Renting an apartment vs renting a house - help

[Quattro Pete]

Well, with a little bit of luck, I may be heading back to the US soon - North Miami area. I used to rent apartments before so I know what's involved. However, I wanted more space and privacy, and therefore was thinking of renting a house this time. But, I don't know what additional things I'd be responsible for if I rent a house. I realize this may vary on a case by case basis, but can you help me answer some general questions related to renting a house?

1. How is renting a house different from renting an apartment in terms of additional expenses - utilities, maintenance if something breaks (plumbing, electrical), landscaping, etc.? Do I have to pay for everything that needs fixing?


2. What am I liable for in terms of accidents such as tree falls and damages roof, house catches on fire, etc.? Do I have to get my own insurance against it and does it cost more than insuring an apartment. I used to pay around $120/yr to insure an apartment from theft/fire/damage, etc.

3. Any other important things I should know of or consider?


Miami folks - any recommendations on nice/quiet areas to live within 15 mile radius from 33169 zip code, keeping in mind I don't want to pay more than around $1100/month for rent? Somebody recommended Aventura, but that may be out of my budget for a house.

Thanks!

 

[andrews]

Many options exist. Renting is a prime waste of money, the only advantage being that sometimes it can be less expensive per month (maybe). If you can afford it, buying a home is a much better idea. Miami is most likely an expensive area to live, but go further out if possible. If it's still too expensive, consider purchasing a condominium. Buying a condo can be just as beneficial as buying a house. The bonus for a condo purchase is that usually the homeowners group or management association will be required to carry insurance for the structure of your condo. You would still want to have coverage for the inside stuff though. Interests rates are still very low so getting into one for 150k may only cost you around $1100 per month. Just like a house, utilities, garbage, sewer, water, electricity, will all come directly out of pocket. So would inside repairs like the water heater, furnace, etc. But the roof and other outside areas can be taken care of by the management group. As for a house, you are responsible for all of it. Not a bad thing, it just sounds like a house may be out of your price range......but I don't know real estate prices in the area you're interested in. Your best bet? Get a hold of a good realtor and have them crunch some numbers for you.....you may be surprised!

 

[cryptokid]

miami is crazy expensive.

 

[andrews]

Yep, I just looked up some listens. Looks like you may only be able to afford a condo. Some pretty shabby houses can be had for 170k to 200k. I would e-mail a realtor and ask about condos. Do a search and tons will come up.

 

[Quattro Pete]

Not having a permanent US residence, not much cash for downpayment, and not a lot of credit history kind of makes purchasing a house a bit difficult for me. Besides, I probably won't stay in Miami area too long - a year maybe.

I got some listings from a realtor for houses in a $1000-1100 range, I just have no way of verifying how nice they are and what neighborhood they're in. I won't have the luxury of flying there first on a house hunting trip. I'll try to get as much info as I can from him though. I just wanted to know if renting a house would be a bad idea for me and I should stick to an apartment complex.

 

[Quattro Pete]

quote:

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Originally posted by cryptokid:
miami is crazy expensive.

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Compared to Northern Virginia where I used to live before, it does not seem all that expensive to me. I used to pay $1200/month for a 1br apt in nova. Similar apt. in Miami area costs $850.

 

[andrews]

Pete,
If you're only going to stay a year or so, I would just rent. Try and save your pennies then and get some credit history established with a credit card, car payments, regular bills etc.
Good luck and welcome back to the U.S.!!!!

 

[Gary Allan]

The property itself is covered under the home owner's policy. It will have deductibles. You'll need insurance for your stuff. You will be responsible for any damages you cause to the property ..but that would probably be only up to the point that the owner's home owner's policy kicks in. Verify the owner's and your defined obligations in this matter in the lease.

You're pretty much only on the hook for your own stuff. You don't own any property ..so you've got very little that you have "at risk" to lose.

It will not serve you to buy anything. You will never recover any of the costs involved with the purchase over that span of time (1 year).

 

[Quattro Pete]

quote:

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Originally posted by Gary Allan:
You're pretty much only on the hook for your own stuff. You don't own any property ..so you've got very little that you have "at risk" to lose.

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Right, but I'm assuming that fixing anything maintenance-related (busted pipe, electrical installation, broken A/C or water-heater) will come out of my pocket, like andrews wrote?

I'm just trying to establish how renting a house is different from renting an apartment in terms of additional expenses.

 

[andrews]

As far as I know, if you're renting, the landlord is responsible for fixing/reparing all items. You will possibly be required to take care of things in a reasonable manner.....lawn, watering, garbage pickup, etc. When my friends rented a house, they said that it was slightly more expensive than an apartment. You normally have to pay for heating, electricity, water, sewer, etc. It all depends on what the landlord has on the rental agreement. The best benefit may be the privacy, yard, garage, parking, and not sharing a wall with some idiot like you would in an apartment. My best guess would be that it is more expensive than an apartment, but worth it if you like more privacy.

 

[Mr Nice]

Quattro Pete,

I lived in Miami for 18 years, so I am VERY familiar with North Miami & the area. I still live in south FL. Seriously, you will not find a house for rent in North Miami and the surrounding area for $1100......and if you do, I guarantee that it will be in a very low income / high crime area.

If you say 15 miles from Zip code 33169, then I would recommend Pembroke Pines (Broward County) which is a little north of Zip 33169 or Miami Lakes (Dade County) which is South West of zip 33169. And finally I would choose Miami Shores (Dade County) which is south east of 33169. The problem with Aventura is that it is so close to the ocean = expensive rent.

The 3 places that I mentioned are nice and you get a decent place for the $$$. Let me know if you need any more info....because some places in Miami are very dirty, high crime, lots of drugs, and the cops are afraid to go into some areas when it gets dark. I will be 100% honest with you, I went to Yahoo Maps and looked up zip code 33169 and it is not the nicest area to live. Sure its O.K. to work in the area.....but DO NOT live in that area.

Aaron

 

[Quattro Pete]

Guys,

Thanks a lot for your comments.

33169 is where the office is. I want to be within a 30 minute commute from the office, that's why I said 15 mile radius - actually I don't know how bad the rush hour traffic is but probably no better or worse than most other big cities.

I did find some nice apt. complexes in Pembroke Pines and Miramar, so I might check those out. I definitely don't want a house if it's going to put me in some high-crime drug-infested area.