Converting home to rental more difficult

The housing market has been as uncertain as the next monthly unemployment figures. Families have put home purchases and remodeling projects on hold, waiting for a positive sign in consumer confidence -- or an upward, consistent move in the stock market -- to make a big-ticket decision.

A friend of mine, whose two daughters are grown and gone, would like to remodel a home in the neighborhood, sell his present residence, and then move in to the remodel. Given the present conditions, he doesn't feel he can do either. He's uncomfortable with investing a ton of dollars on the remodel that he may otherwise need for day-to-day expenses, and he's afraid there's already too much inventory now on the market to list his home for sale.

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