Renting Tips For Veterans
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When you’re in the military, your residential needs are taken care of. You never have to wonder where you are going to sleep or where you will return during your off-duty hours. Once you return to civilian life, housing becomes an issue. If you are a veteran getting ready to rent a home, there are a few things you should keep in mind.
Is It Economically Worthwhile To Rent For Veterans?While owning your home is a serious undertaking, your mortgage payments build equity, meaning that money is still yours. When you rent, your rent payments are gone as soon as you make them and you have nothing to show for them. If you can arrange it so your mortgage payments are in the neighborhood of what your rent would be, it is definitely worth it for you to buy a home. The VA can help you in this regard with the VA Home Loan Program. When looking to refinance, make sure the lender participates in this program.
Do You Need Renters Insurance?While most people don’t think twice about paying for homeowners insurance, it is far less common for someone to consider taking out renters insurance. Even if you rent, the possessions and items where you live are your responsibility and are valuable to you, so you may want to protect them with renters insurance.
Are You Paying Fair Rent?There are rules regarding how much rent a landlord can charge you. If you think you are being overcharged for rent, do not hesitate to contact your renter’s board. By the same token, the landlord can only raise the rent a certain amount each year. This amount varies depending on where you are located so you will have to do some research to see your particular city’s regulations in this regard.
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