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10 Tips for Home Sellers Transitioning to a Rental

By Thomas O'Shaughnessy | January 20, 2023

As a home seller, you may find yourself in a situation where you need to transition to renting a new place. This situation can be stressful, but it doesn’t have to be. With the right tips and tricks, you can make your transition to renting easy and stress-free. Here are 10 tips for home sellers transitioning to renters: 

1. Check Your Credit Score

Before you start the process of renting, it’s important to check your credit score. This will give you an idea of what kind of rental properties you may qualify for and will also help you to budget and plan ahead. Your credit score is an important factor for landlords and property managers when it comes to deciding whether or not to accept your application. You can get a free copy of your credit report from one of the three major credit reporting bureaus to see exactly where your score stands.

2. Make a List of Necessities

Make a list of all the features and amenities you need in a rental unit. This will help you narrow down your search and find a place that meets all your needs. Think about what is important to you such as location, size, and amenities. Make sure to prioritize your list and list the features in order of importance.

3. Ask About Special Offers

Make sure to ask your landlord or property manager if they have any special offers or discounts available. This could save you money in the long run. Many landlords will offer discounts to tenants who have good credit or who sign a long-term lease. Additionally, some rental companies may also offer special deals or discounts to tenants who pay their rent on time.

4. Have a Backup Plan

If you’re unable to find a rental unit right away, make sure to have a backup plan for where you can stay in the meantime. This could include staying with friends or family, or even a short-term rental. This way you won’t be stuck without a place to stay if your search for a rental unit takes longer than expected.

5. Get Your Documents Ready

Before you start the rental process, make sure to have all your documents ready including your leasing agreement and proof of income. This will make the process go much smoother. Make sure to have all your documents organized and ready to go so that you can quickly submit them when needed.

6. Make a Budget

Once you’ve found a rental unit and know what you’ll be paying for rent, make sure to create a budget that includes all your other expenses such as utilities, groceries, and any other bills. This will help you keep track of your income and expenses and will ensure that you’re able to stay on top of your finances.

7. Research the Neighborhood

If you're moving to a new city, renting a unit instead of buying a home can have lots of advantages. Renting gives you the flexibility to explore the area without being tied down to one place. Before you sign a lease, make sure to research the neighborhood and see what kind of amenities are nearby such as grocery stores, parks, and public transportation. Take the time to walk around the area and get a feel for the neighborhood, and make sure to read reviews of the rental unit before signing a lease.

8. Hire Professional Movers

If you’re moving from one place to another, consider hiring professional movers to help you with the process. This will save you time and energy and will make your move much easier. Professional movers can help you with packing and loading your items, as well as unloading and setting up your furniture.

9. Consider a Roommate

Consider finding a roommate for your rental so you can split the cost of rent and utilities. This will help you save money and could even make the rental process easier. Having a roommate can also be beneficial in that it gives you someone to split chores and bills with, making the rental process more manageable.

10. Save for Your Next Home

If you can, try to save some money each month for when you’re ready to buy another home. This will help you build your credit and savings so you’re ready to make the jump when the time comes. Saving money each month will also help you cover the costs of a down payment, closing costs, and other expenses associated with buying a home. Some costs associated with moving may even be tax deductible, so look into your options.

Renting a unit can feel like a setback, but it doesn’t have to be. By following these tips, you can make your transition to renting a smooth one. Most importantly, remember that this is only a temporary situation and you don’t have to stay in a rental unit forever. With the right tips, budgeting, and saving, you can work towards buying another home in the future.

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