Renting & Buying
Housing is usually your biggest expense. Knowing what to ask before you sign saves thousands and a lot of stress.
Renting — what to look for
Tour in person if at all possible. Bring a flashlight and check water pressure, outlets, and windows.
- Read the entire lease — pay attention to early termination, pet fees, and who handles repairs.
- Get the security deposit terms in writing.
- Photograph every room on move-in day so you get your deposit back.
What renters insurance actually covers
It's $10-20/month and covers your stuff if there's a fire, flood, or theft. It also covers liability if someone gets hurt in your apartment. Many landlords require it.
Should you buy?
Buying makes sense when you're staying 5+ years, have ~10-20% saved for down payment + closing costs, and have a stable income. The 'monthly payment' isn't just the mortgage — add property tax, insurance, HOA, and maintenance (~1% of home value per year).
Glossary
- Security deposit
- Refundable money held by your landlord — usually 1 month's rent.
- Mortgage
- A loan to buy a home, usually 15 or 30 years.
- Escrow
- An account that holds money for taxes/insurance until they're due.
- Closing costs
- One-time fees when buying — typically 2-5% of the price.
Next steps
- Look up your state's tenant rights (just search '[state] tenant rights').
- Get a renters insurance quote — Lemonade has a 90-second flow.
- If buying interests you, try a mortgage calculator with realistic numbers.