If you’ve accepted the fact that you’ll never live in one of those five-bedrooms houses with a pool and a view of the city, then think again. Homes for rent can offer you the chance to reside in a home that you normally couldn’t afford. The trick is to be able to find those “bargains” that you can potentially rent. So how do you find those killer bargains? Read our tips below that can help you move into that two-story luxury residence.
Properties on the market for more than six months
Start noticing those properties that have been listed on the market for more than six months. These homeowners might be desperate to move out and just might be interested in leasing their property. This is especially true in a slow or depressed market. For instance, if home prices are decreasing by 10% per year, a homeowner might be willing to rent out his place for a few years instead of taking a loss on a property. In fact, in a depressed economy, you might have your choice of a few homes for rent in an area you previously thought unimaginable.
Notices of default
Your local bank has notices of default that can be readily viewed by the public. These notices of default list those properties that are close to being foreclosed because of non-payment. You (or your real estate agent) can then approach these homeowners and ask if they would be interested in leasing out their homes for rent. Even though it might seem that you’re taking advantage of someone’s misfortune, it can actually save a home from going into foreclosure. Simply offer the homeowner an amount comparable to their monthly mortgage (or even less if they’re agreeable). If their monthly mortgage is relatively low, it can be your chance to rent out an otherwise untouchable property.
Hire an agent
A real estate agent will not only have listings of homes for rent, but can also have an idea of which homes currently on the market might be available for rent (with a little prodding). Have your agent contact those homeowners to see if there’s any interest. As the old saying goes, if you don’t ask, you won’t get! |
