Do you need to move but can't seem to sell your home in today's market? Why not rent it or listing it as a Lease with Option to Buy instead? Call me today to learn more - I can list your home for sale, for rent, or for lease with purchase option. Start getting some return on your investment today! My services include heavy advertising, signage on the property, placement of the listing on over 1,000 real estate websites, lockbox, screening of tenants and running credit applications on prospective tenants.
What are the benefits of renting out your home if you can't sell it?
There are many benefits, including the ability to ride out the market and potentially not lose money on a home. It generally isn't in a homeowner's best interest to sell at the bottom of a market—unless they have an unusual financial circumstance, such as immediate retirement or illness. Secondly, renting offers the ability to take a tax deduction if there is any rental loss. Moreover, renters have the ability to move back into the home. In other words, if you're not sure that you will like Texas and want to move there, you can always move back to your Tampa home if you don't like it.
When would it make the most sense for a homeowner who is unable to sell his home to rent it out?
If you are in the military, renting is a great option. Military personnel often have to move rapidly for deployment, but they cannot sell the home with 10 months' inventory on the books for any reasonable price. Secondly, if you need to move quickly to take a job but don't want to sell your home in a down market, renting is a great alternative. If your home isn't worth what you owe, you might be able to modify the loan to change the principle balance and rent it out to ride out the market.
But isn't it possible the home would spend as much time languishing on the rental market as it did on the home sales market?
Not likely. Rental markets are generally strong; Harvard studies support it. In fact, condos faired better this year than single-family residences.... In areas where there are a lot of foreclosures, those people need rentals units to live in. Also people who cannot get a loan to buy a home need rental properties as well, or they may wish to do a lease with purchase option, which can also benefit a seller/lessor.
If you would like assistance in getting your home rented quickly, contact me today. |