If I Can’t Sell My Home, Should I Rent It Out?

Home and Dollar on compared - clipping path includedIt is well known that in most areas of the country renting is more expensive than buying a home. Homes remain affordable, while rent has risen sharply. This has caused some Raleigh area home sellers to consider renting their home out rather than selling it. It seems like a win; the homeowner gets rental income while they wait for home values to rise more.

In some instances, this is a sensible choice because residential real estate may be a good investment in the current climate. On the other hand, homeowners with no interest in becoming knowledgeable about this investment may be surprised by the logistics of property management.

Prior to renting your home, consider the following questions. They will help you determine whether it is a good decision.

BEFORE You Rent Your Home, Ask Yourself These 10 Questions:

  1. Your tenant says they cannot pay the rent this month because they need to spend the money on something else (holiday season, back-to-school, etc). How do you respond?
  2. Due to the downturn in the economy, a number of homeowners are unable to pay their mortgage each month. What do you think is the percentage of tenants that are not able to afford their rent?
  3. Do you have an eviction attorney lined up in the event an eviction is necessary?
  4. Have you contacted your homeowner’s insurance company to discuss any possible premium increases due to the greater liability of the home not being occupied by the owner?
  5. Will renters be allowed to have pets? What kind? How big?
  6. How will the rent be collected? Will the tenant mail it or bring it in person?
  7. How will inevitable repairs be handled?
  8. Will you be ready with a list of technicians when this repair is needed?
  9. How frequently will you visit the property for a physical inspection?
  10. Will you let your current neighbors know that the house is going to be rented?

Make An Informed Decision

While renting out your home has the potential to be a great decision, it is not without pitfalls. Be certain that you are renting out the property because you want to invest in residential real estate, and not because you want to make a little extra money by waiting to sell.

If you decide being a landlord isn’t for you, we can help you sell your Triangle area home for top dollar. Contact us, Linda Craft & Team, at 919-235-0007 to find out how we help home sellers every day.

Should You Rent if You Cannot Sell?

House on dollar billsAccording to Keeping Current Matter, a recent study has concluded that 39% of buyers prefer to rent out their last residence rather than sell it when purchasing their next home.

The study cites that many homeowners were able to refinance and “locked in a very low mortgage rate in recent years. That low rate, combined with a strong rental market, means they can charge more in rent than they pay in mortgage each month, so they are going for it.”

This logic makes sense in some cases. KCM believes strongly that residential real estate is a great investment right now. However, if you have no desire to actually become an educated investor in this sector, you may be headed for more trouble than you were looking for. Are you ready to be a landlord?

Before renting your home, you should answer the following questions to make sure this is the right course of action for you and your family.

10 Questions to Ask BEFORE Renting Your Home

1.) How will you respond if your tenant says they can’t afford to pay the rent this month because of more pressing obligations? (This happens most often during holiday season and back-to-school time when families with children have extra expenses).

2.) Because of the economy, many homeowners can no longer make their mortgage payment. What percent of tenants do you think can no longer afford to pay their rent?

3.) Have you interviewed a few experienced eviction attorneys in case a challenge does arise?

4.) Have you talked to your insurance company about a possible increase in premiums as liability is greater in a non-owner occupied home?

5.) Will you allow pets? Cats? Dogs? How big a dog?

6.) How will you actually collect the rent? By mail? In person?

7.) Repairs are part of being a landlord. Who will take tenant calls when necessary repairs arise?

8.) Do you have a list of craftspeople readily available to handle these repairs?

9.) How often will you do a physical inspection of the property?

10.) Will you alert your current neighbors that you are renting the house?

Bottom Line

Again, renting out residential real estate historically is a great investment. However, it is not without its challenges. Make sure you have decided to rent the house because you want to be an investor, not because you are hoping to get a few extra dollars by postponing a sale.

Have more questions about the value of your Raleigh/Cary/Wake Forest and surrounding areas’ home? Still on the fence about selling it this Spring? Call Linda Craft & Team, Realtors to set up a free consultation. We will analyze your home, the homes in your area and give you a game plan for listing your home to sell! We have a team of experts that are here to help you each step of the way!

