Are you thinking about selling a home that you have rented out for some additional revenue? If so, you’re likely trying to discern how to best inform the current tenants and conduct the sales process in a way that works well for all of the parties involved. In today’s blog post we’ll explore how to sell your home while you’re renting it out to tenants and share three tips that can make the process a bit easier.
#1: Review Local Laws and Your Tenancy Agreement
First, you’ll want to break out your tenancy agreement and download any state, provincial or municipal laws that apply to landlord-tenant relations. Selling a home with renters living in it can result in a number of sticky situations. You’ll want to ensure that you conduct yourself in accordance with the rule of law as you may end up in court if the process goes sour. OR CALL ME and I will do that leg work for you!
#2: Communication is a Vital Part of the Process
Next, you’ll need to ensure that you’re communicating with your tenants every step of the way. Be polite but firm; you don’t want to encourage any hostility but this is your property and ultimately, your decision.
Don’t forget to fully inform your tenants as to how home showings will work, as they’ll likely be concerned as to who is being provided with keys to their home.
#3: Incentives Can Sway an Unruly Tenant
Finally, if you’re faced with some unruly tenants that are making the sales process challenging you may find that financial incentives to help the process go smoother. You’ll need their cooperation in keeping the home relatively clean and tidy, so you may want to consider offering some gift certificates or paying a portion of the rent in exchange for their help. If you’re hosting an open house over a weekend, offer to put their family up in a nice hotel somewhere in town where they can enjoy a weekend together.
While selling a home with tenants living inside is rarely easy or fun, it’s certainly doable. When you’re ready to learn more about the home selling process, GIVE ME A CALL, to leverage my expertise and guidance to ensure you get the most from your sale.
When delving into the world of real estate and investment property, there are many terms that will come up that require further explanation. Whether you’ve never heard the phrase ‘home equity’ before or you have a little familiarity, here are the ins and out of what it means and how this asset can help your financial outlook.
It’s All About The Benjamin’s…& Home Equity
Essentially, home equity refers to your portion of the value of your home, and the amount of this figure is important because it is included among your assets when determining your net worth. If this sounds confusing, think of it this way: if you have completely paid off the cost of your home, the value of your home equity is this total amount. Of course, because most people seek a lender to borrow money from when they purchase a home, their home equity would consist of their down payment and whatever amount they’ve paid down on the mortgage since purchase.
To provide further clarification, let’s use the example of a house that has been purchased for $300,000. In the case that a down payment of 20% has been provided at the time of purchase, the equity in the home would be $60,000. Since this amount is the percentage and cost of the house that’s been paid down, this is the amount of the house that is actually owned and this will be figured among an individual’s assets.
How Home Equity Works
As you pay the amount that you owe on your home each month, you are paying off your total debt and thereby increasing your equity. Since this amount of money is considered an asset that belongs to you, it can be used down the road to buy another home or invest in other important things like education or retirement. While paying off the amount owed on a home is a considerable investment, if the value of your home increases, this means that you’ll still owe the same on it but your home equity will have automatically increased.
As an asset that is part of your financial net worth and can be used down the road to fund other investments, home equity is a very useful term to know when it comes to purchasing a home. If you’re on the market for a home and are considering your options, give me a call for more info…
This winter’s prediction that El Niño will pound the southern United States and the East Coast to New England with above-average precipitation means it’s time to get your house in order . More about getting ready for El Niño…
Let’s be honest, most of us will (most likely) never be invited for din and get to see inside the homes of Oprah, Queen Bey or Brad Pitt. BUT here’s the next best thing: the deep, inside scoop on celebrity housing! With 2015 behind us, lets take a look at celebs who made winning real estate moves this year, as well as those who foundered.
- -Cross the street at corners, using traffic signals and crosswalks.
- -Look left, right and left again when crossing and keep looking as you cross.
- -Put electronic devices down and keep heads up and walk, don’t run, across the street.
- -Teach children to make eye contact with drivers before crossing in front of them.
- -Always walk on sidewalks or paths. If there are no sidewalks, walk facing traffic as far to
the left as possible.
- -Children should walk on direct routes with the fewest street crossings.
- -Watch for cars that are turning or backing up. Teach children to never dart out into the street or cross between parked cars.
Trick or Treat With an Adult
- -Children under the age of 12 should not be alone at night without adult supervision. If kids are mature enough to be out without supervision, they should stick to familiar areas that
- are well lit and trick-or-treat in groups.
Keep Costumes Both Creative and Safe
- -Decorate costumes and bags with reflective tape or stickers and, if possible, choose light colors.
- -Choose face paint and makeup whenever possible instead of masks, which can obstruct a child’s vision.
- -Have kids carry glow sticks or flashlights to help them see and be seen by drivers.
- -When selecting a costume, make sure it is the right size to prevent trips and falls.
Drive Extra Safely on Halloween
- -Slow down and be especially alert in residential neighborhoods. Children are excited on Halloween and may move in unpredictable ways.
- -Take extra time to look for kids at intersections, on medians and on curbs.
- -Enter and exit driveways and alleys slowly and carefully.
- -Eliminate any distractions inside your car so you can concentrate on the road and your surroundings.
- -Drive slowly, anticipate heavy pedestrian traffic and turn your headlights on earlier in the day to spot children from greater distances.
- -Popular trick-or-treating hours are 5:30 p.m. to 9:30 p.m. so be especially alert for kids during those hours.
The season has officially changed to fall, and it looks like would-be home buyers can benefit from a wide selection of homes that are becoming more affordable, according to an early read of the exclusive September data here at realtor.com®. Even better news: This year’s market looks substantially better than it did last year at this time. So if you’re looking to buy a home, now is the time to give me a call! 🙂