Stuck in the Renting Rut

If you’ve been renting an apartment for longer than you’ve had a Facebook, don’t worry—you’re not the only one. But if you’ve been teetering on the fence of buying or renting, going over the pros and cons, all whilst watching your friends settle into their own place, it might be time to say goodbye to the landlord.

It’s normal to be afraid to take the plunge into home-buying territory, but with the help of a great agent and a little research, you can determine if the time is right for you.

If you have a healthy savings account.
Perhaps the scariest part about buying a home is making the financial commitment, but if you’ve managed to save enough (and then some) to put a down payment of at least 10 percent, you should feel confident in your ability to make the purchase.

If you’re ready to commit.
Another common qualm about buying a home is the uncertainty of where you will be a year or two from now. However, if you have a steady job and are happy with the location, there’s really no reason for concern.

If the price is right.
An agent can help you determine whether or not the price you are looking to pay is reasonable for your specifications and needs in a home, but ultimately, if the market is favorable and you’ve found the right deal, there’s no better time than the present.

If you’re sick of pouring money into someone else’s pocket.
It sounds harsh, but if you’ve been renting for three, five, or even ten years, you have been spending thousands of dollars on something that doesn’t even truly belong to you when all is said and done. Sure, a mortgage is likely more than your current rent, but you’ll have a place to really call your own.

To Rent or Not to Rent

Today’s market shows that really no matter where you live, you are likely to have renters interested in your property. People are utilizing sites like VRBO and Airbnb in record numbers, but there are plenty of things to consider before putting your space up for rent this season.

Know the rules.
First and foremost, it’s important to make sure that renting your home falls within the specific guidelines and regulations in your state and county. These rules vary greatly depending on what part of the country you are in, so you’ll need to make sure you are following protocol.

Clear your schedule.
Preparing your home for rental can be time-consuming to start, but once you get in the swing of things, it shouldn’t involve too much time and energy on your end. Some of the basic tasks you will need to consider are advertising, responding to inquiries, handling taxes, managing maintenance, and hiring service people (e.g. housekeepers and handymen).

Market your home.
Getting renters to want to stay in your home shouldn’t be difficult, so long as you know what people are looking for. When searching for a vacation property, most people consider its proximity to popular attractions, accessibility and size, available dates, and cost. Be sure to check the going rates for other rentals in your area, and focus on advertising your space’s closeness to must-do activities, fine dining, and kid-friendly spots.

Make it stand out.
Your home will likely be up against hundreds of other rentals, so you’ll want to make sure to emphasize special deals and amenities. If you have things like a pool, an HD television, a large movie collection, or beach equipment in the shed, you will want to highlight it so you let potential renters know that your space is one of the best!

Protect yourself.
Anytime you open your home to strangers you, are leaving your personal property and belongings in the hands of others, and, accidents do happen. If you plan on renting your space for an extended period of time, it’s a good idea to consider taking anything valuable with you or placing it in storage. It might seem like a pain to have to remove these things, but it’s worth the hassle to prevent damage or added expenses later.