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Can't Sell your Home: Could Renting be the Solution to your Problem?

Have you been trying to sell your home for awhile now? If so, you certainly are not alone. More and more home owners are finding that in order to sell their homes they can expect the house to sit on the market for several months, if not longer. In fact, it is not unusual for a house to sit on the market for over a year before it sells in some markets.

This leaves many sellers in a quandary as to what to do. While right now certainly is not the best time to try to sell your home, in some circumstances, there may not be any other option. Regardless of the current real estate market, life does still go on. Jobs are transferred, people retire, families grow and medical problems pop up. When you find yourself in these types of situations you may not feel as though you have any other choice. This means you must decide what to do with your old home. If you still owe a mortgage on your home, having it sit on the market with a for sale sign on the yard for several months probably is not an appealing option.

It is this very problem that is propelling many sellers to rent their homes while they wait for them to sell. While in the past there was definitely a lack of homes to rent in most markets, as a result of the current market, there is actually quite a large inventory of homes to rent in many markets.

There are certainly many benefits to renting, as many sellers have discovered. Not only do you not have to worry about the home sitting vacant while it is on the market, but you can also bring in some money as well. This can be advantageous to those owners who are facing two mortgage payments and who are looking for a way to help cover both.

If you are considering renting out your home, you should know that the rules about renting have changed to a degree as a result of the sheer homes that are now for rent. The competition among owners to rent out their homes has risen steadily. There are now even some owners who are going so far as to hire professional stagers to decorate their homes in an effort to attract the best renters. In the past, owners found themselves in the position of screening potential renters before making a final decision. Today it is not uncommon for the tables to be reversed. Renters today are shopping around and are looking for homes that are polished and they are quite aware that they can pick and choose because of the high level of competition.

While renting out your home certainly might not be your first option when you would really rather sell it, savvy sellers have come to realize that it is an option they should consider while they are bridging the gap between a home being for sale and actually selling.

Remember that even if you do not need to rent your home for financial reasons, that there can definitely be advantages to knowing that the home is occupied. This can bring a welcome peace of mind to owners who must relocate out of the area and cannot check on the home on a regular basis.

Hiring someone to manage the rental of your home can also help to remove some of the worries. When the toilet breaks in the middle of the night, it is the management company that receives the call, not you. Also, the management company takes care of receiving rental payments on time and directing them to you, all for a reasonable management fee. If you have never had a strong desire to act as a landlord or a property manager, this can be a good solution.

Who knows? The person who rents your home may just fall so in love with it that they decide they would like to keep it forever and buy it. Renting out your home can certainly provide you with additional options while you wait for a contract to come in on your home.



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