Should You Rent Your Home?
The scenario: You find a great job in another state. Do you sell or rent your home?
Think about reasons for maintaining ownership. Do you want to keep the home in case you ever move back? Are you looking for a tax break through property depreciation? Do you want the home as a retirement investment? On the other hand, are you prepared to be a long-distance landlord? There are other costs involved as well, often running 30-40% of income before the monthly mortgage cost. Learn about housing values in your area. Is now an ideal time to sell?
If you decide to rent your home, where do you start? Get the house in shape, including interior and exterior painting and patching, carpet cleaning, appliance tune-up, ensuring adequate insulation, and fixing what needs fixing. We're happy to help you establish rental prices in your area, or you can research online at popular sites like Hotpads.com or Zillow. Don't overspend on upgrades! Renters can be hard on a property and fixing expensive upgrades again and again is painful! Be economical in your design choices, and as neutral as possible to appeal to the masses.
It’s not essential to hire a property manager, but it can make life easier, especially if you move out of the area. Interview at least three companies. Ask about accreditation, customer service, references, screening, experience, vacancy rates, maintenance, monthly reporting, handling evictions, insurance, fee structure, dealing with prospective buyers, inspection of the property, and any special services. Call us for a referral. We're always happy to help!