Before You Decide To Lease Your Home…
March 11th, 2009 Categories: Real Estate Tools, Tips & Tools
The Washington Post takes a look at the pros (and cons) of leasing out your property in today’s market, rather than selling. The article makes a number of good points about how to find and screen tenants, whether to use a leasing management company, and tax advantages you can gain from an investment property. One thing we’ll take exception to, though, is the idea that you should shelve your plans to sell your existing home and buy something larger (or that otherwise better fits your needs) until prices rise again. For one thing, you can’t know exactly how long it’s going to take for the value of your home to rise above what it was when you purchased it — and why put your life and needs on hold indefinitely? Second, and equally important, is the fact that though you may be selling your existing property for less than what you perceive as its “value” — you’ll also be buying your new home at a far lower value as well — so that when home prices do rise again, your net gains would be higher on the higher-priced home. The bottom line — do what’s right for you!
If you have interest in leasing out your property, don’t hesitate to contact me.
You second point is lost on many people. It is the old the “Lord giveth and the Lord taketh away”.
Aloha,
Keahi
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