

Don't think that renting comes with a stigma

Millennials are less averse to renting apartments later in life than both baby boomers and Gen Xers. In fact, the apartment market around the country is in the middle of a boom, with more people of all ages choosing to rent instead of owning a home.

Renting has become a preferred way of living for a growing number of people. Need proof? Landlords keep increasing monthly rents to historic levels, something they'd struggle to do if the renters weren't coming. Apartment company Abodo said that in March of this year, the median monthly rent of a one-bedroom apartment across the United States stood at $1,005.

In major cities, where many prefer to rent, monthly rents are especially high. Abodo reported that in San Francisco the median monthly rent stood at $3,415 in March 2017, while it hit $2,705 in New York City and $2,549 in San Jose, California. Other markets with high monthly rents include Boston ($2,398); Washington, D.C. ($2,097); Los Angeles ($2,030); and Oakland ($2,009).

If you prefer to rent — and you aren't interested in the yard work and upkeep that come with owning a home — don't feel pressured to make the move to owning. You'll have plenty of company when it comes to renting an apartment.

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This article is from Dan Rafter of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Rent Your Home or Buy? Here's How to Decide

Dan Rafter — Tue, 22 Nov 2016 11:00:15 +0000

There are plenty of advantages to renting an apartment, and just as many to buying a home, instead. But what about financially? Is renting or buying the smarter money move?

Not surprisingly, the answer is complicated, and depends on where you live, what kind of home you want to buy or apartment you want to rent, and how long you plan on staying in one place. Here's a look at the numbers that might help you solve the rent-vs.-buy puzzle.

Prices Are Rising for Buyers and Renters

Renting an apartment is more expensive today than it was even a year ago. But the same is true of buying a home.

Consider the cost of buying a home. The National Association of Realtors reported that in September of this year, the median price of existing homes stood at $234,200.

You won't necessarily have to pay $234,200 or more, depending on where you buy. But the median sales price continues to increase, meaning that home prices overall are on the rise. The median price in September was up 5.6% from the same month one year earlier, when it was $221,700. And don't expect median prices to fall anytime soon. The association says that September's price increase represents the 55th consecutive month of year-over-year gains.

And what about renting? Apartment rents continue to rise, too. ApartmentList reported that in November of this year, the median national rent for one-bedroom apartments was $1,110 a month. For two-bedroom apartments that figure was $1,270. The good news is that median rents actually fell in 55 out of the country's 100 biggest cities from October to November, according to ApartmentList.

The bad news? Rents are still higher today than they were one, two, or three years ago. According to ApartmentList, the median national rent was 2% higher in November of this year compared with the same month one year earlier.

So no matter if you rent or buy, know that prices are generally rising.

Which Is More Affordable?

That leads to the big question: Given that both buying a home and renting an apartment are getting more expensive, which option is most affordable?

The answer to this question includes plenty of variables. For instance, owning a home provides a tax benefit: You can deduct the interest you pay on your mortgage loan each year up to $1 million, resulting in a lower tax bill. But even this isn't a crystal-clear financial plus for all owners. You can only claim your mortgage interest deduction if you itemize your taxes. And if that interest deduction isn't higher than the IRS' standard deduction — which stood at $12,600 for married couples filing jointly and $6,300 for singles in 2016 — there is no real reason for you to itemize your taxes and claim the deduction.

Then consider the variables of going the apartment route: You might be able to find an apartment with low rent. But that apartment might not be located where you actually want to live, especially if you want to live in the center of a large city. Apartments in urban areas tend to come with higher rents today.

And if you do find a cheaper apartment, it will almost certainly not be a newer one. RENTCafe found that in 2015, 75% of all large new apartment properties built across the country were high-end luxury properties, buildings that charge far higher monthly rents. Most of these new apartments are being built in the center of big cities, too, according to RENTCafe.

So if you want to rent an apartment in San Francisco? ApartmentList says that a two-bedroom apartment here had a median price of $4,700 a month in November, while a one-bedroom had a median monthly rent of $3,440. In Boston, two-bedrooms rented for a median price of $2,350 a month, while in Seattle it cost a median of $1,720 for a one-bedroom unit and $2,300 for two bedrooms.

Given this jumble of numbers, is it cheaper to rent or buy? According to real estate website Trulia, buying a home is cheaper on a national basis. Though, not surprisingly, there are some caveats.

