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
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:
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.