Property Management Blog
What Do I Do with My Parent’s Single-Family Home in Rio Rancho?
There’s no quick, easy answer to this question. A family home holds many memories, and that can make decisions about changes in ownership emotional and challenging.
It really comes down to researching the options and deciding which one is best for you and your family.
What Are My Options?
You’ll need to decide whether you want to sell it, lease it out, or move another family member into it. Each one of these solutions will require certain upgrades if you wish to get the most from the transaction. Even moving another family member into the home could necessitate updates if you intend to sell it years down the road.
One of the biggest mistakes a homeowner can make is not maintaining and updating the home properly. Whether you’re selling or leasing, you’ll need to refresh certain items before putting the home into the rental or real estate pool.
When is Leasing a Good Solution?
If the home is owned outright, you might not want to sell it. Find a professional property management company to handle rent collection, tenant complaints, the applicant screening process, and evictions. This takes the pressure off of you and puts extra income in your pocket every month. The right company will also identify maintenance issues and get things fixed, so your home’s value stays intact.
When is Selling a Good Choice?
When there’s a lot of updating that needs to be done, you may want to sell. We’re talking about moving multiple walls ore repairing old water issues. Whether you sell or lease, you’ll want to paint, replace old flooring and countertops, and add new appliances. However, big renovations are not usually fun to tackle, and selling to someone who wants that kind of project may suite you better.
Adult children who cringe at the idea of watching someone else live in their parent’s home are also good candidates for selling. Tenants can put added wear and tear on a property, and that can be disheartening to see. Your tenants aren’t doing anything wrong. They just aren’t the owners of the property and will have a different outlook than you. Selling allows you to keep your memories in place and pass on the home to a new family who will care about it.
Want More Information About Leasing Your Home?
If you’re trying to make a decision about whether to sell or rent your parent’s home, please give us a call at 505-323-2104. Tyson Property Management has more than 20 years of management experience to put to work for you. We can speak with you about your options and help you make the right decision for your home.
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