Need Answers to Your Raleigh Real Estate Questions?

Are you interested in purchasing a home but do not know where to begin or who to talk to? Are you and your spouse thinking of taking advantage of this market and putting your house on the market and need to know what upgrades are recommended? Or do you just need a final, straight answer on if we are in a buyer’s or seller’s market?

Look no further! We are going to start answering real estate questions for you! Tap into over 150 years of real estate expertise by sending in your general real estate related questions. We will feature one on our blog every week with an answer from one of our real estate experts!

Please email Ashley@lindacraft.com with your real estate inquiries and your question may be spotlighted on our weekly blog!

Please call (919.235.0007) or visit us on the web at www.LindaCraft.com for all of your real estate needs. We are here to help you and your family achieve your dreams!

 

Hope Valley

Hope Valley is made up of more than 900 homes extending from Chapel Hill Road south between Hope Valley and Garrett roads to Swarthmore Road. It was laid out, by the Mebane & Sharpe Co. of Greensboro, along winding lanes and among rolling hills with a centerpiece golf course designed by Donald Ross.

National Historic Recognition

The historic core of Hope Valley, made up of more than 125 homes, has earned a spot on the National Register of Historic Places. The entire neighborhood features:

  • secluded, tree covered streets
  • manicured entry-areas to neighborhood
  • optional neighborhood association
  • 15 minutes drive to Duke/ UNC Chapel Hill main campuses
  • 10 minutes drive to fashionable Southpoint Mall
  • proximity to Hope Valley Country Club

A Taste of Old England

The streets feature names like Chelsea and Surrey, giving the hint of old England.Hope Valley is a mature neighborhood, with housing stock dating from the 1920’s to the 1960’s. An active neighborhood association features many events such as home walks, open house at the Country Club and a Halloween party. Residents have quick access to the 15-501 shopping corridor, historic Downtown Durham, the American Tobacco Trail, Southpoint mall, I-40 and I-85.

Hope Valley Country Club

Golf, Tennis, Fitness, Swim A membership club is available in the heart of Hope Valley. Read more here:

Durham Community of Hope Valley

Hope Valley features a broad range of architecture from 1500 square foot ranches to 8000+ square feet estate-style homes. Visit the Hope Valley Neighborhood Association website for more historical information and background on this wondeful community.

About the Developer of Hope Valley

As a mature neighborhood, many different developers had a hand in shaping the look of housing in Hope Valley. According to Preservation Durham:
Hope Valley was Durham\’s first full-fledged country club suburb developed around an 18-hole golf course in the late 1920s. Traces of the farms that occupied the land in the 19th Century remain around the suburban landscape created by renowned landscape architect Robert Cridland. Hope Valley was developed by Mebane & Sharpe, Inc. to attract the newly successful young professionals that were thriving in Durham\’s tobacco, textile, and health care industries, as well as faculty from the then new Duke University and rapidly expanding UNC. Read More…

Directions

I-40 to 751 Exit, North. Neighborhood is west of Hope Valley Road, before Martin Luther King, Junior Boulevard. 15-501 to Martin Luther King Boulevard, south on Old Chapel Hill Road. Neigborhood is to the east of Old Chapel Hill Road.

Ready for Your Personal Tour of Hope Valley

If so, contact Linda Craft & Team at www.LindaCraft.com or call 919.235.0007 to schedule your personal tour today!

See all Homes For Sale in Hope Valley

Click here to see all the current homes for sale!

Highland Oaks

The Highland Oaks subdivision in Cary, North Carolina, is located off High House Road near the intersection of SW Maynard Road & High House Rd (between Cary Parkway and Maynard Rd).  Nicely situated within walking distance to Bond Park and Greenway Trails, Maynard Crossings with restaurants, shops, and more!  In addition, Highland Oaks is convenient to RTP and RDU International Airport.

There are approximately 90 Executive-style, single family homes that range in price from the Low $400’s to over $650,000.  The neighborhood was developed from 2005 to 2007 by Pulte Homes.  Homes in Highland Oaks typically include 4-6 bedrooms, 3-6 full baths, fireplaces, bonus rooms, first floor guest suites, and daylight basements.

