Emporia Area Chamber of Commerce and Convention & Visitors Bureau
Rent or Own Housing Facts.
True or False
May & June 2017
should be prepared for upfront and repairs on an “almost new”
costs of a deposit (typically one home add up quickly.
month’s rent) when they sign
1. Short term, it’s generally
cheaper to rent than own.
2. Long term, renting saves you
money because you don’t pay
property taxes.
3. Renter’s insurance covers
everything Home Owner’s
insurance covers.
4. Renters have the right to
withhold rent if landlords don’t
maintain the property.
5. Homeowners should set aside
3% of the value of their home for
major repairs.
6. A good rule of thumb is not to
buy unless you expect to stay in
one place for at least ten years.
Answers:
1. True mostly. In a strong
housing market, home owners
may be able to sell for as much
(or almost as much) as they have
invested in the home. Renters
821 Commercial Street
Emporia, Kansas 66801
(620) 342-2122
15
the contract and may also be
air conditioner and furnace units
required to pay the first and last
in a new three-bedroom home
month’s rent on the day they
may last 20 years or only five.
take possession.
Replacement costs could easily
be $5,000 to $7,000.
2. False mostly. Landlords
pass along their costs for
6. Mostly true but market resale
maintenance, insurance,
values very widely. Find a
taxes, marketing and legal fees
local realtor you trust and visit
whenever the rental market will
bear the price of increasing rents
to cover most costs.
3. False. Renter’s insurance
with them about your personal
options.
HCCI recommends these websites
only covers your personal
for additional information. Two
possessions. Home Owner’s
of the websites target women and
insurance covers both the
HCCI lists these websites because
dwelling and the home owner’s
70% of people calling HCCI with
possessions.
questions are women.
4. False. Kansas law clearly states
www.hcci-ks.org
Housing and Credit Counseling, Inc.
that renters must pay rent on
time and in full each month.
www.WIFE.org
Women’s Institute for Financial Education
Withholding rent in an attempt
to leverage repairs (for example)
could result in the landlord
Example: “builder’s grade”
www.wiserwomen.org
Women’s Institute For A Secure Retirement
issuing an eviction notice.
5. True. Even replacement costs
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