Why I Don't Recommend Sellers Rent Their Property

By
Real Estate Agent with Marilyn Boudreaux, Century 21 Bono Realty 0912122870 LA

Why Don't I recommend Sellers/Homeowners Rent their Property? 

There will always be special circumstances or exceptions and if a Seller absolutely has to rent to offset the expense of the mortgage then they may do so.  Usually my advice if a Seller insists on renting their residence is to recommend a Property Management Company who will execute a Lease and deposits with the potential renter.

There are several reasons why I frown upon a Seller or homeowner Renting their home on their own.

  • Wear and tear on the house
  • Damage to the house
  • Repairs that will need to be made
  • Pet Deposits
  • Decrease in value of the property if it is torn up
  • No Recourse or Proper Lease executed with Deposits

Even the best friend or college buddy you know can still mess up your house!

The scenerio below is exactly why I don't recommend Sellers Rent their home residences.

I was recently contacted by a homeowner who purchased a home in Lake Charles two years ago.  When the homeowner was transferred with his job, he decided to rent his house for an amount that would still pay his mortgage.  Now the homeowner resides in New York  which is far away from Lake Charles LA.  The renter has long moved out and the homeowner contacted me to sell his Lake Charles home.  The homeowner has not seen  the current condition of his home in over a year.

I obtained the keys to the property and went to check the house out preparing to list the Lake Charles house for sale.   My discovery was a dirty house that had not been well maintained or cleaned and left in disarray.  The renter had attempted to paint over the wallpaper in the kitchen and the painting was not even completed.

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P1060186

 

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The appearance of the house in its existing condition is typical of what we usually see in foreclosed homes.

  I had to share the photos of my discovery with the homeowner miles away in New York and break the news to him what condition his home was now in.   He was sad to see the house he loved compromised.  However, he knows he has to clean and paint it to get it in better condition to sell for top dollar.  Hard and costly lesson for a homeowner to learn regarding renting just  because of the wear and tear on the home.  It also delays the "prime time" for me to lit this home for him when the market is great!

This is exactly the outcome of what can happen and why I don't recommend that a homeowner or seller "rent" their current home.  You must evaluate the risk of doing so.

 

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Century 21 Mike D. Bono & Co.'s

4410 Nelson Road, Lake Charles, LA, 70605 USA

337-478-1578 or 337-499-9592

CENTURY 21® is a registered trademark owned by Century 21 Real Estate LLC. An Equal Opportunity Company. Equal housing Opportunity. Each office is independently owned and operated.  The information contained in this blog is believed to be reliable and while every effort is made to assure that the information is as accurate as possible, the author of this blog, and its comments are not warranted or implied representation of it's accuracy,  All information is copywritten and the property of the Author, Marilyn Boudreaux.  

 

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Topic:
Home Selling
Location:
Louisiana Calcasieu Parish Lake Charles
Groups:
The Lounge at Active Rain
Louisiana Real Estate
"Whacked"!!!
Advice for Sellers
Tags:
rent
renting your home
rental nightmare
lake charles real estate

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Rainmaker
423,831
Jean Hanley
Coldwell Banker Kivett Teeters - Hemet, CA
Specializing in Folks Who Want To Buy/Sell Homes

Unfortunately, I have seen houses much worse shape than these photos, and they were from homeowners who moved and left behind the mess.  

Nov 06, 2013 07:07 AM #1
Rainmaker
3,247,813
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Marilyn

It's not a good Idea for a seller for trying to sell their home to rent . . . . it's a nightmare waiting to happen.

Good luck and success.

Lou Ludwig

Nov 06, 2013 11:08 AM #2
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Doug Rogers
Bayou Properties - Alexandria, LA
Your Alexandria Louisiana Agent

Not to mention, ever tried evicting someone in Louisiana? If the renters know how to game the system, they can stay in the home rent-free for an extended period.

An investor in town renter his condo to a "nice" person. Said "nice" person "forgot" to tell the owner about the 80lb lab that she had in the condo.

Guess what the lab did to the new carpet?? The unit needed new flooring, several interior doors, new fixtures (dog chewed them), new window treatments, and total interior paint. The cost to fix the damage exceeded the rent collected over the term of the lease.

Nov 06, 2013 10:07 PM #3
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