Ready for Your Personal Tour of Highland Oaks?

If so, contact Linda Craft & Team at www.LindaCraft.com or call 919.235.0007 to schedule your personal tour today!

See all Homes For Sale in Highland Oaks

Click here to see all the current homes for sale!

Highland Forest

Want the option to build a beautiful custom home? Highland Forest in North Raleigh is the perfect location to buy or build amazing custom homes in a gorgeous private wooded neighborhood. With only thirteen lots and lots from one to three acres, the neighborhood is private and quiet. A lovely landscape of hills and amazing scenic views, Highland Forest is a perfect escape from the everyday hustle and bustle.

Highland Forest community search

Ready for Your Personal Tour of Highland Forest

If so, contact Linda Craft & Team at www.LindaCraft.com or call 919.235.0007 to schedule your personal tour today!

See all Homes For Sale in Highland Forest

Click here to see all the current homes for sale!

Highcroft Village

Highcroft Village is a development in the heart of the Raleigh-Durham-Chapel Hill area. Located just west of North Carolina Highway 55 in the West Cary area, Highcroft Village is three miles south of Research Triangle Park, 12 miles from Raleigh Durham International Airport, 18 miles from the University of North Carolina at Chapel Hill, and North Carolina State University and 22 miles from Duke University.

About the homes:

The development features the work of the area’s custom builders to create a diverse collection of homes from 2500 to 5000 square feet. Neighborhood Amenities: Highcroft Village is centrally located in a great area for parks. A 16 acre, Town of Cary park, Sears Farm Road Park, is directly adjacent to the neighborhood. The USA National Training Center at Thomas Brooks Park is an easy walk, featuring many regional and national-level baseball activities.

Highcroft Village features a recreational center with a junior Olympic pool, lots of fun features, a bathhouse, pavilions and a toddlers’ playground on-site.

About the Developer:

Impact Properties Group has developed a number of neighboring communities including Highcroft, Cameron Pond, Weycroft, Southlakes Greythorne and Madison Place at Carpenter Village.

Shopping:

Highcroft is located near several shopping centers, and within 15 miles drive of Cary Town Centre, the Streets at Southpoint in Durham and Crabtree Valley Mall in Raleigh.

Ready for Your Personal Tour of Highcroft Village?

If so, contact Linda Craft & Team at www.LindaCraft.com or call 919.235.0007 to schedule your personal tour today!

See all Homes For Sale Highcroft Village

Click here to see all the current homes for sale!

Hidden Valley West

Hidden Valley West is a lovely neighborhood built in the 1970’s, near the corner of Creedmoor Rd and Lynn Rd, in the 27612 zipcode.  The lots are beautiful, wooded, and range between 1/2 an acre to over 1 acre. These lovely homes have 4-5 Bedrooms and 2.5 – 3 bathrooms, in addition to either a 1-car or 2-car garage.  Most of the homes are priced from the low $200’s to the high $200’s. Crabtree Valley Mall is just minutes away, as well as I-440, and the PNC Center!  Delicious restaurants abound, as well as opportunities for shopping, fitness, groceries, or other modern conveniences just by the location!  Come experience real living – living at Hidden Valley West!

Ready for Your Personal Tour of Hidden Valley West?

If so, contact Linda Craft & Team at www.LindaCraft.com or call 919.235.0007 to schedule your personal tour today!

See all Homes For Sale in Hidden Valley West

Click here to see all the current homes for sale!

Hedingham

The Raleigh neighborhood of Hedingham is noted for being Raleigh’s first affordable residential community featuring an 18 hole golf course. Add to that all the great neighborhood amenities, and it’s easy see why this neighborhood is one of the more communities in the Triangle.

Hedingham Golf & Athletic Club

The 18-hole “Hedingham” course at the Hedingham Golf & Athletic Club facility in Raleigh, North Carolina features 6,604 yards of golf from the longest tees for a par of 72 The course rating is 72.1 and it has a slope rating of 124 on Bermuda grass. Designed by David Postlewaite, the Hedingham golf course opened in 1991. Fred J. Smith, Jr. manages the course as the Owner.

