Archive for the 'Renting' Category
WHEN THE WSJ IS RIGHT, IT’S RIGHT!
November 17th, 2009 categories: Buying, Market Trends, Renting, Selling
The Wall Street Journal article “Ten Questions on the Volatile Housing Market” should be required reading for anyone with a yen to buy or sell a property at this time. There are a few additional tidbits that I found interesting. For example, “Help Wanted” ads can be a useful tool–if there are more than there used to be, then business may be starting to recover. The answer to the question about buying now if you are a renter is spot on–depends on your specific situation. Do take the time to read the whole thing. Click here and read!
Need an experienced Realtor to talk to about the questions? Do feel free to call me at 312-981-2360, direct dial, or cell, 312-607-1306. E-mail is great too!
Other articles you might find helpful:
Bank Owned Homes–Are They a Good Deal?
Buying a Foreclosed Home–Is it for Me?
Buying a Bank Owned–Here’s a Checklist
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CAN’T SELL–RENT IT RIGHT
November 16th, 2009 categories: Renting, Selling
Kay Severinsen has written an article that gives some good advice to sellers who can’t sell and want to rent. Many of the same suggestions that Realtors give owners who want to sell are spelled out. Kay brings up pricing, staging, accessibility, etc. These are the same issues that sellers face when they are selling there home. Kay also talks about the difference between a sale and in terms of time–renters don’t spend weeks looking for a place to live. A rental transaction is much more likely to be a “this is it or this isn’t it” type of viewing–and accessibility is key. Being totally available if you work can be tricky so you might consider hiring a Realtor. Many of my listings are for rent as well as for sale and whatever comes first is what happens. My clients frequently feel that having some income from their home is better than no income–even if it doesn’t quite cover mortgage payments, assessments and taxes. Being in a pet friendly building can doiuble your traffic and you need to decide if you want dogs and cats in your unit–you can also charge additional “pet rent” to cover any damage done by the pets. The article is worth reading–Help for Reluctant Landlords, just click and read.
Need a Chicago Realtor to talk to you about the sale of your property or renting a home? Just call, 312-981-2360–direct dial, or 312-607-1306, cell phone. I love e-mail too!
Other articles that might interest you are:
Keep Your Insurance Up To Date
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RENT TO OWN–HOW DOES IT WORK?
May 5th, 2009 categories: Buying, Renting
What are the benefits for a buyer in a rent with option to buy contract? And how does it work? Basically you have two contracts–one is a lease agreement and the other is a purchase agreement. The purchase price is agreed on and specified in the purchase agreement. The terms can be specifically tailored to suit the buyer-renter’s financial situation.
One of the most important benefits for a rent-to-own buyer is that there is usually a much smaller down payment and no upfront costs. An agreed upon portion of the monthly rent is held in escrow to increase the down payment for the eventual purchase of the home. Many developers in today’s challenging market are open to working with the lease-option buyer. This sort of arrangement coupled with the $8,000 tax credit that doesn’t have to be paid back makes first time home ownership possible for a lot of first-time home owners.
Would you like someone to help you find your perfect home and work with you through the lease-option process? If so, just call me at 312-981-2360 or e-mail me.
Related articles: Thinking Of Buying Chicago Real Estate?, 4-09; The Answers, 4-09, Exclusive Buyer Brokerage–Is It For Me?, 5-09
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CAN’T SELL — THINK ABOUT RENTING!
December 4th, 2008 categories: Renting, Selling
Many home owners, especially condo owners, are finding that their homes aren’t selling and are wondering if renting is a viable option. It is certainly something to think about. Most agents today are willing to take a listing both for sale and for rent. Would we rather sell than rent the home–of course! Having said that, it makes sense to give the best possible service even if that includes renting a home at many less dollars than you would receive for selling that home. If, as an owner, you are faced with two mortgage payments, two tax payments and for a condo, two assessments each month, renting might make sense. Even if the rent doesn’t quite cover all the expenses it can be a powerful help in that direction. Probably one of the most common mistakes owners make is overpricing the rental listing. Sounds familiar, that’s what most sellers do too! It does not matter what you need to cover your expenses–fair market rent is just the same as fair market value for a sale and the market sets that value. Another area that gives prospective landlords a problem is screening prospective tenants. At a minimum a credit check and a background check should be pulled. A litigation check is also a good idea. Another thing to consider is the landlord’s ability to handle necessary repairs–are you suited to a midnight call that a hot water heater is leaking or the furnace has stopped operating in zero weather? It isn’t just a question of collecting a rent check each month–a certain amount of management must be done also. Here are some things to think about:
- If you own a condo, does the condo association allow rentals? Most do with the requirement of a 12 month lease. The particular association that I live in allows rentals only after one year’s ownership. Coops most usually do not allow rentals.
- Think about repairs–you might be inclined to postpone a repair, just live with something minor, but your tenant will want prompt service. It might be a good idea to set aside $100 or so each month to cover the costs of repairs.
- Pets–do you want them or not? They can scratch hardwood floors, they can make messes, they can be a nuisance to the neighbors–is it worth it? Many owners charge a substantial amount for permitting pets in a rental. The amount can be determined by the number and size of the pets.
- Inspection–the landlord should walk through with the tenant just before the tenant takes possession to be sure that the home is in the same condition when the tenant leaves–
- Security deposit–In the Chicago market this is customarily one month’s rent. The tenant should not be allowed to use the security deposit as their last month’s rent. Any additional deposit for pets is over and above the security deposit.
- References–three is about right and DO check them. This will give you additional information that is not on the credit check.
Renting is certainly something to think about. If you have more questions than I have answered in the article, Please do call me, 312-981-2360 or e-mail me if you have a question.
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