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Manage a Rental or Live in One?

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By : Kirk Salisbury    99 or more times read
"Renting is the way to go", is the advice that I've been told before. This was from a homeowner who had a share of rentals himself. He explained that the perk of being a renter is that you don't have to worry about when things go wrong, and that when you are done with the issues you just move out. It isn't so easy for a home owner, you are committed the place for better or worse.

Let's say as a renter your landlord might have a perpetual problem, that they just allow tenant after tenant to deal with. Once a certain tenant gets tired enough of this problem, it's you that is sent packing, and they send some other naive renter in who will eventually find the problem.

Here's one of those scenarios where you could inherit a problem where you are the victim. The neighbors upstairs throw in a batch of clothes into the washer, and then they go grocery shopping. Meantime, you are sitting in your living area and you start to hear the dripping of water falling from the light fixture above you. The washer flooded, and now it's coming out of your ceiling.

When this water starts falling, let's hope that the water falls nicely onto a linoleum floor where perhaps a bucket might have already been waiting. But more likely, it will fall through the light fixtures and right onto your equipment - like your computer. Whose loss is it now?

If you remembered to have renters insurance, good for you. If not, then you really need to get it. I'm not just writing this out of good advice, I'm writing this out of experience. That experience was this morning. But luckily enough for us, the water only fell on our carpet and our bed. To our knowledge, there is no damage to any expensive equipment yet. We just have to go camping tonight, and might be daring enough to turn the circuits back on tomorrow - hoping that all the wiring has dried down here.

I should also put a plug in for a home warranty. These warranty's are typically $300, and with a $50 dollar deductible they will take care of things like this for you. If you feel like your home which you are going to move into is on the verge of needing repair - get it. Even a new home might a kink or two that needs to be worked out. So feel free to give the home you are going to move into a personal inspection.
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