Become a ‘Move Up’ Buyer Without Selling Your Current Home

In the last few years, leasing and property management numbers have soared due to declining home values preventing many owners from selling. When selling is not a viable or financially sound move, leasing is a smart alternative. Consider the tips below to see if leasing your current home to move up is a suitable option.

1. Determine how much home you can afford while carrying both the existing mortgage and the new one. The rental amount from the existing home will not be counted in the mortgage qualification equation. However, the income from leasing the existing home can be added to the household income each month.

2. Select a real estate agent who can determine the market rental rate for the existing home and subsequently locate a well qualified tenant. If your favorite agent does not do rentals, seek assistance from a property management specialist and use your agent for the new home purchase.  

3. Either plan on hiring a property manager or self-manage the leased property. If you elect to self manage, be sure to keep a pulse on how the home is being cared for so that there are no surprises at the end of the lease.

While the tenant selection process is being done, your new home search should be taking place. Hopefully, the timing will be just right and a tenant is secured when you have found your next home. Since the demand for rental homes is very high, typically rental homes can be leased in no more than 30 days of being marketed for lease. 

There are homes being leased in the Cascade area in all sizes and price ranges. Add yours to the list to take advantage of the great buyers market.

For help with your house hunt, contact Shirley Simmons, CRS, GRI,  Prudential Georgia Realty at www.shirleysimmons.com.  Shirley provides tenant selection services and can get you into your new home.