Mitch,There have been several quality points posted to your comment. Some additional things to think about should you choose to rent:1. Not being able to control the upgrades or changes to the condition of the property.2. If the property is foreclosed or if the Seller chooses to sell it, although you have rights as per your Lease, you really are in for an uphill battle and living in the property will become an extreme nuisance.3. At the end of the day, you are not building wealth.
When I first got into the business I worked with almost all For Sale By Owners and had tremendous success in selling their homes. I was not overly pushy and allowed them the time they needed to market their home on their own. They came back to me because of the following reasons:1) They found that the Buyers that search for FSBO properties typically want a DEAL. Paying top dollar for a FSBO is rare and doesn't coincide with the mentality of the Buyer searching for that property.2) There is absolutely no way you as a FSBO can generate as much online traffic, showings, and ultimately, offers, as a Realtor can. If you were to sign up for all of the Websites that our Companies automatically market on because of the relationships between our Parent Company (in my case Weichert, Realtors) and the dozens of other websites we market on you'd lose money on your transaction. 95% of Buyers are represented by an Agent in a purchase so you have to put your property in front of Buyers AND Agents.3) In this market, a Buyer will look for any reason to "sue" you. I've never seen anything like it. Whenever the slightest thing goes wrong in a transaction these days everyone flips out, calls the Broker-in-Charge, notifies the Board of Realtors, contacts an Attorney - it's ridiculous. Make sure that you're backed by a competent Professional (Realtor and/or Attorney) so that you don't get caught up in one of these situations.4) Buyer's Agents are not protecting themselves like they should be by charging their Buyer 3% (or whatever the customary co-broke is in that area). The majority of Buyer's Agents elect to get "paid out of the transaction by the cooperating Broker." If a Buyer that has been working with a Buyer's Agent purchases a FSBO many times the Realtor cannot rightfully collect a commission because either the FSBO didn't agree to pay the Broker or the Broker didn't charge the Buyer in the first place. This creates a lot of tension between an Agent and a Buyer and, unfortunately for you, means they are likely going to do whatever it takes to steer their Buyers away from you.5) Lastly, Sellers really don't want to pay to market their home. Putting the property in the newspaper can be effective if you have the Cadillac of FSBO ad's in your paper each week consistently until the property sells. Putting it in there a few times is nothing more than a waste of money. Print PROFESSIONAL flyers - not something in black and white you created using Microsoft Word. Post Directional Signs in your neighborhood to guide traffic. Select a few top-rated websites and market your property on there to capture Buyers that are relocating to your area.I could go on and on but the bottom line is there are Realtors out there that are worth the commission. If you choose to go the FSBO route make sure you've spoken with an Attorney first to insure you're representing the property correctly and have provided potential Buyers with the legal documents needed to complete a transaction. Brian Beattywww.ListingsinCharleston.com