If you're looking for a place to rent, be aware of the rental trap.

 

Rents have been rising dramatically for over three decades, and there's no end in sight. This can make it difficult to find an affordable place to live.

 

For Now, Consider These Tips

 

There are a few things you can do to avoid the rental trap. First, try to find a place to live that's within your budget. Second, don't be afraid to negotiate with your landlord. You may be able to get a lower rental rate if you're willing to sign a longer lease. Finally, remember that you can always move if your rental situation becomes too expensive.

 

Did you know that purchasing a home instead of renting could save you hundreds of dollars a month?

 

Start saving for a down payment now! If you are a veteran or on active duty in the military you may qualify for 100% financing (no down payment required).

 

Know that your monthly mortgage payment if you purchase a home will likely be hundreds of dollars less each month than renting the same property.

 

Unlike the regular rise in rent, a monthly mortgage payment amount stays virtually the same for up to 30 years! I say "virtually" because property taxes and insurance will likely rise during 30 years, but will always be cheaper than paying someone else's mortgage.

 

Turn that monthly rent payment into a mortgage payment and OWN YOUR OWN HOME!

 

Don't let the rental trap catch you off guard. Be prepared and you'll be able to find an affordable place to live.