Renting Your Home

If you are trying to sell in a market where you can't get the price you want, should you consider renting your home until the market conditions improve?

It is a good idea to consider the issue fully before putting a "for rent" ad in the local classifieds. First, there are no assurances about when the market will be better than it is right now. Even if the market improves, selling a tenant-occupied home can be tricky, depending on your lease with the tenants and local tenant protection laws. The tenants may reasonably want to limit the access of Realtors and buyers to your house (which they have now come to think of as their own). If your home has been rented, it may not reflect your pride of ownership when you are ready to sell.

If you decide to rent your home, be sure to familiarize yourself with local tenant/landlord laws, conduct a credit check, and contact the references listed on the application before signing a lease agreement.