Unless you are certain that your condo will sell within a few months, you may be forced to Think About other options. Seeing rows of homes for sale on your street isn't a very promising sight and depending on your financial situation you could be driven to get a little creative until things look up in the market. Here are a few ideas to ride out the housing bust in the credit crisis and economic downswing.
Consider leasing your condo to a tenant. Earlier you toss that idea out, Think About that the credit crisis and housing market depression have created a fundamental need for rental property. Business owners and working professionals have lost their jobs due to downsizing or the disappearance of their real estate market and have either unloaded their own homes or suffered foreclosure. As they find other jobs or go back to school, they will likely be in no shape to buy another condo.
Even if you didn't make a huge profit renting your home, your mortgage would be paid every month with extra funds you didn't have Before. And where would that leave you?
Think About teaming up with another family or members of your own family. Do Grandma and Grandpa still own that big old condo just outside of town? What about close friends who are in the same boat with space to spare? You could also approach another family or couple who would be willing to rent their condo as well and find a less expensive condo to share. If you split the household bills, you just saved 50% on your overhead every month while you wait for the real estate market to rebound. You could share babysitting if you both have children, manage chores, and have a chance to get to know people you like even better.
Think About selling your condo as a lease purchase. If the idea of renting your condo and facing the possibility of irresponsible tenants scares you then Think About offering this rent to own option. With banks holding on tight to their money and mortgage loaners in hot water, lenders are betting on a sure thing: credit scores! Many people will find another job but their credit will still be lost. In their frustration and mistrust of lending institutions, people will Consider this an option. For you it means that the buyer would acquire full responsibility all repairs or updates. There is no real estate agent or the fees and commission that go with them, and no bank. If you're forced to foreclose, you own the home and you're out nothing to start over.
Mark is a freelance writer of
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