Renting just for winter / selling in the spring

[Scott L.]

Hi, I'm an investor in a single-family home in southern CT. We completed refurb and got it listed in September, but it's not clear it will get an acceptable offer by November, then it gets quiet for sales. Therefore, we're thinking of offering both for-sale and as a 6-month rental over the winter, effective immediately.

Do BP members have any advice on this?

• What is demand like for 6 month rentals? Some have said we need to be relatively low on monthly rent given the short period, others have said we can charge more because renters usually want long leases.
• Any particular marketing approaches or lease terms work well with 6-month renters?
• Will costs be an issue? I'm thinking of legal feels to draw our first rental contract, and home touch up fees like repainting after just six months of use.

Thanks so much, this would be our first rental.

Scott L.

[Steven Myers]

Without knowing more about the house, I just don't think it is worth renting it out for 6 months.  You may diminish some of the value of your new refurb and plus it's going to be hard to find tenants that will be looking for somewhere to live for just 6 months.  I think your best bet is to leave it on the market and see if you can find a buyer in the slow time.  If you have done a good job and priced competevely it shouldn't be on the market that long.