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Tip For Renting Your Home When Buying a New Home

June 7th, 2012 | Written by | Buyers, Market Reports for Parker Colorado, Sellers

The new trend in Parker, Colorado Real Estate is to rent out your current home when buying a new home.

I think it’s a great idea and a wonderful addition to your retirement planning if done properly.

Best tip for selling your home fast. 

Scenario – Many of the buyers I work with these days are becoming instant landlords as they have saved up enough money to buy a new home but feel like they want to keep the current home as an investment property.

The tip of the day  for renting property – Always put a contingency clause in the lease agreement with your new tenant that protects you from having to move out until the property you are buying is closed and you have taken possession.

The reason for this is that recently lenders are having a real problem closing on time and without issue in this new busy market. Many closings are being delayed days and even weeks and this can be a big issue if you have signed a lease with a tenant to move in on your originally scheduled closing date that has now been moved back 10 days.

Yes, without a protection clause you will have to move out, pay storage for your furniture and unless you have family or friends willing to let you stay with them you will probably be paying for a hotel or apartment. Not a fun situation for a brand new land lord and a tough leson to learn.

Final tip for renting out your home. Always have an attorney write a specific lease for your your property. Sure there are $5 leases at Office Depot and online ready for you to download. I’m sure there are plenty of Realtors that are even willing to write a lease too. Being a current landlord myself I can tell you that having a lease specifically written for each of my properties is a huge relief and really only costs a few hundred dollars for peace of mind.

Steven Beam is a Parker Colorado Real Estate Broker. Serving the Denver Metro for over 12 years.

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Steven Beam, Realtor, CRS
18551 E. Mainstreet Suite 2-A
Parker, CO 80134
Parker Colorado Real Estate

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