In today’s real estate market, moving from one condo to another in a short period of time is often a financial impossibility. Oftentimes condo owners find themselves still owing too much on their current property to justify a move to another one. As a result of such circumstances, tons of newlyweds, new parents and empty-nesters are finding themselves tied to smaller-than-desirable properties.
Many Chicago condo owners have taken control of the situation by enlisting the aid of a rental agent. Rental agents afford condo and homeowners with the opportunity to relocate to another property without having to worry about selling their current one immediately. How does it work? The agents rent out the current property (or cover rental costs of said property) for a full year—or until they are able to sell it. This allows condo owners to move on to a new property and take on a new mortgage, free of the pressure of having to act as landlord of their previous home.
Chicago condo owners who utilize rental agents (typically growing families in need of more space) are often able to break even on the costs of their new property with the rent money from their old one. These condo owners also often qualify for tax breaks on the home they are renting out and can write off homeowner association fees and mortgage interest. In view of these perks, hiring a rental agent is a no-brainer decision for many condo owners that have not been able to sell their places under conventional means.
It is important to keep in mind, however, that although your condo is rented out, it is also for sale, and should be staged as such. This means furnishing your old place with more than just the fixtures you didn’t want in your new place. Make sure the décor still looks clean and presentable—otherwise you risk scaring away a potential buyer. A fresh coat of paint can update a tired, old space without breaking the bank. Consider brightening up the rooms with a splash of color. Make sure to update other aspects of your condo, like window treatments, which can retain odor. Overall, your rental property should appear just as well-maintained and updated as your new one.
