Dec

8

Before You Sell, Have You Considered Renting?

Written by: rebecca and filed Under Blog, Real Estate |  

rent-vs-sell-choices We all know that the Seattle real estate market has been shifting and changing over the past few months. From Seattle to Issaquah, Bothell to Renton and everywhere in between, homes and condos are taking longer to sell and sellers are not being able to command the same kind of premiums as they once used to. This is not to say that ALL homes won’t sell quickly and for at or near their asking price. But those scenarios are becoming harder and harder to find as buyers are in more of a position of power than they once where. One way to get through these challenging times is to consider whether or not to sell, or if renting is a viable solution for you. A few things to think about when weighing your options are:

  • Does the mortgage you have allow you to rent out your property?
  • If you live in an area with an HOA, will they allow you to rent out your property?
  • Will rent cover your holding costs? If not, can you afford the difference?
  • Can you handle being or afford to hire a landlord/property manager?
  • What type of insurance coverage should you have?

In the recent months, I have had several clients that have chosen to rent out their properties for the time being and with plans to re-evaluate selling once the market is more favorable for sellers. With proper planning and a sound strategy, we have been able to reap the rewards from this choice.

If you are in a similar situation, maybe it’s time to consider if this could be the right choice for you. Just make sure that if you do decide to rent out your home, that you are prepared to do the proper due diligence to make sure you are protecting yourself and what is probably your largest asset. Screening potential tenants for the best possible fit, abiding by fair housing regulations and laws, and having adequate insurance are just a few things you will want to make sure you do to protect yourself.

If you think this might be a good solution for you and need help wading through all the details, feel free to shoot me an email - I would be happy to help.

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Rebecca Kuno
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