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Old 06-01-2008, 04:42 PM
Status: "Can't wait for 2015!" (set 27 days ago)
 
Location: Midcoast Maine
4,917 posts, read 7,545,388 times
Reputation: 3218

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We've decided that when we move to Maine, we're going to rent for the first year. That way we won't feel rushed to buy, plus we'll figure out exactly where we want to live permanently. We have a "moving to Maine fund". It'll cover moving expenses, a security deposit, plus 4 to 5 months worth of rent. Does anyone think it's a good idea to pre-pay rent for that amount of time? We figure if we pre-pay, it'll be one less thing to worry about while we get used to our surroundings. Also, I probably won't find work until we actually live there, so funds will be tight until I start working again.

Thanks to anyone who can offer input!
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Old 06-01-2008, 05:03 PM
 
Location: some where maine
2,059 posts, read 2,689,134 times
Reputation: 1230
yes thats a great idea and if you pay up front you may even get it at a cheaper price.
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Old 06-01-2008, 05:15 PM
 
Location: Sunrise County ~Maine
1,698 posts, read 2,107,538 times
Reputation: 1119
Quote:
Originally Posted by RANGER.101ST View Post
yes thats a great idea and if you pay up front you may even get it at a cheaper price.
I agree.
Most people are pleased with the upfront payments they tend to be more attentive and grateful.
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Old 06-01-2008, 06:56 PM
Status: "Can't wait for 2015!" (set 27 days ago)
 
Location: Midcoast Maine
4,917 posts, read 7,545,388 times
Reputation: 3218
Even better if we can get a deal on rent. Thanks for your help, peachie and Ranger!
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Old 06-02-2008, 06:33 AM
 
Location: Sunrise County ~Maine
1,698 posts, read 2,107,538 times
Reputation: 1119
Quote:
Originally Posted by lovemaine View Post
Even better if we can get a deal on rent. Thanks for your help, peachie and Ranger!
~standing on top of a "Welcome to Maine" sign, peach color cape ripplin' in the wind.
"You're welcome."
( *I feel so goofy today lovemaine.
It's my favorite day of the week. It's our only day off in our household. It is the thing I look forward to all week.
* well that and meeting molly and mainewriter for lunch)

I remember when we rented years back, we paid first and last months rent and I didn't have to. and they knocked off 25.00 dollars. Well that was great.. not alot but it was money I got to keep.

I wish you all the best. If you were renting from me and said, Hey I was wondering.. " If I paid you for the year all up front, do you offer a deal? I say sure. I'd knock $$ off. Remember.. anything is everything.
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Old 06-02-2008, 08:53 AM
 
2,133 posts, read 3,835,411 times
Reputation: 1370
That's what we did when we moved out here. We moved without jobs so we paid up front. We rented from a huge management company so there was a very legal lease and it was written up specifically to cover the fact that we paid up front so everyone was protected. It's a great idea.

Depending on where in Maine you land, there may not be a lot of management companies with rentals so be sure to have an attorney draft a document to protect your interests.
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Old 06-02-2008, 10:13 AM
 
Location: North Georgia
261 posts, read 504,022 times
Reputation: 123
I would only pay upfront if you got a great deal. Why not put that money aside in an interest bearing account, I think hsbc is paying a little over 3% right now. Just me, but there would have to be more than just a few dollars a month for me to pay upfront.

I think if you go to bankrate dot com you can figure out how much interest you would earn if you saved that money at different interest rates, that could help you make up your mind.
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Old 06-02-2008, 04:47 PM
Status: "Can't wait for 2015!" (set 27 days ago)
 
Location: Midcoast Maine
4,917 posts, read 7,545,388 times
Reputation: 3218
Lots to think about. Thanks again for all your suggestions, everyone!
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Old 06-02-2008, 05:03 PM
 
Location: Maryland not Murlin
7,518 posts, read 14,718,810 times
Reputation: 4746
I don't see anything wrong with it, at least you won't have to worry about it for awhile. Besides, you are going to pay it anyways, right? And if you sign a lease you are going to owe it. Might as well do as much up front and not worry about it for a couple of months.
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Old 06-09-2008, 12:57 PM
 
Location: Quebec City
9 posts, read 18,057 times
Reputation: 10
Quote:
Originally Posted by K-Luv View Post
I don't see anything wrong with it, at least you won't have to worry about it for awhile. Besides, you are going to pay it anyways, right? And if you sign a lease you are going to owe it. Might as well do as much up front and not worry about it for a couple of months.
Things are different in Ontario; where I'm from.

Paying upfront is actually really dumb in Ontario. Even if you sign a lease, you can opt out. You pay a fine, but it is nowhere near the amount of the remainder of the lease.

Also, in Ontario, they can not ask for a security deposit or even damage deposit. The only legal deposit is last month's rent.

The landlord wanted a deposit from me and I said no. He then wanted a co-signor for some kind of security and again I said no. Sure, I can give him that security, but then again, he doesn't have to rent to me. Yes, I'm renting at the place.

I would strongly recommend reading the act/bill they have in place for landlords and tenants. Lots of landlords ask for things that aren't legal in the Residential Tenancy Act. As well as knowing what constitutes a contract by law also helps. Almost all, but one, lease agreement I've seen wasn't even a legal contract and it would fall apart in court and the judge would refer to the Residential Tenancy Act exclusively. The judge will not even look at the contract to see what you had "in mind". Just because you have paper with the names of both parties, obligations from both parties and signatures from both parties does not mean it is a legal contract.

It's really actually sad.

I've seen a lease agreement refering to the Landlord Tenancy Act, which is weird because it doesn't even exist anymore!
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