Renting

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Renting
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Topics Include

• Renting versus Buying
• The Housing Office
• Type, Location, Cost
• Negotiating the Deal
• Rental Inspection
• Renters Insurance
• International Renting

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Renting vs. Buying
Buy
Rent

• Ready for stability and sense of community
• Have cash for a larger initial investment
• Provides a tax advantage
• Want your equity to grow
• Dont mind being a landlord
• Dont mind more variable expenses
• Like fix your own home
• Want to remodel and/or personalize

• Move a lot
• Unfamiliar with area
• Low on cash
• Cant or wont maintain
• Prefer fixed expenses
• Dont want to risk losing equity
• Okay with not personalizing
• Dont need tax advantage of home ownership
• Dont want to be a landlord

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The Base Housing Office

• Required First Stop
• Briefings, Counseling, Information, Listings,
  Programs
• Basic Allowance for Housing (BAH)
• www.dfas.mil
• Based on pay grade, zip code, dependency status
• Payable when authorized to live off base

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Factors to Consider

• Needs versus Wants
• Need to have vs. nice to have
• Amenities
• Type of Rental
• Size, number of rooms and bathrooms
• Closet space, basement, storage
• Utilities, appliances, furnishings
• Parking, yard

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Location of Rental

• Distance to work
• School system
• www.schoolmatters.com
• Safety of area
• City, suburb, country
• Availability of mass transit
• Proximity of childcare
• Proximity of services
• Shopping, base facilities, libraries, police,
  fire, etc.

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What can you afford to rent?

• Prepare, or update, your financial plan or budget
• Review your credit history
• www.annualcreditreport.com
• Set your price range
• Based on budget
• Based on BAH amount
• 30 of net income for housing costs
• Save for deposits and any application fee

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A word on roommates

• Roommates rent together for social and/or
  financial reasons
• Factors to Consider
• Who pays for what
• Noise, food, neatness, pets, smoking, visitors,
  etc.
• Extended absences (deployments)
• Legal Issues
• See NLSO before you rent!

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Conduct Your Search

• The Internet
• Personal Contacts
• Local Newspapers/Magazines
• The Base Housing Office
• Bulletin Boards
• Real Estate Agents
• Rental Agents
• Apartment Complexes

Rental Search Worksheet
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The Application Process

• Bring all necessary paperwork
• Be prepared to pay a fee
• Be prepared to pay a security deposit

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Negotiate the Deal

• Renters incentives
• Term of the lease
• Improvements
• Inspect the property
• Use a move-in/move-out checklist
• Take pictures
• Review the lease (NLSO?)
• Get everything in writing

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Renters Insurance

• Its up to you!
• Minimal Coverage
• Personal Property
• Liability coverage
• Inventory

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Reduce Premium Costs

• Shop around
• Raise deductibles
• Ask for non-smokers discount
• Install fire alarm/extinguisher
• Use same company as life and auto insurance

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International Renting

• Complicated
• Non-routine items
• Landlord/tenant responsibilities
• Changing currency
• Attend an Overseas Transfer Workshop at the FFSP

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Summary

• Identify needs and wants
• Visit the Base Housing Office
• Decide on type, location, and amenities
• Calculate your budget and get your credit report
• Use all your resources to search
• Negotiate and keep everything in writing
• Inspect the Property
• Purchase Renters Insurance