If you read my recent piece in Inman, you alredy know that seniors downsizing their homes helps the Contra Costa rental market. You can read my piece for Inman here: https://www.inman.com/2016/07/12/why-downsizing-helps-the-rental-market/
The key takeaways from my Inman piece are that Rentals are often a better value than an apartment, Renting a home often frees up cash for both the homeowner or investor and the renter, and that The current tech market is helping both a young generation and seniors find common ground with looking at the traditional family home. But what about the emotional side of things for the property owners?
Renting out the family home is often easier for the property owner then simply selling it and walking away. There is still a bond, an attachment, and a love for the home- which makes caring for it and the renters more of a personal thing. When a senior hires BPM to help rent out the family home, there is more of an emotional bias than a simple investment property. We take extra special care of all of our properties, but the seniors who are downsizing while keeping the family home – they want and deserve a little extra special attention. In some case, these seniors even rent out the family home with the existing furniture for families who may be living in the greater Contra Costa area on a corporate contract. The existing furniture makes the move easier for both the renting family and the downsizing senior.
If you’re thinking about renting out the family home, know that this transitional step is a good move forward. It brings in extra income without losing or breaking the emotional ties with the home. And, if selling the home is a long-term possibility, this step is a good way to ease the transition from homeowner to condo owner or member of a senior living community.