By RPM Central Valley
There’s no denying that the 2018 real estate market is HOT and many homeowners in the Central Valley area are eager to sell their homes so they can benefit from the huge demand for real estate here.
But what if you can’t afford to purchase a bigger property and you still want to move? Instead of staying in your current home you should rent it out instead.
A Very Popular Strategy For Many Homeowners
Today’s housing market is so competitive and pricey that even those homeowners who might want to move up to a larger home are staying put. They either can’t find or can’t afford what they want. A new strategy, however, is becoming increasingly popular — in order to afford that new home, keep the old one.
The number of investor-owned properties continues to rise, but the “investors” are not all big companies or landlords with multiple properties. More and more, they are just current owners using today’s very lucrative rental rates to pay for a bigger home.
Liz and Kevin Chamberlain, both in their mid-30s, needed more space than their Washington, D.C., home could offer, after the birth of their first child. They thought about renovating, but the cost to expand was incredibly high, and the footprint of their Capitol Hill row house was limited anyway. Their neighborhood, however, is commanding very high rents.
“We ran the numbers. I literally made a spreadsheet and ran all the different options,” said Liz, who purchased the Capitol Hill home several years ago, before she was married. “It made the most financial sense for us to keep our house in D.C., rent it out and buy here.”
Get Property Management In The Central Valley
For property management in the Central Valley, partner with our team and discover the benefits of working with our talented real estate professionals. We’ll provide hands-on guidance, answer your questions, and help you maximize the rental value of your property.
Learn more by calling us at (209) 572-2222 or click here to connect with us online.