Should I Sell or Should I Rent My Parents’ Home in Sarasota, FL?

Whether you have inherited a piece of property from your parents or they have moved out of the home and into a nursing facility, you may be wondering – should I sell or rent my parents’ home in Sarasota? For most people, it’s a better idea to hold onto that property and rent it out. There are a number of reasons for why renting out the home is more beneficial than selling it right away.

Property Value

In the Sarasota market, property values are increasing. This is also driving up rents. In the current market, investors are buying properties more than they are selling. Most real estate financial analysts agree that home values will continue to increase, especially when the millennial population moves from renting to buying. There are always retirees moving to Florida and looking for housing as well. If you hold onto your parents’ home, you are likely to see its value increase over the years.

Asset Preservation

A home in Florida is a valuable asset to have. You or someone in your family might want or need the house in the future. With its outstanding climate and proximity to beaches, golf courses and other recreational opportunities, the Sarasota area is one of the best places to live in the United States.

Emotional Costs

Selling your parents’ home during a time of stressful transition can only add to the overwhelming nature of the situation. If your parents have recently passed away or they’ve had to move into a nursing home, there’s going to be a lot of stress, and adjusting to the change can be difficult for everyone in the family. Selling the property can be emotionally traumatic, while renting it out means your parents haven’t lost that home completely.

Rental Income

If you’d like to sell the property one day in the future, you can hold onto it for a few years and save up some rental income. This can pay for repairs or updates that might add to its value once you do put it on the sales market. The income can also be helpful if you’re paying for your parents’ long term care.

Always work with a professional property manager. A professional can help you find a qualified tenant, draft a legally enforceable lease, maintain the property and ensure all the laws and regulations are followed.

Contact Sarasota Management & Leasing if you still have questions about whether to rent or sell the property.