Deciding whether the rent or sell your home can be a major decision that you should base on a number of factors; how much you owe on the house, how quickly you need to move and whether you can handle two mortgage payments or not. Many people think it’s a bad idea to put a home up for sale or lease, since you should decide what you want to do first, but if you’re in a bind, or you have the house sitting vacant anyways, it’s a creative way to make money while your home sits on the market. Here are a few things to know if you want to put your home up for sale or rent:

Make sure your tenants understand it’s still for sale – You should only rent to tenants who understand that your goal is to sell the home, and they need to accommodate that goal. You may cut them a break in monthly rent payments for them keeping the home in staged condition, or you may ask them to leave for showings if they could. Basically, make sure that both parties understand each other in the lease.

See if your tenant is interested in buying – Often times renters are looking to buy in the near future. There may be a few reasons why they are only renting at the time; say they just moved into town and want to make sure their new job is working out and that they like the neighborhood and schools. Another reason may be recovering from poor credit or a bankruptcy, but they are a few years away from being qualified for a mortgage. You could work out some kind of rent-to-own scenario if they are looking to put a down payment in with you, or if you’d even be willing to hold the note on the home for them. Many homeowners are worried about treating real estate as an investment, but you can make a significant amount of money holding a note on a home.

Sell it with the tenants in place – Some buyers will love a house so much that they will happily put it under contract with renters in place. Maybe they don’t need to move until the lease expires, or maybe they’re interested in picking up a bit of the extra income in the first few months of owning the home. Our licensed Denver real estate agents can help you sell or lease your home quickly and for a fair price. If you’re considering putting your home on the market, it’s time to start looking at your options!

About PorchLight Real Estate: PorchLight Real Estate Group has the most experienced and knowledgeable Denver real estate agents in Colorado. For more information about homes for sale in Denver CO or specific neighborhood homes please visit www.porchlightgroup.com.

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