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Tips On Evaluating Rental Properties And Prices in the Aurora ILL Area:
* First, determine your priorities. You may want to consider the schools, proximity to transportation, distances to local cultural, recreational and entertainment facilities. You probably also know the minimum size rental home you need to be comfortable and extra requirements like garage or perhaps yard space.
Some rental houses and townhouses will not have all of these, of course, but depending on the home's rental price, many will.
* Be sure that you're aware of, and comfortable with, any restrictions the rental home landlord may impose.These can include pet prohibitions, bans on barbecue grills, indoor smoking, restricted parking, maximum number of occupants, and many more. Owners who rent out their home are primarily concerned with maintaining the property's value and keeping it in good condition.
* Be sure you understand the terms of your rental home lease agreement: the amount and due date of the rent, the duration of the rental, lates fees, security deposits, the conditions of occupancy and the rights and obligations of both parties. Renting a house will commit you to certain legal obligations and also will entitle you to certain tenant rights. It's also important you can afford the rental home price.
* See if your landlord will include a relocation clause in your rental agreement, so that if you are relocated during the lease term, you can terminate the agreement with reasonable notice. Note- this may entail an additional charge.
In some cases, rental leases automatically renew, unless one of the parties cancels the agreement. More frequently, the tenancy converts to a month-to-month status. Under these agreements, either party may end the tenancy with proper notice (usually 30 days). Landlords can also increase the house rent; again, with proper notice.
* Streamline the process of renting a home by ordering a copy of your credit report in advance and correct any errors. Almost all landlords and realty agencies will order a credit check before renting you a house or apartment. Studies have shown that 30 to 50 percent of credit reports contain significant errors.
* Ask people who can attest to your stability and strengths as a renter to write you a letter of recommendation (or at least alert them that landlords will be calling). A past landlord may also be able to serve as a good reference.
*Rental home prices in Aurora, IL can vary as the chart to the right demonstrates. Please review the
rental house costs to get a feel for our area.
These are estimates of rental prices for various properties in the Aurora, IL area. Rents will vary depending on size, premium location, condition and age.
All other things being equal, detached houses will generally rent for more than Townhouses and Condos.
However, there are exceptions to that. A larger 3 bedroom TH in an upscale development could easily
rent for more than a modest 2 bedroom older detached house.
Here are RECENT AVERAGE RENTAL PRICE RANGES FOR AURORA, IL:
2 bedroom older house: $950 - $1200+
3 bedroom older house: $1,000 - $1400+
2 or 3 bedroom Newer house: $1300 - $1600+
Large Executive Home: $1600 - $2500+
2 or 3 bedroom Townhouse: $1200 - $1500+
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Input a rental payment you're comfortable with to learn how much you might qualify for.
In most cases, it's better to buy a home than to rent. But not in every case. Comparing buying to renting is actually a bit complicated. Fortunately I can give you some quick rules of thumb. You should usually buy instead of rent except when:
* You intend to move within 2 years
* Your rent is very low (perhaps half of what your total monthly payments would be for buying a house) and you are content with the residence.
It's often said it's better to buy because by owning you're not "throwing your money away on rent". True enough, but when you buy a home you will still throw some money away on things that don't build equity. These include:
* Closing costs
* Interest on your mortgage
* Property taxes
* Property Insurance
* Maintenance
If the only financial advantage to buying a home were building equity, it usually wouldn't be enough to offset these expenses, and you would be better to rent.
The reason that buying is usually better than renting is because:
* You lock in your monthly payment for 15 or 30 years. (If you kept renting you'd pay more each year.)
* Your house tends to get more valuable over time.
Freezing your monthly payments is where the real benefit is. Were it not for this, for some people it would make more sense to rent. This is the gem that makes home-buying worthwhile.
There are a couple of other advantages to buying:
* You can stop making payments when the loan is paid off.
This is a big advantage, but it doesn't get your costs down to zero. You will still pay for taxes, insurance, and maintenance even after your loan is paid off. On a home worth $180,000 that could be around $525/mo. Sure, that's better than the $1000/mo. you could be spending on rent, but it's not free.
* You can deduct mortgage interest on your income taxes.
For most people this advantage is substantial. You should certainly include it in your own analysis if you want to be complete. It's when you add these 4 huge advantages TOGETHER that home ownership is so attractive.
To go from RENTER to HOME OWNER CLICK HERE
Wait A Minute!...Should You BUY Instead Of Renting?
* Most landlords of single family homes and townhomes will expect a prospective tenant to show some evidence of income, through employment or retirement funds or savings. As a general rule, your monthly rent should not exceed one third of your monthly income.
* It's often a good idea to retain a real estate lawyer to review your rental home lease. An experienced attorney can advise you of clauses and requirements that both you and the landlord must live up to. Renting a home in the Aurora IL area can be a pleasant experience with a little preparation!
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