Real Estate and Credit Tips #5 – Leasing Versus Renting

Real Estate and Credit Tips #5 - Leasing Versus RentingFor those among us who cannot take advantage of great real estate deals and by a house for ourselves, you need to still do your homework on renting a home or leasing one. The housing market is bleak as far as selling your home, and many owners have turned to renting out to help them wait for the prices to rebound and the market to be better. This is a good strategy for anyone in this situation because your patience will pay off for you in the long run.

While it may not seem like there is a big difference between the two, renting and leasing are very different. Both will allow you to live in a home without owning it and having no financial obligation or commitment to it as far as taxes, insurance and other things. Both give you no ownership of the property but specific rights including damages being taken care of by the land lord. The main difference between the two is how much you are protected. When you lease you have a bit more protection because the lease document states that the owner is committed to you staying as much as you are. The owner can not sell the house out without you knowing, otherwise he has to compensate you.

Either way many owners have looked into applications to decide from an abundance of tenant choices. One thing the really take into account is your credit score. A good score shows you pay your bills regularly and on time. If you have a poor score for whatever reason you can choose a credit repair company to help you. Credit repair is a simple process that only takes several weeks instead of weeks and months. Getting the process done can get you into the home you want fast.

By David George