Is Renting Your Old Home a Smart Move?
After finding and making an offer on a new home, you still have one challenge left. You must sell your old home. For some people, luck is on their side and they can sell their old home before they close on the new home. Others are not as fortunate. If you are rapidly approaching closing day on your new home and your old home has not sold yet, here is what you need to know.
Should You Rent the Home?
Some homeowners opt to rent their old home until they can secure a buyer. Although this might seem like the best solution, it can be challenging to find a tenant who is willing to live in the home with the threat of it being sold at any minute.
Renting your old home also limits the amount of time you can show it to potential buyers. Depending on the state in which you live, you must give notice to the tenants that you want to show it. For an impatient buyer, this could be a turnoff. You also have to trust that the tenant has the home clean to show before the buyer arrives.
What Are Your Renting Options?
You have a couple of options available to ensure your home is still ready for buyers to tour. One option is to use a short-term rental service to rent out your home for a few days at a time. The shorter rental period helps to ensure your home is ready to show when needed and you are picking up the income from the renters.
You also have the option of turning to a friend or family member who can serve as a caretaker for your home. He or she can still pay you a small fee to stay there, but you can work out an agreement in which he or she is ready to vacate at a moment's notice instead of having to get a significantly longer notice.
What About Selling the Home?
Moving in a caretaker or tenants does not mean you cannot continue to focus on selling your home. To get the ball started on your push to sell, schedule a walkthrough with your real estate agent. He or she can help you pinpoint why your home is not selling.
You also need to work on making changes to your home that will make it more attractive to buyers. The agent can help you find which changes will make the most impact when it comes to buyers.