Wait to Move or Find a Short Term Rental?
If your family has grown and you are running out of room should you push a move to buy a larger home or find a short-term rental? If you are relocating and not sure exactly which neighborhood is best is a short term-rental the best option?
These are common scenarios and decisions should not be made from an emotional level. I know there may be days when you just can’t take it anymore and you want OUT!
In Sarasota, Florida and surrounding areas the rental market seemed to become very active with the large investors buying distressed properties and rehabbing them and then putting them on the rental market. Many of these homes offered a good alternative for the relocating or growing family. Some of these rental companies even had options for those with credit challenges as long as they had plenty of cash to put down on security deposits that were inflated to cover possible losses to the rental company. And they want a year lease in most cases.
It was reported by the Berkshire Hathaway rental dept. in Sarasota and Lakewood ranch that the rental market has seen a downturn in activity recently and rental properties are staying on the market longer than they did 6 months ago. Maybe this is a result of more people moving into the buying market due to some relaxation in lending programs and new programs coming into the market.
Undoubtedly, the American Dream is not for everyone. But many first-time homebuyers are finding that a mortgage payment is equal to or less than a rent payment. There are still options for no money down USDA loans depending on the location of the property and FHA will soon roll out another program with incentives that will appeal to many. See this previous article on SarasotaNext.com.
Relocating to Sarasota, Florida or anywhere else can be a scary proposition without a good idea of the area and the market. Even if you have decided that a short-term rental is the best option for you to take it will still be to your benefit to find a good realtor to assist you. There are too many rental scams out there that sound so legit. And even if legit, the chances of getting a quick reply from many management companies is a problem without someone on the ground working for you and your family to help make this transition. Many real estate sales associates don’t want to handle rentals because there is very little pay for them. But if they are smart, they will see that client as a future buyer and start developing a relationship that will last and prosper.
So, the first consideration to help you decide to rent or buy should be your budget and credit worthiness. Either way you will have to qualify with good credit or cash in your pocket. Start the pre-qualifying application well in advance. Some items that are damaging your credit may be fixable. And if not then at least you will have an idea as at how much you will need to save.
Work with a Realtor that you like and who is an expert in all fields from the consulting to find out what it is that you want and need in a house to getting you the best deal to taking care of the details of the transaction. Interview several Realtors and expect good service. Even though you aren’t paying them upfront you will eventually pay them and you want to feel good about the job they have done for you.
Take advantage of the internet in searching for homes. If you can’t find the data that you need, then ask your Realtor. Many Realtors are as savvy about the great sources of information as Susan Phelps and can either share that info or point you in the right direction. Susan Phelps has lived in Sarasota for over 30 years and can find you the best neighborhoods in Sarasota with the best schools in Sarasota. Don’t hesitate to call Sarasota Suze at 941-726-2227.