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Is Your Home Not Selling? Rent It

April 20, 2012 | Comments: 0 | Views: 125

If you find your home has been on the market for more than Ninety days and it is not selling or even has not had too many inquiries to speak of, it may be time to consider other options. Depending on your situation you may need to unload this house immediately in order to cover the mortgage on your new residence or to simply cover unpaid bills. Whatever your situation if your house is not selling don't despair, there is another way to get income from your unsold home, through renting. Maybe you've never considered becoming a landlord in the past but it is a very unique opportunity within the real estate market that is growing rapidly.

The real estate market throughout the country has significantly changed over the years and as the mortgage requirements become stricter and employment rates continue to be shaky more and more people are turning towards renting. As a seller you may be thinking that you already have your home priced to sell and you simply can't afford to lower it any further. If this is the case, why not turn your home into a rental unit and wait to sell when the market in your area starts to turn around? The additional income from the rent you will receive will be more than enough to cover your mortgage and the tenant will be responsible for the utilities. The added income can be a major contributing factor to your decision.

Now, if you've decided you may want to rent your home it is important to find out how to screen and find the right tenants. You certainly don't want to find tenants who will destroy your home and actually cost you more money in the long run to fix it up to sell on the market again. You will need to consider the size of your home and whether it is a family home or a single person's home. Of course less damage can be expected with only one person versus a family but the neighborhood and rent price will help you find the type of family you want. The higher the rent price the more likely you will find hardworking and respectful tenants.

Tax benefits should be considered with this option as well. If you were to simply fix up your home to sell none of those costs would be deductible but when you are investing in a rental property you have the ability to deduct these costs which is another financial benefit to this option. There are of course drawbacks to renting because as a landlord you are responsible for the roof, leaking taps, and electrical problems, non-payment of rent or simply whining tenants. You really have to decide if renting is right for you because once you have tenants in your home it is not easy to get them out and you are committed for at least a year.

Put a for rent sign out front, decide on a rent and see how many responses you get. At this stage you are not obligated to choose anyone but you can get a feel for the demographic interested in your home and this may make up your mind for you.

For professional Calgary real estate services and listings, visit CarlosMontes.com - the site is clean and informative, with details about Briar Hill Homes including Citadel Real Estate Listings.

Source: EzineArticles
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