The Rental Alternative
By Jeff Adolph
Renting Vs. Buying
Buying and selling real estate sometimes just does not go as planned. And, when your home is still on the market after several months of trying to sell, then it may be time for you to consider other options, such as renting your property out to cover the mortgage repayments.
For some Americans being a landlord was not in their bigger picture, however with homes sitting on the market for longer, in some states, it means that some home owners are looking for alternatives that will give them a far greater return for their investment.
Homeowners such as Matt Krol and Jason Smith have opted to rent after months of unsuccessfully selling their homes.
As Jason says of his home, 'It makes sense to rent it and let it pay for iteself, by paying the mortgage with the rent.'
The National Association of Realtor (NAR) reported that home sales fell 2% in March, in a period when sales usually rise, and the inventory of unsold homes rose 1%, suggesting that Krol and Smith are not alone.
If you are finding it difficult to sell your existing home and feel like your out in the cold, don't be disappointed, just remember that renting may be an option that can help you meet your mortgage repayments, especially if you have to relocate. You can opt for short term leases of say 6-12 months and when this expires you can then elect to try and re-sell your home when the market is more favorable.
Main Story Source: Scherer, Ron (2008) Real Estates Hidden New Market; available online at www.johnstownbreeze.com
Picture Source: Microsoft Online
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I think that this is the time to get out and buy something if you are renting. In our market in the San Diego area you are seeing home prices come down to levels we haven't seen in 10 years which is allowing people to purchase something instead of continuing to rent! :)
Posted by: Hillcrest Real Estate | May 17, 2008 at 08:01 PM
As it's said house owners look for greater return on their investments. Buying and selling a property is easy when we get the right agent for it. If the house is not sold we can rent it.
Posted by: Relieve My Stress - Real Estate Solutions | May 17, 2008 at 09:20 PM