Nationally, Buying Is Cheaper

Trulia reported in October that buying a home was 37.7% cheaper than renting on a national basis. But that 37.7% figure only holds true for those who live in their homes for at least seven years and can afford to come up with a down payment of 20% on their homes.

Given that standard, Trulia reports that buying is cheaper than renting in each of the 100 largest metropolitan areas of the country. According to Trulia, for example, it is 50% cheaper to buy in Miami and just under 20% cheaper to buy in San Francisco and Honolulu.

Part of the reason that buying is more affordable comes down to mortgage interest rates. Rates are still at historically low levels, with the Freddie Mac Primary Mortgage Market Survey reporting that as of Nov. 10, the average interest rate on a 30-year fixed-rate mortgage loan stood at 3.57%. This makes borrowing money for a mortgage loan more affordable.

Want to see what Trulia thinks of the rent-vs.-buy decision in your community? Visit the site’s rent-vs.-buy calculator, punch in your metropolitan area and wait for the results.

What Should You Do?

These numbers, and Trulia’s rent-vs.-buy calculator, should serve as a general guide. But they alone can't tell you whether you should rent or buy. That's because everyone's situation is unique.

Say you only plan to live in an area for three or four years before moving. Renting is almost always the better financial move. Say you hate the thought of mowing a lawn for 15 years. Again, renting might be the better choice, even if it is more expensive than owning a home. If you dream of gardening in your own backyard? Then buying might make you happier.

Your best bet is to carefully analyze what you want out of a home, whether it's the stability of owning and building equity or the freedom that comes with renting. Then make your decision based on what type of home will best meet your needs.

This article is from Dan Rafter of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

10 Best Tools for Finding an Apartment on the Cheap

Paul Michael — Fri, 21 Oct 2016 09:30:30 +0000

Depending on where you live, finding a new apartment can be tough … or downright overwhelming. Seinfeld once joked that in New York, the obituaries section should be coupled with the property section in a newspaper, because that's pretty much the only way to find a decent place.

But wherever you live, you are going to need help, especially if it's a completely unknown area. What is the neighborhood like? How are the schools? Is the crime rate high? Is the rent too high? The following tools will help you get your foot in the door.

1. Craigslist

Do not underestimate the power of Craigslist. Started in 1996 by Craig Newmark, it was originally servicing only the San Francisco Bay Area. Now, it's global, and the "Housing" section still remains free for people to post and respond to listings. There are many subsections, including real estate for sale, vacation rentals, and even office/commercial storage. However, you will want to look into the following categories:

Apt/housing
Housing swap
Rooms/shared
Sublets/Temporary

Once you get into any of those sections, you can narrow down your search with a great list of tools. From basic parameters like price, bedrooms, bathrooms, and square footage, to more niche requirements like "X miles from zip," wheelchair access, and animals, you can quickly find just the place you're looking for. It is by far the most convenient free tool out there.

2. Apartment Finder

Long before the Internet was the go-to place for, well, everything, "Apartment Finder" magazine was the essential tool for finding your next abode. Started in 1981, it has won numerous industry awards and is now available in several formats, including the traditional magazine, the website, and the app. It also part of a network that includes Apartments.com, ApartmentHomeLiving, Move, and Doorsteps.

As it is a service focused on renting apartments, there are more slick tools here to help. You'll be able to explore the spaces using a 360-degree camera, and you'll get virtual walk-throughs, floor plans, a veritable smorgasbord of photos, and a lot of detailed information. The only downside is that you will not usually find properties from people just looking to rent out their homes. It costs money to advertise on this site, and that means it's populated by large apartment complexes. But if that's what you're looking for, and you need the extra security and benefits of a managed property with a pool and a gymnasium, this is just what you need.

3. Zillow

When Zillow first came onto the scene, it was primarily used as a tool to estimate your home's value (and real estate agents hated it because the information was always very hit or miss). Now, Zillow has become an excellent free resource for the apartment hunter. Not only does it have all the tools you'd expect to narrow down your search, but it offers advice on renting and house hunting, as well as important neighborhood information (essential if you know nothing about an area you're moving into), including school ratings. Again, it costs to list a rental property on this kind of site, so don't expect to find little hidden gems being offered by someone who has a second home.

