Spruce it Up and Rent it Out

By
Real Estate Sales Representative with DIR-USA.com

Fast Home Sale - Harvest AL: When your home won’t sell after a long, hard period of time and it’s time for you to move on, consider renting out your home. This is especially attractive if you wish to take advantage of the great bargains out there so you can increase the space you provide your family. As the kids are growing, so is the need for your house to expand and it certainly is a great time to buy.

Spruce it Up and Rent it OutIf you must wait until you’ve sold your house to buy another, you could be in a quandary since it is very difficult to sell a house in this market. There’s no way you could afford to finance both the new house and the one you’re in today so you must do something about your current mortgage first. By renting the house out you can get your mortgage covered. This sounds great and like it could work.

The downside would be any months that your renter didn’t come up with the rent on time or at all or if the house needed an expensive and necessary repair. You can’t just leave the roof leaking on your tenants and a new roof is prohibitive for many people. The up and down sides must be considered before you go forward with this plan. If you have an emergency fund set aside for ‘just in case’ months and you are able to manage those occasional repairs that rentals seem to need, this could be a solution to your desire to buy while the buying’s good.

Once you decide that this seems feasible, you will need to be very careful about whom you choose to rent your house. Good quality renters are easy enough to find but you have to do your homework. It’s easy enough to do background and credit checks online for a nominal fee these days. If you don’t have confidence in your ability to choose good tenants and manage the property, you can hire a property management company to do the work for you. They are professionals and handle repairs, collect the rent, send notices to the tenant, and issue the bad news when the tenant must pay a late fee on the rental payment or must be evicted for any reason. They usually charge a certain fee per month or a percentage of your rent collected each month.

Spruce it Up and Rent it OutWe Buy Alabama Houses! There are many reasons why you may have a house that won’t sell. We specialize in creating solutions that are win-win. Tax liens, over financed, too many repairs, estate sales, every situation is unique. We also want you to know there is something you can do that is far better than a FORECLOSURE… it is called a SHORT SALE.

We specialize in helping people during this difficult process. There are so many reasons why you may need to sell a house fast. What ever the reason, we can help, keeping your unique situation in mind!

For a free, fast, no obligation offer on your house for sale Click Here

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Comments (1)

Yvette Chisholm
Long & Foster Real Estate, Inc. - Rockville, MD
Associate Broker - Rockville, MD 301-758-9500

Good advice, tenants can do a lot of damage and be very difficult, so the property management route is great advice.

Sep 08, 2011 04:05 PM