Whether you’re moving out on your own for the first time or your current lease is about to run out and you’re ready for a change, there are a lot of options out there when it comes to rental housing. For one, you might have the option to rent from a home that’s privately owned, or from a managed community. You might also have the option of renting a furnished home, which may or may not be worth considering. It can help you to save money, but on the other hand, it can also cost you. The following are some pros and cons to consider when weighing your options:
Monthly rent will almost always be higher for furnished apartments, because you’re renting more than just the space. As such, you’ll want to do some calculations and determine if that extra cost is worth it. Determine how much it would cost you to furnish a similar space on your own versus how much more your rent will be. Unless you plan on always living in a furnished rental, buying your own furniture is inevitable, so you might just be better off doing this from the get-go. But if you’re currently experiencing significant financial difficulties and simply can’t afford to furnish an entire home, and the higher rent doesn’t significantly affect your budget, it might not be a major disadvantage.
You’ll usually need to pay an upfront security deposit for incidentals when you sign an apartment lease, and if you’re renting a furnished home, there’s a good chance that that security deposit will be much higher. Although you’ll get your security deposit back once you move out (as long as there is no damage to the apartment or to the furniture), it still doesn’t change the fact that you’ll need to come up with that money when it’s time to move in. If money is tight, paying a higher security deposit can be difficult.
Greater damage risk
When you rent an unfurnished home, you are only liable for the property itself. But if you’re renting a furnished home, you are liable for everything inside of it. If you have pets and/or small children, for instance, you may want to avoid renting someone else’s furniture. If there is any damage once you move out, you won’t receive your full security deposit back. If the damage is significant, you might not receive any of it back, or you could potentially receive an additional bill if your security deposit doesn’t even cover the damages.
You may not like the style
Finding a rental home that’s in your price range and located in a desirable neighborhood already has its own challenges, but when you choose a furnished apartment, it could be even harder to find a place that’s decorated to your liking. If you’re set on renting a furnished home, you may have to just settle for décor that you don’t particularly care for, so this is another potential disadvantage to consider.
Certain things may not match
If you’re not bringing any of your own appliances, electronics, furnishings, or décor into a furnished rental, you won’t have concerns about things matching or working together. But otherwise, you might realize too late that some of the things you already own don’t match or fit with your newly furnished home. For instance, the entertainment center in the furnished home might not be large enough for your television.
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Nothing above is meant to provide financial, tax, or legal advice. You should meet with appropriate professionals for such services.