4. Rentometer

Although it won't help you find the specific place you want to live in, it will help you research what you should (and should not) be paying for rent at any of the apartments you're checking out. If you find the home of your dreams, but aren't sure if the price is sky high, Rentometer will give you a temperature check of the area. You'll see the average and median prices, and also which percentile the apartment you're looking at falls in. At the very least, you want "reasonable" rent. Low is great. If you're in the red zone, negotiate or move on.

5. The Library

So your local library is not an app or a website, obviously, but it is filled with resources that can help anyone find their perfect apartment. It's a shame that more people don't take full advantage of the library; after all, we all pay for libraries with our taxes. Libraries have computers to access the many online tools listed in this article. They also have copies of a plethora of local and national newspapers, which contain classified ads for apartments and homes. If you find yourself in need of a place that contains many tools under one roof, the library is hard to beat.

6. HotPads

If you're looking for a tool that combines the great functionality of sites like Apartment Finder and Zillow, but also has the variety of smaller rentals offered by Craigslist, the HotPads is definitely for you. It has listings for most major cities in the U.S., and gives you a great set of criteria to help you get a list of excellent matches. Features like the "walk score" and neighborhood information, coupled with "hot listings" that show you which apartments are getting the most attention make HotPads one of the best tools for anyone looking to rent in a well-populated location.

7. Rent.com

Just like HotPads, Rent.com gives you great choice. You can find landlords who are renting out just one or two properties, or giant apartment complexes with hundreds of units in one place. You can sort by best match, price, rating, or alphabetically, and when you narrow it down to a few properties, you can check the availability and book a tour. Definitely sort by ratings, because some of apartments have quite a few skeletons in the closet.

8. PadMapper

If you want to imagine what an apartment hunting app crossed with a mapping tool would look like, check out PadMapper. From the get go, you are greeted with a map of the area you want to look at, which is immediately populated by all the available rentals. It's somewhat overwhelming at first, but by using the tools provided, you can quickly take pins off the map until you get it down to some manageable choices. Save your favorites, check out floor plans and photos, and indicate your interest in the property. One downside — it appears to only list apartments in large complexes.

9. Lovely

Great name. Great site. Lovely is known as being exceptionally easy to use, simple, and direct. And it really is a soup-to-nuts kind of setup. With Lovely, you cannot only find your ideal apartment from a vast array on the market, but also submit an application through the site. Plus, you can even pay your rent through the site itself! Of course, anything that sounds too good to be true often has a downside. With Lovely, it's scope. Right now, you're limited to the Midwest and the coasts, but as word spreads, so will the range of the site.

10. Zumper

What does the name mean? Who knows. But the site (and app) look great, are easy to use, and have a wealth of information. The first question you'll be asked is where you want to move. Type in the area, and you'll get an overview of the town or city, including any annual festivities or notable attractions. You can search on a map, or by the usual parameters (bedrooms, price, amenities, and so on). One excellent feature of Zumper is the way it seamlessly integrates with Experian, allowing you to safely and securely submit your credit report along with your application. Highly recommended.

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This article is from Paul Michael of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

10 Questions to Ask Before Signing a Lease

Paul Michael — Wed, 31 Aug 2016 10:30:09 +0000

So you've been searching for a place to live. You've looked at a bunch of different homes and apartments, driven all over town, and have finally decided on the one you want. It's perfect. But before you whip out the pen and commit to something, ask the following 10 questions. They could prevent you from making a very costly — and time-consuming — mistake.

1. Which Utilities Are My Responsibility?

Depending on where you live (and how generous the landlord is), utility responsibility may vary. If you're living in a large apartment complex, you may find that a lot of utilities are covered by your rent. In other cases, it may only be water and sewage, or in the worst case scenario…nothing at all. So make sure you know exactly which utilities are going to be your responsibility, and see if you can get a history of the bills at that address. Some homes are more energy efficient than others, and some homes have additional costs you may not consider (such as fees for constructing new pipelines). When you get the complete picture, you may discover that the utility bills put a unit beyond your reach.

2. How and When Do I Pay My Rent?

You already know what the rent costs, but you also need to know how and when to pay it. These days, many larger apartment leasing companies will take payments online, or through an automated debit system. Private landlords will most likely take a check or banker's draft, and may want you to mail it, or hand it over in person. There may also be fees for paying online or by check, so ask about that. And of course, ask about late fees and grace periods. You may get up to five days to pay your rent without incurring a penalty.

