To Lease or To Sell, That is the Question

When considering whether to sell or lease a home, one should consider the potential consequences of each option. The obvious and best option of course, is to have the home sold. However with current market conditions, a lease may be a viable option to keep from having to pay two mortgage payments (if one qualifies without a contingency for the sale of the first home), avoid foreclosure, and even allow the market to recover.

If one chooses to lease the property, consideration should be given to the length, lease amount, conditions of the lease, and especially the tenant credit history and criminal background. All things considered, the only person that will take care of one’s property the way a homeowner would is the homeowner. This is not to say that tenants don’t maintain rental/lease properties, but people tend to put what belongs to them at the top of their list.

Your tenant may be a desirable one on paper (great credit history, clean background, stable employment, etc;), but this does not mean they will remember to change the a/c filters every month, water the lawn to keep it green and lush, edge and mow the lawn to keep it manicured, keep the interior clean and more importantly, have it “show ready” while on the market.

When a tenant resides in a home that is on the market or will be on the market for sale, they have to agree to the use of a key lockbox (here in Texas, different states may vary), and work with showing appointments. Even if they are the ideal tenant with maintenance, payment, property condition and cleanliness, this doesn’t mean they will be flexible with showings.

If your tenant is difficult with scheduling appointments, you may find your home difficult to sell. You may even find it necessary to wait until the home is vacant again before you can put it on the market. If you’re lucky, you will have the best of both worlds, a wonderful tenant (yes, they do exist) and a home that is easy to show.

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