How Move-Up Buyers Are Saving for Their Next Home
Source: https://magazine.realtor/daily-news/2018/07/30/how-move-up-buyers-are-saving-for-their-next-home?tp=i-H43-Bb-2VI-47NKp-1p-ClFp-1c-47SW4-1SWCjQ&om_rid=60863343&Om_ntype=RMOdaily&om_mid=9628
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Many would-be move-up buyers are staying put in their current homes, unable to afford the increasing prices of larger properties. But they’re learning a strategy to save for their next home—by becoming “accidental investors.“ More investment property owners today are everyday homeowners renting out their current home to take advantage of rising rental rates and save for a bigger home, CNBC reports.
Some real estate professionals are recommending this strategy to clients who worry they have been priced out of the market. On top of home appreciation, a rental strategy helps homeowners earn the income they need to cover two mortgages. For example, one couple in Washington, D.C., who needed more space after having a child, says their neighborhood is fetching high rents. So they decided to take advantage. “We ran the numbers,” says Liz Chamberlain. “It made the most financial sense for us to keep our house in D.C., rent it out, and buy here.” The couple purchased a larger home with a big yard in Cheverly, Md., just outside D.C.
Lenders reportedly are becoming more flexible with mortgages for these types of investment homes. “They’re looking at the possibility of making more loans,” confirms Lawrence Yun, chief economist for the National Association of REALTORS®. “Several years ago, during the depths of the housing crisis, they would have been extremely strict. But now they are looking at the rental income as a mitigating factor for carrying two mortgages.”
However, current homeowners may have a tough time easing into a landlord role, which can add liability and headaches. Some may use a rental company to manage the property. “Certainly having an umbrella policy is a really good idea to make sure you’re covered insurance-wise,” Chamberlain says. “And then I do think living in the house, and really knowing it and making sure it’s in good shape before you leave and rent it out, is probably one of the best things you can do.”
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