The Commonwealth of Virginia has passed HB 720 sponsored by G. Glenn Oder to address landlord and tenant with a definition of application fee, etc. and manner of serving notice to tenants.
This new law adds, among other things, a definition of "application fee." Application fees are now capped at the fee at $50, and provides that such fee is nonrefundable. The bill also defines "written notice" as notice, including any representation of words, letters, symbols, numbers, or figures, whether (i) printed in or inscribed on a tangible medium or (ii) stored in an electronic form or other medium, retrievable in a perceivable form, and regardless of whether an electronic signature is affixed. In other words, landlords and tenants can now give legal notice via email, Facebook or other electronic media, even without an electronic signature.
In cases where a tenant pays rent with a bad check, the bill also allows a landlord to seek an award of costs or attorney fees or the lesser of $250 or three times the amount of the bad check, draft or order as part of the damages requested on an unlawful detainer action, provided the landlord has given notice. The bill allows such notice to be included in the five-day termination notice at the option of the landlord. The bill contains specific provisions if the dwelling unit is a public housing unit or other housing unit subject to regulation by the Department of Housing and Urban Development.
Buying your own home is on most people's bucket list but there are time when renting might be the better choice.
Try before you buy
Not sure if a neighborhood in {Location_Name} is really right for you or perhaps you need time to assess an area before making a long term commitment. If that's the case, then renting could be a good option for you.
Renting gives you the opportunity to see if a neighborhood lives up to your expectations and suits your needs before you buy. For example, you can sign a one year lease for a two bedroom condo in
Shirlington, with the option to extend the lease if you like the neighborhood. If you don’t like it and say for example, a 4 bedroom, 2 story home in
Lorton is more your style, then you can always
relocate.
Pay as You Go
Many Americans live from pay check to pay check and renting a property can help you draw up a realistic budget and live within your means. Before you sign a lease you know what your rent will be and you can work this amount into your monthly budget. When you do your calculations remember that you will need to pay a security deposit upfront and the rate depends on your credit score. If you have a good credit score your
property manager might only charge one months’ rent. On the other hand if you have a poor credit score your security deposit could be two months rent. But keep in mind that the security deposit can be refunded if you meet the requirements of the
move out inspection. Because rent is a fixed monthly cost, you will know exactly what portion of your income to allocate to rent and what portion remains for bills and other necessities. If you are realistic about the property you can afford to rent then you will have money left over every month for fun expenditures,
nightlife and
personal hobbies.
Short Term Commitment
Not sure if, as a Washington DC commuting, GS-5, you want to live in {Location_Name}? Do you dream of relocating to California and exploring Napa Valley, Los Angeles and San Francisco? Are you an active duty member of the military with no idea of where your next assignment might take you? There are many reasons why people don't want to make a long term property commitment and renting means that you won't be tied down and makes it easier to move at a moments notice. Or perhaps you just have no interest in the responsibility of becoming a
homeowner? Then renting, as opposed to buying, could be the right choice for you. As a renter you won’t have to worry about footing the bill to repair a leaky roof, paying monthly
condo fees, or paying for garden services to pick up the leaves from your
Mount Vernon home. Renting a property can enable you to live the lifestyle you want without the responsibility and financial commitment of owning your own home.
Build Your Credit and Save for a Down Payment
Buying a house is a huge financial commitment. It is usually the biggest single purchase most people make in their lives. Renting a property and being a responsible tenant can help you achieve your ultimate goal of owning your own home. Paying your rent on time is an excellent way to
build your credit score and show lenders that you can manage your money. If you are realistic about the rent you can afford, and you are frugal with your money, you can build up your savings for
buying a home in the future. Renting will also make you aware of the true costs of owning a property and prepare you for the financial commitment and accountability of home ownership.
Roommates
Not everyone wants to live alone and sharing a house with friends can be fun and lead to
priceless memories, but it also has the added advantage of being cheaper than going solo. However, it is worth remembering that choosing good roommates can be challenging. Just because you are good friends doesn't mean that you will be good roommates. Nobody is perfect, and some of your friends might have annoying habits that you just won't be able to live with, so think carefully before asking someone to move in with you.
There are many different neighborhoods in Northern Virginia that will meet your specific requirements for a neighborhood, such as easy access to the
metro,
a main street vibe or proximity to
good school, and your needs in a property, like a certain architectural style, luxury features and
affordability. With so many options to choose from it is worth asking an experienced Nesbitt Realty Realtor, like
Stuart Nesbitt, to help you find the perfect rental property.
