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For many renters the possibility of using a rental situation to save money is a foreign idea. These renters often bemoan the fact that they have to rent a property rather than purchase a property because they feel as though not owning the property is basically throwing money away each month. However, this is not entirely true. While there are certainly benefits to homeownership and building equity homeowners can also benefit financially by renting an apartment rather than purchasing a home.

While it is certainly true that money spent each month on rent does not get the renter any closer to homeownership while each monthly mortgage payment makes the homeowner one step closer to owning the property completely. However, this is not the whole story. Renters should also consider the amount of money they will be able to save annually for the purpose of purchasing a home by living in a rental property right now.

A Smaller Apartment Can Lead to a Bigger House

Some would be homeowners find renting a small apartment can allow them to start saving for the purpose of purchasing a house in the future. Renters who are willing to sacrifice comfort now and stay in the smallest apartment possible will likely be able to save the most money towards purchasing a home.

In general the monthly rent for an apartment is based on a value per square foot. This value may vary slightly from one property to the next but is likely to be very similar in properties in the same general area. This means apartments which are smaller in terms of square footage are likely to be less expensive overall. Therefore renters who would normally feel more comfortable and able to spread out might opt for a smaller apartment just so they can begin saving more money for their home purchase.

Budget Wisely to Save Money

Renters who want to save money for the purchase of a home while renting an apartment should understand their monthly rent is not the only factor which may prevent them from saving money while they rent. For example entertainment costs should carefully be considered when a renter is trying to save money. Most rental properties have a fully equipped kitchen making it ideal for the renter to prepare meals at home as opposed to going out to eat. Renters who cut down on eating dinner out may find they are able to save quite a bit of money each year.

Likewise renters who are spending an excess amount of money on superfluous items may have difficulty saving for a house while renting an apartment. Examining all current monthly expenditures can help the renter to determine where there is the potential for financial savings. Making changes such as debt consolidation may be one way to decrease monthly bills but this is certainly not the only solution. Renters can make other changes such as canceling subscriptions to premium movie channels, minimizing cell phone plans to include only the amount of minutes used each month and making changes to insurance plans to result in an overall savings. Changes to insurance plans may include having your car and renter’s insurance covered by the same carrier. Many carriers offer discounted services to renters who are willing to bundle their services. All of these slight changes can help to enable a renter to save money for a home purchase in the future.

Renters who have a dog or more than one dog may face additional challenges when renting an apartment or a house. One of the primary challenges the renters may face is finding a living situation which is acceptable to them and also willing to accept their pets. This can be difficult as many rental properties do not allow dogs at all. Those who do allow animals on the property may place certain restrictions on they size and breed of dog which may reside on the property.

Finding an Acceptable Living Situation

The first step in renting with dogs is to find an acceptable living situation. For those who wish to rent with dogs, the first question to be asked should be whether or not dogs are allowed to live on the property. This is important because it can save the renter a great deal of time. The renter may otherwise invest a great deal of time learning more about the property or even undergoing a credit check only to find out pet are not permitted.

For some dog owners, finding a rental situation which allows dogs is not the end of the search. The renter should also confirm the type of dog he owns will be allowed to live on the property. This may include both the size of the dog as well as the breed as some apartment complexes place limitations on the size of the dog and also prohibit certain breeds. Again confirming these facts early in the search for an apartment can be a tremendous time savings especially for those who own large or commonly banned breeds.

Renters should also consider the surrounding area when selecting a rental property. An ideal location would be one in which there is an adequate location to walk and exercise the dogs. Areas with large grassy areas may be ideal while areas which do not have a location to walk a dog may be problematic.

Read Contracts Carefully

Renters who have dogs should read their contract carefully before making a decision to rent a particular property. This is important because many landlords may impose restrictions on renters who own dogs. These restrictions may include, but are not limited to, requiring an additional security deposit for the renter, requiring specific cleaning methods on the carpets after the renter vacates the apartment and holding the renter responsible if the dog engages in nuisance barking. Nuisance barking can be a problem in apartment situations where the apartments are located close together and even share a common wall. Renters should be aware that in some situations, nuisance barking can be a cause for eviction. For these reasons, renters who own dogs should take the time to familiarize themselves with the rental contract.