3. Do I Have to Have Renters Insurance?

Any kind of renters insurance is good to have, even if it covers the bare minimum. But times are tough, and you may not have the money to afford it right now. Your landlord or leasing agency may not care. Or, they may have a very strict renters insurance policy, which could once again put you over your monthly budget and make the apartment off limits. If you are required to have it, shop around and get multiple quotes. Use these quotes as bargaining chips with each insurance company to get the best possible rate that covers more of your possessions.

4. What Is Your Guest Policy?

In this day and age, the vast majority of landlords are not going to care if you have guests for long visits. But, it never hurts to check the rules of the apartment complex or landlord. Even then, it's a very tricky rule to enforce, so it's doubtful anything will happen. The problems usually come with guests staying for an extended period of time. If your best friend suddenly becomes homeless and asks to stay in your spare room for a few months, that could have ramifications. And if you decide to move your partner in to live there permanently, you will have to consult the landlord. It's possible a background check will be needed.

5. Can I Make Improvements?

When you move into a new place, you want it to feel like home. That often means personalizing it with paint, wallpaper, new curtains, maybe even new carpet or tile. This should all be openly discussed with the landlord before you ever sign the lease, and put in writing. It's quite possible that any improvements you want to make (even a simple coat of paint), will have to be approved first. Even if you think you're making the place even better (adding a wooden floor for instance), the landlord has every right to take your security deposit when you move out.

6. How Long Is the Lease?

It may seem like an obvious question, but not all leases are created equal. Some landlords may be renting their home out for the summer, and want a tenant for six months or less. Some apartment complexes offer discounts for longer leases. Some leases are month-to-month. You need to know this up front, and also, what kind of fees you will pay to break that lease. It's possible you'll be asked to pay two months' rent to get out of it, and may also lose your security deposit. Other places may be much more relaxed, especially if you find someone to take over the lease.

7. How Much Is the Security Deposit and Do I Get All of It Back?

The typical amount for a security deposit is one month's rent, but it can vary from place to place. Some may only want a nominal fee — say $300. Now, by law, any kind of security deposit is refundable, that's why it's called a security deposit; you put the money down as insurance for the landlord, you get it back if all is well. However, different landlords have different thresholds for wear and tear, and it's possible you won't get the whole amount back, especially if you have pets.

8. How Will the Apartment Be Prepared and How Should I Leave It?

These are two different questions, but both relate to the cleanliness and appearance of the apartment. Before you move in, you need to know if the entire place will be cleaned and repaired. You may well be viewing the place before any of this has happened, and may be in for a shock if you move in and the carpets are stained and the lighting is broken. So, get in writing how the home should be delivered and returned. Also, when you move out, you may have to pay for some of those very services that make the home ready for the next tenants. So, ask if you have to have the carpets shampooed, or the place professionally cleaned. If you do, and don't do it, this fee can come out of your security deposit.

9. What's the Pet Policy?

Landlords don't like pets, often for good reason. They sometimes leave a smell, they can tear things, they're noisy at times, and they can leave nasty surprises on the carpet. For this reason, most places will have some kind of pet policy in place. It may be as simple as "Yes, pets are fine, but don't let your dog bark all the time." Other places could impose a nonrefundable fee for the term of the lease to cover additional cleaning, or impose a monthly fee, known as pet rent. Even if you don't have a pet now, ask about it. You don't want to have to move out later because you want to get a dog or a cat.

10. How Do You Deal With Maintenance and Emergencies?

Again, this will vary depending on the kind of place you're looking at. Big apartment complexes usually have a maintenance staff on site, and a simple call to the front desk can be all it takes to get an issue resolved. If you're renting a home from a private landlord, you'll want to know up front what kind of response you will get, and how soon. If it's just a guy renting his house out, and your fence blows down, will it take weeks for the repair to happen? Can you call someone to make repairs, and remove the cost of service from your rent? Do all repairs have to go through the landlord, and are there preferred providers? All this should be asked up front.

Have you ever been burned by the hidden terms of a lease?

