Renting a Home That Is Listed for Sale: What You Need to Know

30 January 2017
 Categories: Real Estate, Blog


Finding the perfect place to rent can be a nightmare: what is available is way too expensive, and what you really would like to rent is either filled or not available for many more months. You see 'for sale' signs all over your town and dream of living in a house like the ones you see on display, but you don't think you can ever find something beyond a bottom-floor apartment with a cat lady living above you. If you don't think you can actually rent a home that is listed for sale: guess again. Homeowners who have had their home on the market for many months are often willing to let a renter in so they can recoup some of the money they are still paying on their mortgage, and the relationship can be win-win for both you and the home seller. Here are things you should know about renting a home that is on the market.

Rules to abide by

Remember, a home for sale is a home that a seller wants to find a new owner for, which means you need to take extra care of it while you are living there. You may have to sign a lease that you will always take your shoes off when you are inside to protect the fresh carpet, that you won't allow pets in the house, you aren't allowed to use certain furnishings that are existing in the home as showpieces, and you may even have to park your vehicle in a designated spot to avoid getting stains on the driveway. All these rules may seem silly at first, but the excellent square footage you can enjoy at an affordable rate makes them well worth it, and many of the stipulations exist with traditional rental properties as well.

Freedom with rental rates 

The longer a home has been on the market, the more a homeowner has paid into their mortgage on property they aren't even living in. This gives you some leeway for rental rates since any money you pay will be used to offset the cost of keeping a home on the market. If you want a great home to rent without the great rental fees per month, a home for sale is a great option for you.

Flexibility on your lease

Since the home you are renting in can be sold at any moment, you will most likely encounter month-to-month rates, making a house for sale an excellent place to stay while you search for a more permanent solution. Your landlord will let you know in advance when they are showing the home so you have time to vacate it for a few hours and clean up any lived-in messes you have created, and will also let you know when it's time to leave the home for good. This flexibility on your lease allows you to leave at any time when you find a rental that better meets your needs.