Explore inventive ways to make the most of your old property.

In a recent conversation with a past client, we discovered a common dilemma that many homeowners are facing in today's real estate market. It's a situation where your home might not be the perfect fit, but the idea of parting with a great interest rate is a tough pill to swallow. So, what are the options?

1. Becoming an active landlord. One potential solution discussed was to rent out the current home while retaining that attractive 2.3% interest rate. This approach allows you to build your real estate portfolio and generate rental income. However, it comes with the responsibility of being a hands-on landlord, dealing with tenant inquiries and maintenance issues.

“The real estate market presents challenges, but it also offers opportunities for creative solutions.”

2. Enlisting a property manager. For those who prefer a more hands-off approach, hiring a property manager can be the answer. They handle everything from finding tenants to handling maintenance requests. The convenience is undeniable, but it may come at a cost, typically around 8% to 10% of the rent collected.

3. Hosting exchange students. In a unique twist, we learned about homeowners who had extra space and chose to host exchange students. Schools often have programs that provide financial incentives to host these students, offering a way to generate income while sharing your culture and learning from theirs.

The real estate market presents challenges, but it also offers opportunities for creative solutions. Whether your home is too small, too big, or simply not the right fit for your current circumstances, there are options worth exploring. Don't let the fear of rising interest rates hold you back. Call or email us, and let's brainstorm a solution tailored to your needs.