Is It A Good Idea To Rent My Home While We Sell It?
Even in the best real estate market, finding a buyer (and getting to the closing table) may take a few months. From time to time sellers will ask if a short term renter is a viable option. For most Alexandria La home owners the short answer is "probably not". Let's take a closer look at some of the potential concerns associated with renting.
- Less showing availability--Most renters will tell you accommodating showing requests will be "no problem". Then the requests come in and are either 1) denied by the renter or 2) the tenant goes in stealth mode. Either way, the showing opportunity is missed.
- A shallow renter pool-- Moving is both time consuming and costly. Want incentive does a renter have for a month to month lease? Is it worth the hassle of switching utilities, hiring movers, etc... just to rent your 3 bedroom ranch?
- The renter may disturb showings-- I have had renters who were gracious and accommodated even unreasonable showing requests. But I've had others who figured out they could remain in the home as long as it did not sell. Picture dirty dishes, clothes, pets, and people on your home tour. One renter would smoke while giving a special tour of the property.
- A complicated escrow process-- Once the house finds a buyer, things get tricky. While the purchaser is trying to arrange inspections, appraisals, walk through, etc...The renter will be packing and trying to find a new place to live. One memory I wish never to repeat was when stressed out first time buyers (and their parents) locked horns with mr/ms stressed out renter in the driveway. Boy those neighbors got a show!
If at all possible, my advice would be to not rent out your property. If your financial situation demands some rental income, call Doug Rogers (318) 613-1994 EARLY in the process. There are some steps we can take to minimize some of the above risks. Care to see what your Alexandria La home may fetch in this market? Go to Alexandria La Real Estate to explore local inventory.