I have some very exciting news — we found a place to live!
My boyfriend and I found a gorgeous townhouse and will be moving in this weekend. I can’t wait!
We found it on Craigslist, which is really a godsend for apartment hunting. It is going to be a little different because we are renting from a private owner instead of in a complex. Going through the process, I’ve noticed a couple of things along the way:
- Renting from a private owner typically means rent will be lower. Because people usually just want to cover their mortgage, it means you’re paying less than you would at a complex (and therefore feel like you’re not throwing your money away as much).
- It does mean that your security deposit will be more expensive. That’s a hard realization I’m making. Our security deposit on our current apartment is a hundred and fifty bucks split three ways. At our new place? It’s one month’s rent. That coupled with the first month’s rent is a lot of money coming out of my pocket at once. Ouch.
- It is stated very clearly in our lease that we can’t make any changes to the apartment (including putting up a poster or anything that could alter the walls/ceiling/etc) without written permission from the owner. Kind of strict? And different from a complex that would give you putty and some paint before your move out.
- Once it’s gone, it’s gone. There isn’t that security of maybe getting a similar unit in the same location. That can be stressful.
- Rent increases suck – there’s no other way to say it. But by renting from a private owner, you have a lot less of a chance to see your rent increase after the first year. I am seriously looking forward to this.
I literally am dreading the packing process, though. We’re going to start tonight, and I think it will be the most painful process ever. (I’m a little melodramatic, it’s true.) But the light at the end of the tunnel is a BEAUTIFUL TOWNHOUSE, so I’ll make it work somehow.
Anybody else have experience renting from a private owner? How do you think it compares to renting from an apartment complex?