If you do, you’re not alone. With property prices so high, many first-time buyers, and even down-sizers are choosing to buy a home, but then rent it to others while they continue to pay rent where they currently live. They look for down markets, local condos, or even exurbs within “long” commuter distance to buy a property they can both rent to others and stay in themselves periodically. Meanwhile, they keep renting in their preferred location.
The several benefits include building equity in a property, having a home in a location they may want to move to someday, and having the peace of mind that they’ll have someplace to go if the home they’re renting gets sold.
If you’re thinking of downsizing, this is one way to roll your money into your next home while still renting locally. And if you want to buy local, even though you’re renting, we have a lot of great condos and other properties around us that might work as an investment for you. Contact me for help if this is something you’re thinking about doing. We’ll want to talk about how much financial sense this might make for you. (718) 399-3320