Sunday, December 2, 2012

What expenses come with renting a house?

Q. My boyfriend and I are thinking about renting a house...
I know you have to pay rent but I was wondering what other bills and what sort of price range to expect...

We worked out
- Electricity/gas
-Water
- Phone
- Internet (he wants cable)
and food...
But how much would each cost, even a general idea would help alot...
Have I missed any bills?

Any responses would be greatly appreciated!
*hugs*
Lol. We live in South Australia and the house we are currently looking at is in Ingle Farm.

A. Psst ... I will let you in on a little secret ...

If you call the utility companies and ask them about a specific address, they will tell you what the average monthly bill was in the previous year. That way you can put some hard numbers down when trying to figure out your monthly expenses.

Water is usually taken care of by the landlord, but not always. You also might want to think about renter insurance to cover any losses you might incur from theft or disaster. Since you are talking about renting a house you might be responsible for cutting the grass so you should add that to the tally too.


What are some things to watch out for when renting a house privately?
Q. I have always rented apartments owned by big property management companies. I am looking into renting a house or townhouse later this year but am nervous about renting privately from the owner. What should look for/look out for with the person I would be renting from.

My main concerns are having to move out with little notice and appliances breaking and not getting fixed. Since so many of the houses are for sale or rent I am worried a buyer might come along and we would like to clear out immediately.

A. Good question. You will need to do some research. Whatever property you pick- research it in public records. Clerk of Courts for whatever county you are in type in owners name- make sure there are no liens on the property or les pends, judgments or notice of foreclosure. Also you may want to check the property appraiser site for whatever county you are in as well- usually from this site there is a link to take you to the tax records-- you want to make sure the taxes on the property are paid. Also, it is always a good idea to have an attorney go over your lease with you- to ensure that you are being fully protected. Anything that is not in writing can become an issue- it is a good idea to make sure that the lease states CLEARLY- who is responsible for what- from payment of utilities to repairs. To be safe- once you rent a home I would definitely have renters insurance. It could save you a bundle in the event of a disaster or accident.

You are smart to be concerned and cautious. People are in difficult times and there is nothing more frustrating than being served at 6 in the morning with a 30 day notice to leave- because the home no longer belongs to the landlord. An attorney can ensure in the lease that you are protected to the full extent that the law allows.


Does anyone know the owners responsibilities when renting a house?
Q. I am renting my house, but the person interested said I should pay for some of the bills such as water, waste and gas? Is this correct?

A. You are the owner? No, you do not pay the tenants bills unless you previously agreed to do so on the lease.

The tenant pays for their own water, sewer, gas (!), electricity, etc etc.

You pay your bills, mortgage and property tax. Also you pay for insurance on the structure, but not any personal items of the tenant.


What is the average cost of utilities per month while renting a house in Grand Rapids, MI?
Q. I need/want to know how much the average cost of utilities, such as water, electricity, gas/heating, and such will cost me a month while renting a house in order to better work out a budget. Thank you for your answers!

A. Houses come in all sizes ... so assuming a small home of under 1500 square feet, and you are conservative in your use. (turn lights off, turn AC up in the summer when not home, don't water the lawn much, etc.)

Electric and Gas - $140 a month (paying averaged rates year round)

Water/Sewer/Trash - $40 a month

Basic Cable TV and Internet - $80 a month

Get some renter's insurance, too.





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