What To Know When Renting A Home That's Up For Sale
Posted on: 4 October 2019
You have spotted a rental home that you simply adore, but the house is also listed for sale by the real estate company. It is not uncommon to find home properties for rent that are owned by real estate companies. Many realtors will rent a home for a period of time to cover the costs of ownership or to yield an income until a buyer comes along that wants the property. As easy as it is to find these homes, renting a home that is also for sale can come along with some differences. Here are a few things you should know first.
There may be a few more restrictions than usual.
Most rental properties come with restrictions; that's a normal thing. However, if you rent a home that is also up for sale, you may notice a few more restrictions than normal. The home is still going to be listed and prospective buyers will still be considering the property. Therefore, there may be restrictions against:
- Getting rid of certain pieces of model furniture
- Having pets inside or outside of the house
- Changing the landscaping layout or design
These sorts of restrictions will be listed in the rental agreement, but the realtor who is renting the property will let you know what restrictions there are beforehand as long as you ask.
You may have to agree to scheduled home viewings.
Naturally, there are going to be buyers interested in the property at some point while the property is being rented by you, and these buyers may want to take a look at the property. Therefore, if you rent a home that is also for sale, you may have to agree to show the home when the realtor schedules a showing. For most renters, this is not that big of a deal, but if you are a very private person, this can be a bit of an inconvenience.
The rental term may be shorter than usual.
Some realtors will only rent a home they plan to sell on a month-by-month basis. However, the majority of them will do a rental term for a few months at least. While the typical first-time lease agreement on a rental property is usually a year or so, a rental property that is for sale may come along with a shorter term. For example, you may get a three-month rental term or something similar, which could potentially be renewed at the end of the term if the property doesn't sell.
For more information about home rentals, reach out to a real estate agent.
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