Should You Rent Your Home Instead of Selling?

Selling your Long Island home? Get a free home value report 
Want to buy a Long Island home? Search all homes for sale

Once you have made the decision to move to a new home in Long Island, you may ponder the idea of renting out your previous home to a tenant instead of selling it. Most people aren't aware beforehand, but being a landlord is a full-time job, and not everyone is cut out for it. You've got to be prepared for anything when it comes to being a landlord. Today we want to discuss with you some things to consider if you are contemplating renting out your home.

The first problem you will encounter is finding qualified tenants. Then you will have to figure out how they will pay you. You also have to understand that your home likely won't be cared for by the tenants in the way you had intended. 

Also, you have to go through different scenarios to determine if you can handle all the risks involved with renting your home out. What if the tenant stops paying rent? It's not all that uncommon, and when it does you will need to determine whether you can get by comfortably without that income. 

There are many things to consider when thinking of becoming a landlord. Go through each of the above scenarios to see if the time is right for you. If you have any questions, feel free to give us a call or send us an email. We look forward to speaking with you!

The Secret to Handling Multiple Offer Situations

Want to sell your home? Get a free home value report

Want to buy a home? Search all homes for sale

As market activity in Long Island continues to pick up, we are going to see an increase in multiple offer situations. In order to help you make the most of these situations, we want to share some crucial information with you! 

If you're buying a home today, you may find yourself in a multiple offer situation. To have success in this situation, it's very important to be prepared. By being prepared, we mean you need to have a pre-approval in hand and understand the market value of the home. Lowball offers can really hurt you in multiple offer situations; it's more likely for a seller to consider the buyer who submits a realistic offer more seriously. If you find a home that you love, you need to educate yourself on the pre-approval process and make a serious offer. 

If you're selling in a multiple offer situation, you also need to take certain precautions. The first thing you should look at is the buyer's approval and ensure they are lending through a reputable bank. You also need to consider the down payment they can afford and their flexibility when it comes to closing. The bottom line is cash isn't always king! The terms of the offer may be worth sacrificing some money on the purchase price.

If you have any questions about multiple offer situations, or if you need real estate assistance of any kind, call or email us today for a free consultation. We would love to hear from you!