Getting that promotion you always wanted could be a blessing but also a curse. What happens when you get a promotion but the job is 3,000 miles away? You’ve never been on that side of the coast and you only have three weeks to find a home. Not only that, but you’ll also probably be promoted again within the next three to five years. Apartment living is not your style and buying a home is out of the question, since you’ll probably be transferred again before you know it. One option does exist, and that is renting one of the many homes for rent available in today’s real estate market. Homes for rent – how much down is required?
Unlike a home purchase, not much investment is required in renting a home. Whereas with a mortgage, you’ll be forking out about 20% of the purchase price, with homes for rent, you’ll be looking at first and last month’s rent and a security deposit. Some places don’t even require the last month’s rent. Just check with the landlord for the exact payments needed.
What if I wanted to break the contract?
Rental agreements on homes for rent are generally short-term – two to three years, and monthly thereafter. If, for some reason, you had to break your contract during the second year, you can negotiate with the landlord that if you find a new tenant, then you’ll not be penalized for breaking the contract. If you can’t find a new tenant, then you’ll be responsible for the remainder of the rent for that year. However, that still is a lot cheaper than selling a house and losing all that money on commission and any other miscellaneous expenses.
Where would I find a home for rent 3,000 miles away?
Today’s technological wonder – the Internet – has taken care of that problem. Lots of online property listing sites list hundreds of properties on the web, in just about any location. Simply conduct a search in your desired location and within seconds a full listing of rentals will appear on your screen. What’s even better is that these sites offer their listings for free, something unheard of when you walk into a typical real estate office. With no commission due, you’ll save yourself about a month’s rent, which can then be spent on something better, such as moving costs. |
