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A Guide to Homes for Rent by Owner

System - Tuesday, August 24, 2021
Property Management Blog

Did you know that more than 100 million Americans rent a home? When choosing a place to live, there is a whole range of choices. But do you know the advantages of renting from an owner?

If you have been living in shared apartment blocks before, then it may be the change you need. Read on as we give our guide on finding a home for rent by the owner. 

Homes for Rent by Owner

Homes for rent by owner are properties owned by a private individual, as opposed to a larger company. The person may have inherited the property, or they may have bought it as an investment. There are a number of advantages and disadvantages to this approach. 

Get Your Finances in Order

When renting from an owner, it is probable that they will make you go through all the background checks other larger companies would. This is to ensure you are a trustworthy tenant. Making sure you are accepted starts with getting your finances in order. 

Firstly, expect a credit check to see how your finances are. It may help to get these aligned a few months before you consider moving. After this, collate information such as paychecks to prove that you are able to pay the rent. 

Positive Aspects of Renting From an Owner

The main advantage of renting from an owner is flexibility. Companies often have rigid rules in place that can not be changed. With an owner rental, you at least have the possibility to discuss terms and conditions. 

You may also be able to get a lower price than you would with a company. Owners may have a personal investment in the property itself. This means you are able to negotiate on terms if you have a proven record as a good tenant who looks after the building they are in. 

In addition, they are less likely to be paying out for maintenance and property management. This can cut into profits which are often passed on to the renter. You also have a much wider type of property available, such as mobile homes for rent, townhouses, and bungalows. 

Negative Aspects of Renting From an Owner

If you are in an apartment block, they may have a range of amenities that you do not get in a private residence. This could include everything from laundry rooms to swimming pool access. 

Very often, housing communities often have online portals. These can be places to see notices and pay bills. These are not available with owner rentals, and you may have to spend time traveling to pay the rent in cash or waiting for it to be picked up. 

Be Vigilant of Rental Scams

There are numerous types of American homes to rent from owners, and some of them may seem too good to be true. This is when you need to be wary of rental scams. They generally center around someone renting out a property they have no right to, though there are others you should watch out for. 

Finding a Property

You can find many ways to find homes for rent by owner properties. Ask around the neighborhood, or start a search online. Make sure you investigate the property and owner thoroughly. 

If you are looking for a home in the Kansas area, then visit Home River Group. We can serve all property needs, for renters or landlords. Contact us here to discuss your needs and let us find your next home.