Generally, if you’re in the market for a luxury home in Ohio, you intend to buy it. The amount you will spend on renting a luxury home long term is simply unjustifiable for something you will never own.
However, if you’re coming to Ohio for a short period of time – whether a few months or even a couple of years – renting might be your best option. After all, since you’re not planning on settling down here, spending the extra money on a down-payment may be unrealistic, even if you would eventually own a valuable property.
The good news for renters in Ohio is that rent is a lot cheaper than elsewhere in the US. Even in a big city like Columbus, rent is affordable. This is in stark contrast to other big cities around the country, where you will get a small apartment at the same rate that you would get a luxury home elsewhere.
So, if you are going to be in Ohio temporarily and intend to rent, here are some tips for finding the best deals on luxury homes.
Big isn’t always better
The link between size and luxury is easy to understand. Typically, space has provided the basis for comfort and utility that only the rich could afford. However, once you get past a certain size you will find diminishing returns.
There are some big properties in Ohio, and it can be tempting to choose a place with endless space. But more space means more upkeep, and even if your landlord is taking care of all the maintenance, you might start to see problems pretty soon.
Furthermore, by looking for a smaller space (that is still big enough for all your needs and desires) you can get more comfort for less. It is far easier to convert a smaller space into a smart home, and to renovate it for modernity in general.
If you have kids who will appreciate endless space to explore, maybe the biggest home is best. Otherwise, see what smaller homes can find for the same price.
Get Ohio renters insurance
Your landlord will have insurance on their property, including all their possessions within it. So, if you do accidentally damage their home, they are not going to be left destitute. However, that does not mean you should not get your own insurance.
Renters insurance is available for anyone renting a home. It covers your personal possessions which, even if you just take your tech devices into account, amounts to thousands of dollars. It can also cover personal liability, which means it may pay out any claims the owner of the property makes on you (to cover deductibles or excesses).
It is imperative to get renters insurance Ohio when renting a luxury home. There is just too much at stake financially not to, and it is easily affordable.
There are very few people who are coming out of this pandemic richer. Even those of us who are comfortable have had a bit of a wakeup call. Everything can change in a moment, despite things seeming perfectly stable.
There is no shame in trying to get the best possible rent on a luxury property. And, with the economy still on a long road to recovery, you should be able to get a good deal on rent in Ohio. The imperative, however, is on you to ask. Negotiate with the owner of the property to see what they are willing to do.
You might find that they are ready for the conversation, expecting you to ask for a lower rate. Many property owners will ask for more than they expect so that they have wiggle room to negotiate (along with the possibility of getting a particularly good deal).
I understand if you feel guilty about using the circumstances to your advantage. After all, they are just trying to make a living. But they are unlikely to accept anything that does not suit them. The aim is to reach an agreement that is equitable and fair rather than to lowball them.
Renting luxury property in Ohio is more affordable than in many other states. Keep the above in mind when looking for luxury property to rent, and you will find the best deal for everyone.