The Raleigh Community of Hedingham is a Wonderful Place to Live, Work and Play

Hedingham offers two pools; Willow Oaks Pool with life guards and swim team and Grand Traverse Pool offering adult only swimming. There is also a full athletic center with gym, basketball, volley ball, aerobic classes, yoga, free weights and state of the art exercise equipment. For your outside enjoyment there are two lighted tennis courts, play ground, lakes for fishing, and paved Raleigh greenway trails that follow the beautiful Neuse River for walking, jogging, skate boarding and roller blading.

Hedingham Residents Enjoy Use of the Private Club House!

Hedingham also offers a private club house that can be reserved by residents for personal use and the 18 hole golf course features putting green, driving range, pro shop and snack bar. The residents of Hedingham are allowed to golf for free certain times of the year and they all enjoy community events throughout the year including Hi-Miler Club for 55 and older.

Hedingham HOA Dues – Low Cost, High Value!

Hedingham omeowner dues to enjoy all of these amenities are $35.00 a month for single family homes and $102. per month for town homes. Town homes start in the low $90,000 and the homeowner’s dues include exterior yard and building maintenance. Residential single family homes start at $150,000 and go up to approximately $350,000. Homes feature 3 and 4 bedrooms, 2 car garages, and beautiful golf course and water views.

Direction to the Raleigh Neighborhood of Hedingham

This Raleigh neighborhood is conveniently located 1 miles from I-440 and 64 east, 8 miles to Triangle Town Center Mall, 3 miles to Wake Medical Hospital, 5 miles to down town Raleigh and is surrounded by shopping, restaurants, day care, and worship centers.
Directions: In Raleigh, take Hwy. 64 East to left on New Hope Rd. The entrance to Hedingham will be approximately half a mile on your right.
For more information visit www.hedingham.com or www.hedingham.org.

Ready for Your Personal Tour of Hedingham?

If so, contact Linda Craft & Team at www.LindaCraft.com or call 919.235.0007 to schedule your personal tour today!

See all Homes For Sale in Hedingham

Click here to see all the current homes for sale!

Heritage at Wake Forest

Heritage At Wake Forest Neighborhood: http://www.heritagewakeforest.com

Heritage at Wake Forest is in Wake Forest, north of Raleigh in Northern Wake County. The community lies about 24 miles away from Raleigh Durham International Airport and North Carolina State University, about 27 miles from Research Triangle Park and Duke University and about 38 miles from the University of North Carolina at Chapel Hill. Heritage was conceived of and developed by the Ammons Development group. Ammons is best known for completing Raleigh’s first planned unit development, called Greystone Village. The organization has also developed resort communities in Wilmington and Nags Head.

Amenities:

Walks, Bike Paths, Soccer, Golf, Swim, Tennis The many neighborhoods at Heritage enjoy access to community-wide amenities. Playgrounds are placed throughout the development for easy access. A greenway links trails at Heritage with bike paths and nature walks. Heritage surrounds the town soccer park. Additionally, memberships are available to the Golf Club and Swim and Tennis club. The Swim Club features a junior Olympic-sized pool, sun deck, full service grill, lazy river and much more.

Neighborhoods:

Heritage features a number of communities with names starting with Heritage: Run, Croft, Hills, Midlands, Knoll, Chase, Gables, Ridge, Greens, Walk, Trails, Shire, Glen, Heights, Links, Overlook, Dale, Trace, Crest, View Townes, Links Townes, Landing, Place and Spring. Each offers a slightly different style of living and design of home or townhome.

Shopping:

Wake Forest contains many shopping centers. Heritage at Wake Forest is less than ten miles away from Triangle Town Center shopping mall, and an easy drive to Crabtree Valley Mall and other great shopping areas. Ready for Your Personal Tour of Heritage at Wake Forest? If so, contact any member of the expert North Raleigh real estate team here at LindaCraft.com to schedule your personal Heritage tour today!

Ready for Your Personal Tour of Heritage at Wake Forest?

If so, contact Linda Craft & Team at www.LindaCraft.com or call 919.235.0007 to schedule your personal tour today!

See all Homes For Sale in Heritage at Wake Forest

Click here to see all the current homes for sale!