Live in a Mansion for $500/month? Just One Catch..
“Hometending” is real estate’s newest housing solution, whereby a renter occupies a luxury home while it’s on the market, keeping the property in pristine condition to show to prospective buyers. In exchange for cheap rent, the hometender(s) furnishes and decorates the place, which is subject to walk-throughs and visits by the realtor. When the home is purchased, the hometender must pack up and move to another property. There is no guarantee how long a hometender will stay in their borrowed digs, but the minimum notice is 10 days. If you don’t mind a little instability, it may not be a bad deal: the average house listed by this service in San Antonio, Texas, goes for $225,000 – and the hometender pays $500/month. Considering that many houses in this price range take longer to sell, you could get away with a mansion for a year at the price of a one-bedroom apartment. Hometenders do foot the bill for moving expenses, but if you aren’t moving frequently this additional cost may still make mean overall savings. Tip: some services require hometenders to pay for utilities. Bills for cooling/heating mansions aren’t usually small, so ask up front how much utilities cost on average. With a $300 electric bill each month, is it still a bargain?
Why does this service exist? Well the #1 reason is simply because places sell better when they’re fixed up nice. Vacant homes are sort of, well, depressing. Plus, sellers are attracted to the fact that the hometender offsets mortgage and utility payments, deters vandalism and keeps up with repairs. According to America’s Hometenders www.hometenders.net ideal candidates for this kind of living situation are:
- people who are waiting for their own homes to be built
- people who need to save money so they can buy their own home
- people who need to sell their house in another city
- people waiting for a job, wedding, graduation, divorce – any life change that makes buying a bad option
- people who are new in town, and want to “test drive” a few neighborhoods, builders, etc before they decide what to buy
Requirements to be a hometender include:
- must have attractive furnishings, decorating items
- must keep house in “model home” condition
- must cooperate with Realtor showings
- no pets, no smoking
- must be ready to move when the house sells
- must be flexible and easy to work with
To locate a hometending service in your area, contact a reputable real estate agent or check the classified ads.
