When you decide to sell your Santa Cruz home, you hope to close the sale within a certain amount of time. This is especially true if you're relocating or need to sell your home before buying another one.
Sometimes it takes longer to sell your home than you planned. When that happens, one option you have is renting your Santa Cruz home.
Renting your home is a way to generate cash flow while you wait for your home to sell. It can help you cover your mortgage costs and avoid foreclosure. You also still have a chance to sell your home for a profit when the market recovers or you find a qualified buyer.
• If you choose to rent your home, you should plan to rent it for at least one year. Most renters prefer the security of a lease. You do have the option of including a clause in the lease about the home being for sale. In this case, see a real estate attorney so the lease is clear and protects you.
• You need to know the rental laws in your area. There may be restrictions about how many people can live in a single family home and how to evict renters who do not pay. Many renters know how the laws protect them, and you don’t want to end up in court over something you could have prevented.
• Set aside money for repairs. You will have to make sure your home is suitable for renters to move in. If anything major, like the air conditioner or refrigerator, breaks, you are responsible for repairing it or purchasing a new one. After your renters move out, you will also have to do repairs to the home.
Let me help you sell your home and protect your investment. Call me today at 831.662.6522 or email me at Lauren@LaurenSpencer.com for more information about renting your Santa Cruz home while you wait for it to sell.
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