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Our family is planning a cross country move. We've already put our home on the market (no activity yet, though ) and are trying to house-hunt long distance via the internet. We've done this a few times in the past, but the markets were always much better than the one we're in right now.
We don't mind a *bit* of overlap but would really like to not have to feel pressured to rush into a purchase. One thing we considered was going to the destination state and renting one of the vacant homes currently on the market. That way, we could move our belongings, keep them (neatly) in the garage and/or basement (thus not paying for storage) and continue to look at a slightly more leisurely pace.
Because we know what selling entails, we would be wonderful tenants. We'd be more than happy to keep the place in show-ready condition and would to do whatever it took to accommodate showings. We'd have no problem with a short-term or month-to-month lease or a rent with option to buy plan.
From what I've been reading on these forums today, however, it seems the consensus is to leave a home empty than to rent it out. I can understand the worries about rotten tenants (we had some in a house we were selling years ago). By the same token, how about getting in some money to offset a bit of what you're paying out now?
As a side question, how would I go about finding such a place? Would I approach the listing agent and suggest it? Would I ask my own agent to broach the subject? What would be her incentive to try to work such a deal (aside from the fact that I'd still be working with her to make a purchase)? How can I find out if a seller might entertain such a proposal?
Our family is planning a cross country move. We've already put our home on the market (no activity yet, though ) and are trying to house-hunt long distance via the internet. We've done this a few times in the past, but the markets were always much better than the one we're in right now.
We don't mind a *bit* of overlap but would really like to not have to feel pressured to rush into a purchase. One thing we considered was going to the destination state and renting one of the vacant homes currently on the market. That way, we could move our belongings, keep them (neatly) in the garage and/or basement (thus not paying for storage) and continue to look at a slightly more leisurely pace.
Because we know what selling entails, we would be wonderful tenants. We'd be more than happy to keep the place in show-ready condition and would to do whatever it took to accommodate showings. We'd have no problem with a short-term or month-to-month lease or a rent with option to buy plan.
From what I've been reading on these forums today, however, it seems the consensus is to leave a home empty than to rent it out. I can understand the worries about rotten tenants (we had some in a house we were selling years ago). By the same token, how about getting in some money to offset a bit of what you're paying out now?
As a side question, how would I go about finding such a place? Would I approach the listing agent and suggest it? Would I ask my own agent to broach the subject? What would be her incentive to try to work such a deal (aside from the fact that I'd still be working with her to make a purchase)? How can I find out if a seller might entertain such a proposal?
Instead of looking at homes listed for sale, Why not look for a home that the owner is actually looking to rent out.
I have properties rented out and always advertised on several websites. So that might help you. I have advertised on graigslist, ephizz.com, smarthomesrentals.com, move.com and I had for sale and rent signs from FSBO in the yard so when driving by that can help too, only when you are in the neighborhood.
Some Landlords work with management companies but in our street the tenants were more happy with private Landlords. Depends on who runs it....Some Landlords can be bad too, so do some research and if possible check the public records to see if the home owner isn't having a foreclosure or is having HOA liens...all signs of getting served with pre foreclosure papers and having to move again. It happened to a nice couple in our street and they are in limbo to what is going to happen and they always pay the rent on time...but the home owners isn't paying the HOA!!!
With school out now is a prime time to find decent rental houses. There are more than a few people that have a knack for renting houses, sometimes they list these in the MLS, more often they use newspapers. The smaller local newspapers work well. I used to own rental houses and I'd sometimes put the "for rent" sign on the lawn, but some areas that is not allowed or makes the neighbors hostile.
I don't know how much success you will have calling "sellers" (or their agents) and inquiring about making them "landlords". It would be easier to locate a property that is clearly "for rent". Virtually even community on the planet has some rentals...
Few real estate agents care about the tiny fee they might earn from a rental referral, but in offices that do have active rental business that can be a good source of 'leads' for buyers or sellers on both sides of deals.
I am not fond of the concept of renting out your own unsold home when you are living in another state.
I am however, fond of short -term renting, as opposed to buying, in a new area, regardless of the market. Many of the homes you see listed for sale, are also for rent. Some of them might even consider a 6 month lease.
I do not think it reasonable or practical for a rented home to continue to be marketed as for sale, while it is under lease. What incentive does a renter have to live in a state of ready to show and then vacate on call?
Your agent in your new area knows which homes are for rent and will be happy to accommodate your interest and then help you find a more permanet home, at a more leisurely pace. Who knows, you might even like the home you are renting enough to consider buying it.
Thank you for your suggestions, I appreciate the feedback! We have considered looking at the homes which are listed as For Rent but our destination state has a high vacationing population year round, so many of the For Rent properties are weekly ($1,000 week or more is more than we want to spend for rent) or are furnished (which defeats our purpose of not having to pay for storage).
I suppose we could rent a regular apartment in the destination state and keep our belongings in our current home. I was just trying to make a clean break and get everything moved to the destination state in one fell swoop. That's the way we've done it in prior cross-country moves and it worked so well!
This is definitely the most challenging move we've ever attempted.
You certainly seem like an ideal candidate for some of the many vacant homes I have listed. My sellers would love to rent to someone who is going through the same thing they are and who would keep the place show ready and not be tied to a long lease. Seems like you would be a win-win for most sellers.
When I had a townhouse on the market, someone approached the realtor as they were interesting in renting. The realtor that handled our sale had several homes that the sellers were considering renting due to the market.
We would love to have you rent our house...where are you moving to??
We're trying to head to Northern Vermont. Pfffft, let me rephrase. We ARE heading to Vermont (positive thinking, right? ).
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) and are trying to house-hunt long distance via the internet. We've done this a few times in the past, but the markets were always much better than the one we're in right now.
Rental /house for sale
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