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Executives Can Do Well To Sub-Lease First (Appearing in Print in The Business Report 10/01)
By: John Smith

Sub-leasing can provide the solution to many problems as executives relocate to central Illinois.

Sometimes, it makes more sense to rent than to buy, and when relocating to a new community, the reasons compound quickly. Central Illinois is filled with dozens of wonderful towns to live in, as well as some outstanding large cities filled with restaurants, libraries, and cultural attractions. Choosing wisely from among these towns, and then further choosing neighborhoods to settle in will affect the quality of life as well as return on investment.

It will be useful to know if the local school that you want your children to attend is going to be re-zoned so that a particular neighborhood will no longer have access to it. The building of a new grocery store in one location can assist significantly in the appreciation of the property values in that area. That appreciation can increase your net worth while decreasing the amount of time your house will be on the market when you decide to make your next move.

Nothing can compare with first-hand knowledge of a community before deciding to buy, and sub-leasing a house or apartment can provide the opportunity to gain that first-hand knowledge. Essentially, sub-leasing gives movers the chance to do their market research as an “insider” while deciding where they wish to move for a more permanent home.

Local newspapers have advertisements for homes that are available for sub-leasing or for short-term (less than one year) rentals. This will allow the executive to make a decision with relatively few enduring consequences. Pick a unit that will be comfortable and affordable in a neighborhood that meets your needs. Then, during those months, watch some city council meetings on cable television, read the local paper, and talk with co-workers to gather more information on where you will want to buy.

The more due diligence you perform, the less luck will play a factor in your enjoyment of the home you eventually decide to purchase and the appreciation of that home over time.

John Smith has a Master's Degree in Education, is a real estate investment and management consultant and trainer throughout the state of Illinois, and has been a real estate investor and manager for over seven years in Champaign-Urbana. To contact John Smith, email him at john@johnsmithproperties.com or call (518) 851-7820.