What Should I Do With My House

Posted on

May 10, 2012

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Colorado - Denver Metro , Colorado - Denver North Metro , Colorado - Denver South Metro

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As the time comes to enjoy your retirement or assisted living community, one of the most common dilemmas for you or your kids is what to do with your house. Everything around you is changing; the last thing you should worry about is selling your house. The market may not even allow the sale of your home. The market has been declining over the last several years and days on the market can be long. You may not even have any equity in it and have to bring money to the table just to get it closed. Maybe the house is your only investment and you want to keep it. At some point in time, the market will surely rebound, but how long will that be? One of the best options may be to rent your home. If not for you, maybe for your kids.
Rental property vacancy rates are close to record lows!
The Denver and surrounding areas are experiencing record low vacancy levels and the housing rental market is as strong as it has been in years. In many cases, you can rent your home for more than your mortgage and actually make a little money. How nice would it feel to not have to sell your home and actually make money on it.
Relieve the stress and rent your home!
With all that is going on in your life, the last thing you want to do is be a landlord. This is why you hire a qualified property management company. Many people know this market is booming right now so everyone is getting into the business. Be careful and do your due diligence. You should look for an established company and someone that has rental experience. It doesn't hurt if they own some of their own rental properties. Make sure they are insured, do credit and background checks on all potential tenants, and have the ability to take care of all maintenance issues. They should be partnered with an attorney in case of evictions or keeping up with new laws. Ask how they handle the maintenance issues. Some companies up charge you for the services that are rendered. Make sure the property manager has to get your permission to do repairs over a certain dollar amount. Finally, make sure you have an agreement in writing. A good property manager can help you make the most out of your rental property. In this market, it may be good idea to rent your property, but make sure you hire the right property management company.
Renting your house is a great solution for the short and long term.
Editors Note: This article was submitted by Lance Becker and Tim Emery of Investment Strategies Property Management Services. They may be reached at 303-770-2409 or by email at lbecker@stixandstones.net . Visit their website at www.stixandstones.net

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