If your property has been sitting on the sales market for a while and you have already moved, you may want to consider renting your home. A tenant’s rent payment can pay for the mortgage, which can take off the pressure that might cause you to make rash financial decisions. You may decide in the end to keep the home as an investment property or you could wait until the market improves to sell your property.
The housing market has been on a roller coaster to say the least and Boston has not been immune. Rental property in Boston continues to be in high demand. But before you decide on renting your home consider a few things.
When to start the lease is an important factor to consider. September 1st has the most turnover of any date for rentals in Boston and any time between the spring and September 1 is considered to be “in season.” Winter is the worst time for renting your home because less people are looking for housing at that time of year.
Because Boston’s rental market has such dramatic seasons, you need to factor this into your decision of how long of a lease you want. If you want to keep your home on the sales market, a short-term lease gives you the most flexibility but there is the risk of gaps in occupancy. Also know that most short-term tenants want their rental to be furnished. Fortunately there are many companies throughout Boston that will furnish a home for a monthly rate, but furnishing a condo or a house is not cheap.
To secure a long-term tenant, it would be best to commit to taking your property off the sales market once a lease in in place since tenants are unlikely to commit to the possibility of showing the property for sale and then having to move if a sale does occur. With a long-term lease you would be less likely to have gaps in occupancy and you can structure the lease length to work to your advantage. For instance, if you want to put your home back up for sale in a year, have the lease run until the end of January or February of the following year, so you can have it ready for the spring sales market.
You will also need to figure out a fair price to ask for renting your home. Like pricing your home for sale, the right price for renting your home can have it rented quickly. For the best insight into the current market, get the opinion of knowledgeable Realtors.
Renting your home can be a great option if isn’t selling, but it is important that you know what options are available and what will work best for you. For more information, contact the Realtors of Matthew and Alisa Group Real Estate.