There's a running joke in my house - how often can I be quoted in the press as a real estate expert?
It happens. It's fun. And, so far, they've always spelled my name right. That can be a feat unto itself.
The latest article pertained to whether or not sellers, when they've already moved and their house is vacant, should rent their house out to tenants while it's on the market for sale.
View the article: Renting is an Option when House Won't Sell
If you're selling a vacant home, should you rent it out while trying to sell it? Absolutely not.
A clean, vacant home typically shows much better than a home with tenants. It is always available for viewing. It is always in top show condition. There are no worries about messes or tenants not allowing prospective buyers the opportunity to view the home.
If the house doesn't look great vacant - then stage it. Hire a professional stager and rent some furniture. It will show like a model home. And, once you've moved out, it is then much easier to give the entire interior a new paint job.
Of course, there are exceptions. If the home is one that will appeal primarily to investors, then having tenants in place may be a bonus. This can be especially true for multi-family homes and homes in vacation areas.
You may say: But the house is vacant and is costing me money. I'm paying two mortgages. It won't sell. I need tenants.
This is a situation that needs to be looked at further.
Why won't the house sell? Is it the price? The condition?
Let's make this house sell. It can be done, even in this current market.
Or consider, keeping the home and locating long-term tenants.
Talk to your real estate professional. Determine the best route for you to either sell your home or rent it out for the long term.
Don't fret over the situation. Work with your agent to find the solution!
Don Fabrizio-Garcia, REALTOR
Connecticut Real Estate & Appraisals
Keller Williams CT Realty
Connecticut Real Estate and Homes for Sale