Selling your home in a down market can be a challenge, even in Houston or The Woodlands, TX. Unless you want to sell at a deep discount, your house could remain listed for months or even longer before selling. This isn’t a terrible proposition if you’re still living there, but it could present a financial hardship if you’ve forced to relocate for work or any other reason. One option is to turn your home into corporate housing. With this choice, the rent payments should cover your expenses, and you might even turn a profit! Here are a few more reasons why this is a smart plan:
The New Job Market Makes Corporate Housing an Attractive Option
Although there are many reasons why the corporate housing market is growing rapidly, these stand out from the rest:
• In the current economy, a good job is hard to come by, and don’t think big companies don’t know this. Long gone are cushy relocation packages that practically set you up with a new home and provide even more for moving expenses.
• Many new employees are making the choice to check out their new city before relocating the family. After all, what if it doesn’t work out? However, they also want to have all the comforts of home when their family visits.
• Some corporations offer incentives to employees to entice them to rent instead of buy for increased mobility. This means that some people continue to live in corporate housing for the long term.
If you decide to turn your home into corporate housing, tenants should be easy to find.
A No Hassle Rental Option
If you think this idea sounds great but renting has to be a hassle, you might be surprised. In most cases, you can hire a rental agent to take care of all the details including advertising the home, screening the tenants, and maintaining the property. Besides, professionals are much less likely to cause problems, forget to pay their rent, or damage your home.
Corporate Housing Provides You with a Backup Plan
Corporate housing gives you a valuable backup plan in case you change your mind about selling. If your new job doesn’t work out and you decide to return home, your house will be waiting for you. Of course, you’ll have to let the current tenant live there for the time remaining on the lease, but this will be a relatively short time. Corporate housing always involves a short-term lease to allow both parties to remain flexible.
Remember, if you are having a difficult time selling your home, maybe turning it into corporate housing might be a good option.