Princeton Town Topics – Let’s Talk Real Estate – June 21, 2017
DO YOU REALLY WANT TO BE A LANDLORD?
July and August can be make-it-or-break-it months for a lot of sellers of unoccupied homes. After all, that’s when the home-buying frenzy of spring and summer is starting to slow down dramatically. For a lot of sellers, that’s the time when they think seriously about becoming landlords, renting out their homes rather than lowering their prices. For some people, that may be a good strategy. But for most, it can lead to a whole host of problems and win up being a lot more costly than they ever dreamed.
New Jersey has some really complex landlord-tenant rules and regulations, and you need to be well-versed in them in order to avoid incurring some hefty penalties. Plus, being a landlord comes with a lot of inspections and “fixes” before you can start renting. And of course, dealing with tenants offers a whole new set of hassles and headaches that can quickly eat into any ideas you may have of a second income stream. For most people, lowering the asking price is a far better strategy. And if your home hasn’t sold, it’s a good indication your price may be too high to begin with. Meet with your Realtor and get their input before you make any big decision that could have unpleasant results for your income and your peace of mind.