Grab RSS Feed
There are many out there who would have you believe that it is a buyer’s market. If you are sitting on a condo that you have been trying to sell for months, perhaps a year, you know it certainly is not a seller’s market. But, there are those out there who may tell you it is a “renter’s market”. A what? You heard right, a renter’s market. Vacancies are the lowest and rent is the highest in years. Why don’t you rent your condo until this market figures itself out?
If you own a condo, and you can’t sell it despite some of the lowest mortgage rates in history, consider renting it. Believe it or not, this is a renter’s market; there are many potential buyers out there who just don’t want to own a home. Vacancies in apartments nationwide have never been lower.
Condo owners who purchased at the height of the market are struggling right now. They can’t recoup their investment in the current economy and many are underwater with their condo mortgages. Many have decided to rent the condo for a while and wait it out.
Believe it or not, rent is high right now. There are plenty of folks out there who are qualified, and can buy, but choose not too. More and more we are seeing condo rentals hitting the market and being rented the same day by people qualified to buy.
Black and Buono is a real estate law firm that represents residential and commercial real estate transactions. So, you have never been a land lord before? No problem. The lawyers at Black and Buono can help you with rental agreements, leases, condo association fees, and rent to own agreements. We can advise you on what forms you need, what questions to ask, how to determine if the renter’s credit is good and the types of references you’ll need.
Click "rent to own by owner" for more information regarding renting your condo in order to relieve yourself of the burden of your condo mortgage.