This article is from Paul Michael of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

8 Moves to Make If You Need to Break Your Lease

Paul Michael — Wed, 22 Jun 2016 09:30:24 +0000

Most renters understand that a lease benefits them as much as it does landlords, since it protects both parties. However, if you need to break that lease, you could be on the receiving end of some tough penalties and legal actions. Don't panic yet, though — there are moves that could save you a lot of money… and your sanity.

1. Find New Tenants for the Landlord

The biggest issue landlords have with breaking a lease is the loss of income. The landlord has overhead, including a mortgage payment, HOA costs, water, and more, and they all have to be covered even when the property is empty. This is why there are penalties for breaking a lease — to cover the landlord against loss.

However, if you are proactive and find good tenants to replace you, it's very possible the landlord will waive the fees and let you break the lease. After all, you have brought in new tenants, saving the landlord time and effort, and in most cases, extending the time the property will be filled. (If your lease expires in July, but you bring in someone to rent from March-February of the following year, you've done the landlord a favor).

2. Plead Your Extenuating Circumstances

Landlords are people, too. If you're renting from a big property management firm, you won't have much luck. But if it's an individual, arrange a time to sit and chat, and explain the reasons why you have to break the lease. Be open, be honest, and see what happens. If you have to break the lease to move back home with an ailing parent or relative, the landlord could be very sympathetic, and may do something for you (cutting the early termination fee in half, or waiving it completely). But, don't lie. Making up some bleeding heart story could backfire, and you don't want an angry landlord as an enemy, especially when they have the law on their side.

3. Look for a Contract Breach

If you have to break the lease, you may well be within your rights to do so without any kind of termination fee — if the contract is, in fact, not being adhered to. Remember, the contract is for your protection as well as the landlord's, and the property should be safe and well-maintained. If you have been living with a broken refrigerator, a moldy bathroom, or any other type of problem that makes the property tough to live in, you can use it to your advantage.

However, you cannot just ignore these issues for months and then decide to break the contract. You will need to provide evidence that you asked the landlord to address the issues. Also, take pictures, and keep copies of all correspondence. If you can show your requests for help fell on deaf ears, you will have a great case to break the lease without a fee.

4. Negotiate Payoff Terms for the Penalties

Early termination fees can be very scary. When you see a $1,500 lump sum, it can make you think twice about even considering it. However, landlords can be very flexible if they know they are going to get the money in a set amount of time. Consider asking for an installment payment plan for any early termination fees.

5. Use Your Security Deposit as a Bargaining Chip

You will have put down a substantial security deposit when you signed the lease. Usually, it's around one month's rent, and this can be just enough to cover the costs of the landlord while they find a new tenant. If the property is in a highly sought after location, it will not be empty for long, and that security deposit will more than cover any costs the landlord has. It's much easier for them to simply keep that deposit and avoid a bunch of paperwork, rather than trying to take you to court for fees.

6. Find a Sublet

Ready to become a landlord yourself for a while? Well, try subletting. Now, you may find that the contract forbids you to sublet the property, so you may have to talk to the landlord (or do it without saying anything, and hope for the best). As a general rule, landlords don't really care where the money comes from, as long as the property is well maintained and the tenants cause no trouble. And remember, if you sublet to someone who wrecks the place, that's all on you. Your name is on the lease, so the landlord is going to be reimbursed, either way.

7. Can You Blame the Neighbors or Surroundings?

Do the neighbors upstairs have parties until 4 a.m. every weekend (or worse, every day)? Do the neighbors harass you, or make life hell for you in general? Is the neighborhood itself in serious decline, and no longer a safe place to live? These are all conditions that you may be able to use to break the lease without a termination fee.

Once again, you would have to prove that you asked the landlord to deal with the situation, and that nothing happened. But if you can prove the property became unlivable, you can argue you were "constructively evicted from your property." This is something that can go to court, so you need to be really buttoned-up, and will most likely require legal assistance.

Haggle Over the Early Termination Fee

Landlords would rather have some money than none at all. If you are going to have to pay $2,000 to break the lease, but can only afford $1,000, talk to the landlord about a lower penalty. This is easier to do with an individual than a property management company, as the latter has the backing of corporate funds and on-staff legal counsel. But… it's always worth a try.

Have you ever broken a lease? How'd you get out of it?

This article is from Paul Michael of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread: