Need to sell you current home? Need more space? Smaller home? Relocating to
a new area? Unable to get the price you deserve for your property? Should you try renting your home rather than
selling?
The real estate market is definitely not a seller’s market
right now. It may be more financially beneficial to hang on to your old home
and rent it out until the market rebounds. New home builders are renting out excess
inventory. Realtors have turned to renting to help sellers get through this
tough market. [i]
So how do you decide if renting is the
right option for you?
Consider the advantages and disadvantages:
Advantages to renting your home
- Gain cash income
- Prevents you from having to take a fire-sale price on your home
- Allows you to continue to pay down your debt
- Take advantage of several deduction allowed in our tax code*
- Higher number of renters in today’s market place
Disadvantages to renting your home
- Have a bad tenant nightmare
- Become confused by local code and ordnance compliance
- Expend money on property maintenance
- Confusing bookkeeping
- May not be able to get a second mortgage by conventional means
Finding a qualified residential property management company
to manage is the best way to minimize your risk. A property management company is
not emotionally involved with your home. As such they can provide clear
recommendations and guidance. Some of
the services provided by a professional property management company are:
- Tenant Screening
- Ensure compliance of local codes and ordinances
- Provide property maintenance services on a budget
- Simplified book keeping records
Lehman Property
Management offers a free rental market analysis to help you determine if
renting your home is a good fit for your circumstances. As a member of the National Association of Residential Property
Managers (NARPM®) they subscribe to a code
of ethics that will ensures you are in good hands.
*As with any new venture, it is always a good idea to
consult a legal and tax professional to make sure you understand any legal or
tax implications.
