Do You Need Private Mortgage Insurance?

Do You Need Private Mortgage Insurance?

Tips For Saving Money When Renting A Luxury Apartment In The City

by Luke Fields

If you have decided to rent a luxury apartment through a place like Citi Locating, then it is important that you know how to find the best apartment to meet your family's needs and budget. Since luxury apartment buildings vary greatly in the amenities they offer, you should think hard about which amenities you want and those you would prefer not to pay for on a monthly basis. Once you have decided what you want from your new apartment building, then you should follow these tips to save yourself some cash:

Tip: Offer to Prepay Multiple Months of Rent in Exchange for a Reduction in Price

Since landlords are constantly battling with vacancies, evictions, and renters who do not pay their rent on time, you can often get a better monthly rate on a luxury apartment in the city if you offer to prepay multiple months rent at one time.

For example, if you will only live in your new apartment for one year, then you can offer to prepay one year's rent in exchange for one free month's rent. Many times property owners will go for this deal because it ensures their apartment's rent is paid for a year without any extra work or intervention on their part. 

Tip: Negotiate Your Yearly Rent Increase Up Front

If you plan on living in your city apartment for more than a single year, then it is wise to ask to negotiate you future rent increases up front. Since nothing is more frustrating than loving your apartment and receiving a letter notifying you of a large enough rent increase that you need to move, you can stop this from happening when you first move in.

For example, if apartments typically raise their rent between five and ten percent in your area, ask to negotiate an increase of five percent each year that you live in the apartment. While some landlords will not do this, many of them will because having long-term renters lowers their vacancy rate.

Tip: Work with an Experienced Real Estate Professional

Finally, when you are in the market for a luxury apartment, it is vital that you work with a real estate professional who is experienced with the local market. An experienced agent will be familiar with all of the additional rental costs that you will encounter and can steer you towards the best deal for your money. To save more money, ask the real estate broker if their commission is negotiable because sometimes they will discount their own commission to secure your business. 


About Me

Do You Need Private Mortgage Insurance?

Welcome to my website. My name is Larry Silva, and I want to talk a bit about private mortgage insurance. You may have heard the term PMI mentioned when you were in the process of purchasing real estate. When I first heard my lender talking about PMI, I was very confused. It was my realtor who sat me down and explained what private mortgage insurance was and when someone is required to purchase it. He told me that PMI is not lifelong insurance; it can be cancelled when the mortgage principal balance reaches a certain point. Once it was explained to me, private mortgage insurance was no longer a mystery or a confusing concept. I would like to pass on what I learned and hope that you find it to be of value.