Take Care of Your Rental Property

Finally, renters who have dogs may have to take additional efforts to maintain their apartment. This may include more diligent cleaning, especially of the carpets. Renters with dogs should respond quickly to accidents in the house to minimize the possibility of permanent staining and odors. Each accident should be addressed immediately and every effort should be made to clean the affected area completely.

Renters with dogs should also vacuum regularly especially if their dog is a heavy shedder. This will help to keep the living environment cleaner and will also minimize the amount of cleaning required when the renter vacates the property. Regularly vacuuming will prevent hair from being embedded into the carpet so deeply that it is difficult to remove.

Finally, renters with dogs should take care to pick up after their dogs while on walks and to keep their dogs leashed while in common areas. Many cities have leash laws and laws regarding picking up after dogs. Even if these laws are not in effect, renters should follow these policies as a courtesy to their neighbors. Additionally, keeping dogs on leashes during walks helps to ensure their safety by preventing them from running into the street.

Some vacationers find a rental swap to be an ideal situation when they are traveling. Homeowners, especially in desired locations, may find there is a great deal of interest from others who would like to rent their home for a short period of time. Typically this is about one to three weeks although it may be longer or shorter in some cases. A rental swap is essentially where a homeowner in one location offers the use of their home to another homeowner in exchange for use of the other homeowners home. Ideally these swaps will take place concurrently but in some situations swaps are organized at different times of the year.

A Rental Swap Saves You Money

For many a rental swap is worth considering because it can result in a tremendous financial savings. Lodging often accounts for a large portion of a vacationers travel expenses. By eliminating these costs the vacationer may find they are able to add additional aspects to their vacation. For example, by eliminating lodging costs, a vacationer may have money left over in the travel budget to see a few plays, eat dinner at extravagant restaurants or purchase tickets to sporting events.

A rental swap, however, does not always automatically translate to a financial savings. Consider the cost of staying in a hotel within walking distance to major attractions as opposed to participating in a rental swap 10-20 miles away from most major attractions. In the case of the rental swap, the vacationer will most likely have to rent a car during their stay but might not have to do so when staying in a hotel. The need for a car, whether or not the kitchen in a rental swap will be utilized to cook meals and other factors should be considered in determining whether a rental swap or hotel stay is more financially logical.

A Rental Swap is More Comfortable than a Hotel

In most cases a rental swap usually results in a more comfortable stay than a visit to a hotel. Of course there will always be situations in which the quality and even the size of the hotel may be superior to the conditions of the rental shop but for the most part, vacationers usually feel more comfortable in a rental swap situation. Staying in a home typically provides the vacationer with more privacy as well as the ability to spread out a little more. This can be very beneficial for keeping the peace especially for large families who may quickly feel overcrowded in a hotel situation.

There are Risks to a Rental Swap

While a rental swap may certainly seem appealing, there are some inherent risks to this type of lodging situation. First of all the possibility of the rental property not being exactly as described is a very real risk. Homeowners may exaggerate the appeal of their property either intentionally or unintentionally. Regardless of the intent of the homeowner, the vacationer may still find themselves in a situation where they are disappointed with the accommodations. This may be because the house is not as large or well appointed as described or because the house is older and less well maintained than depicted.

Another risk to a rental shop is the possibility of the other homeowner not noting the correct dates. Although this is also a possibility with a hotel, it can be more troubling when the vacationer was counting on the rental swap for their accommodations during the stay. While a hotel might make every effort to accommodate the hotel guests when there is a mistake, homeowners in a rental swap may not have the available resources to find an alternate place for the vacationers to stay.

One final risk which exists in a rental swap, is potential damage to your own property when you allow others to use the property. Homeowners can work to minimize the trouble in these situations by screening those who they are considering for a rental swap carefully. Additionally, homeowners can take security measures by alerting the police as well as neighbors that a stranger will be staying in the home. This will help everyone to be more vigilant and aware of the potential for problems.