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Professional Athletes and Buying a Home
Professional athletes, when it comes to owning a home, have always been in a temporary situation. There is always the chance that they will be relocated to another city through free agency or traded on a moment’s notice.
But these days, because of the recession and high rates of unemployment, home values have declined, moving your family into a new home, and selling your current home has become that much more difficult.
The economic conditions affect athletes just like they affect anyone else when you have property that you are trying to sell. Because of the current conditions and the difficulty of selling a home, many professional athletes have changed their feelings when it comes to home buying.
Most players now days have changed from buying to renting a home or condo in the city in which they play. A lot of players have learned their lesson, as they bought a home, and then they were traded or signed with another team as a free agent and they could not sell their home without losing a lot of money in the process, or ended up paying two or more mortgages. So they still own the home even though they are not living there.
It is not a good idea to buy because they can never predict how long they are going to be playing for a particular team and could be stuck with a piece of property that they never spend time in.
The best part is that many athletes who formally bought their homes and still own them because they cannot sell them at a fair price have started a word-of-mouth network and they will pass along news of possible rentals to incoming players. It adds a sense of confidence to rent to someone who is also a professional athlete and a smart business move.
The last thing a professional athlete wants to worry about is mortgages and loans and cutting the grass. Renting a home until their career is over and they can live somewhere without the worry of having to pack up and move at a moments notice is just the smart thing to do.