Deciding whether to rent or sell in Boise when you have a property that you’ll no longer be living in is a big decision. It really depends on how long you want to hold onto the home and whether you want to have your house available to you a few years down the road. If you’re relocating, you might come back and you’ll need a place to live. On the other hand if you have no plans to live in that house again and you don’t want the responsibility of taking care of it while you’re gone, selling it might be the best option for you.
A piece of property is a great investment, especially a single family home. There is not a lot of risk involved in owning rental property and you can expect a pretty high return on your investment. However, being a landlord is difficult and time consuming and it’s not for everyone. If you feel like you’d be unable to leave it in someone else’s hands or you’re prone to worrying about its condition and its value, you might want to sell it. Even the best investments aren’t worth a lot of additional anxiety.
Professional Property Management
If you decide to hold onto your property, you don’t have to do everything yourself. You can count on the experience and expertise of a professional property manager. Check out the membership listings at the National Association of Residential Property Managers, or NARPM. This association holds its members to high ethical standards. They also provide ongoing training and education so that all their property managers are up to date with fair housing laws and other requirements in the industry. If you visit SWIdaho.narpm.org, you can find a listing of local property managers who are knowledgeable in all the local laws and regulations, including lead paint laws and landlord tenant laws.
Analyze and Evaluate
When you’re deciding whether to rent or sell, take the time to analyze your options and evaluate which course of action would work best for you. Take a look at your tax consequences as well as your estimated rate of return. Using hard data instead of emotional responses can help you make the best decision.
Contact Greater Boise Property Management if you need help deciding what to do with your property or how to understand the hard data that explains what you stand to gain and lose by selling or renting.