Leasing your home can be a very good alternative in our current real estate market. Trying to sell a home now can be quite a challenge & maybe even impossible. The rent-to-own or lease option or lease purchase options can be very advantageous to you.
You are correct that there are many good deals available for home buyers. However, if you are thinking of buying another home while you own another one, most lenders won't give you a loan to buy another home, unless you have at least 20% equity in your current home. This new guideline is used to prevent people from buying another home and letting their current home go into foreclosure.
But there is nothing stopping you from renting your current home & moving into a home that you also want to rent. You asked about what a REALTOR would get out of helping you. Well, each REALTOR has different fee schedules and everything is negotiable.
HomeSmart Real Estate
you need to do your homework.
I've been in your shoes and it is critical for you to talk with your CPA regarding the tax consequences. Converting a primary residence to a rental property is a permanent switch (no do-overs) so learning not only what happens when you have an investment property instead of a personal residence, and also what your options are then you sell.
Always begin with the end in mind.
A Realtor could be a big help, particularly if you are moving out of area. Typically you pay a leasing fee when they lease the property, then a maintenance fee per month. Note that not all Realtors work with rental property, so one with property management experience would be a plus.
I think one months rent is fair or 6% as there is a lot of work in it! You will want to find a quality managent company.
Feel free to call with any questions! Lucinda 602-799-6846
There are lots of options out there for management of the property - you can do it yourself (find a tenant using Craigslist), hire a property management company to do it all - (we work with several, I can recommend a few we love) and / or you can have a Repair and Maintenance company on call to service the property as needed. Our company offers this type of service, call us if there is anything we can do. We specialize in investment properties and get homes ready to rent or sell. Our company motto is "We Make it Rent Ready". Good luck with your decision! Gina