Driving down the streets of the city, you’ll see a lot of Santa Cruz homes for sale. What you’ll also see, however, are homes for rent. What’s the difference? Why did these people decide to rent out their home? Why did that homeowner become a landlord?
There are a lot of reasons for renting out your home, rather than adding it to the list of Santa Cruz homes for sale:
1. The competitive factor – The current housing market is great for homebuyers, but not so great for home sellers. With so many homes to choose from, your property has to stand out from the rest to get sold. Sometimes, it could take months, or even years, to sell your house. During that time, renting can be a good way to make the house profitable.
2. Belief that the area will grow – Many people need to move out of their first house because it doesn’t have enough room for their growing family. However, they think the area has a lot of potential and will be growing. It then becomes a real estate investment. They may want to sell later, but not during the real estate slump.
3. Not sure if they want to sell the home – Another set of landlords have moved to a new city and job, but aren’t sure whether they’ll like it or not. Renting is a way to cover the cost of the house. This is a “just in case” prospect, and works well for many.
4. More money – Especially with the housing slump, some landlords have been able to make more money renting than selling their house. Because housing prices are currently very low, many owners have found renting their home more profitable than selling it for a lower value.
If you’re trying to determine if you should sell or rent your home, I can help. Call me today at 831.662.6522 or email me at email@example.com for more information.