As markets heave and swing from one extreme to another, some investors may be looking for a more predictable or at least controllable place to park their dollars. One thing is for sure, we all need a place to stay & food to eat. Experts are recommending that consumers put a leash on their discretionary spending and review their balance sheet in order to control debt. Will rental properties become the investment of choice in 2009? What about homeowners trying to subsidize their mortgage payments by renting space in their home or on their property? There are several options available to individuals and families. Times like these have the ability to inspire creative problem solving and strategic thinking. Some say that when times are good, we tend to party and when things are bad, we tend to ponder. Answers & solutions are more likely to appear through reflection than celebration.
A strategy that some new homeowners may consider is to purchase a duplex or triplex when shopping for their first purchase. The idea of offsetting mortgage taxes and utilities by renting out part of a house is a practical and proven method of covering housing costs. But creative housing options are not an exclusive opportunity for landlords and purchasers. Tenants can stretch their own dollars by selecting rentals that they can share with a roommate. Caution should be used when selecting a possible co-tenant. Even if the individual is well known to the tenant, it is vital to outline each individuals rights and responsibilities prior to signing on to a rental. For co-tenancy to succeed, both parties must respect each other’s space, privacy and finances. A thorough interview and solid lease agreement can ensure a smooth and economical arrangement.
Homeowners that are considering selling their homes and relocating to a recreational property or seasonal home may want to rent out their homes until real estate values stabilize. Rent rates will vary depending on individual property carrying costs but markets will continue to dictate the actual numbers that tenants will be willing to consider. Potential landlords will benefit from researching the rents being collected on similar properties in their area. They should also be certain to obtain adequate security deposits in order to protect against unnecessary damage or wear and tear.
In general, investors can still consider options that will benefit their portfolios even during current instability. Choosing the right property & arrangement can have a very positive impact not only on the investor but also on tenants and the community as a whole.
Want to try a online rental listing service? Check out RentalDoctor.com main site and 