Rather than sell your home, consider renting it out instead.
Are you ready to move up to a new home? Have you been in your townhome or condo longer than planned and are now bursting at the seams?
We speak with customers every day who purchased their homes between 2005-2008, at the height of the market with 100% financing, or between 2009-2014, when there were reasonable prices. Before you think about selling, consider renting out your home.
Is renting out your home is right for you? Not necessarily, but let's at least weight the pros and cons first.
Young Professionals Have Real Estate Options, Too.
My clients are smart, savvy professionals who, for a variety of reasons, decided to purchase and enjoy home ownership. But now they are ready to go - either move up to a new home, move out of state for a new job, or move into another owned or rental home due to a new relationship. My clients are ready for the next chapter of their lives and we at Yaffe Real Estate and Chesapeake Property Management are here to help them move on as seamlessly as possible.
The obvious thing to do is to sell your home. And we agree - you should do your homework regarding selling your home. We have been helping clients buy and sell homes for over 23 years!
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But, in these economic times, we strongly believe that, in addition to doing your due diligence on selling your home, you should also look into renting out your home. And, yes, you can rent out your home and qualify for a loan to buy a new home.
Here are a few reasons why we think Millennials are the perfect group to investigate this.
Job Fluidity Means You Need Flexible Real Estate Options.
You may change jobs often, and those jobs are only sometimes guaranteed. This may mean you will not be staying with one company for 40 years as your parents did. You may have to jump to different positions in other cities and states.
For some jobs, you may be a full-time salaried employee; for others, you might be a contract employee. To move up the ladder, you must be flexible and ready to accept positions to gain the necessary skills, even if they give you little stability.
As you move around, you should strongly consider holding onto your real estate here in the Baltimore Metro area while you rent and "try-out" your new location. You can continue to enjoy tax deductions and appreciation while you follow your career wherever it takes you.
Renting Out Your Home Means An Additional Income Stream.
It is hard to earn enough money from one income stream to support your desired lifestyle. You may be the first generation not living as well as your parents. We regularly talk to our children about multiple income streams. Multiple income streams have given us peace of mind and afforded us a lifestyle we could never have achieved if we only earned employee income.
We have 2 businesses - Yaffe Real Estate and Chesapeake Property Management. It is not uncommon to have one income stream up while another is down. When sales were down, Yaffe Real Estate was down. During those times, rentals were up, and Chesapeake property management was up. The cash flow from our rental properties sustained us while we adapted and changed our businesses to succeed in ever-changing economic times.
Think about adding another income stream, a rental property, to your earned income. If managed properly, it can really help your cash flow.
Your Real Estate Property Is A Safe Investment.
Real estate as an investment is very safe versus other investments. Unlike many financial investments, there is a sense of control with real estate. You can see it, and you can check on it.Yaffe Real Estate and Chesapeake Property Management were created for this very reason: To give you "peace of mind" so that you rent out your property and move on with your life. While other real estate companies automatically tell you to buy and sell, you should sometimes consider renting out your current home.
Our competitors often look out for their bottom line rather than what is in your best interest. We want to expand your options and ensure we look at each one closely before going down a path. We know how scary it is to trust another person or company to manage your valuable investment, and we want to fill that gap.
Before we started Chesapeake Property Management, we looked at other property management companies to help us manage our properties and, frankly, they scared us! I felt there was a total lack of professionalism, a lack of attention to detail and just not enough knowledge and depth for me to feel good about working with any of them. And, if I could not work with them, how could I refer them to my real estate clients? So we set out to create a property management company that could meet our needs and the needs of our desired client base.
Our goal was to create a company that is:
- Highly professional with hands-on owners
- Knowledgable, where every team member has an in-depth real estate knowledge and cares about the property, the landlords, the tenants, and the community.
- A company that always remembers that we are people helping people - we are not a national company just going through the motions and only concerned about profits. We actually want to make a positive difference in people's lives.
Now's The Time To Experiment With Being a Landlord.
Now is the time to experiment with being a landlord.We bought our personal investment properties in our early-30s before we knew any better.
- Experiment now while you have some disposable income.
- Experiment now while you own time to check in on your property.
- Experiment now before you become too risk-averse.
Suppose we are the right real estate and property management company for you. In that case, knowing that your investment property is in good hands is essential, and we are here to carry the weight, so you do not have to.
We have had one client for almost twenty years whom we have never met! Before they left town, they dropped off their house keys to us and have yet to return. We communicate via the phone, email, and their Landlord portal. They trust us completely and know we are here to care for their home as if it were our own.
Before You Sell, Explore Renting Out Your Home Instead!
Before you sell that home, investigate whether you should rent it out. We can help you sell it, but let's look at your options first. Weigh the pros and cons and assemble the best strategy for you and your family.