When property owners ask us whether they should sell or rent out their property, we need to gather some information before we help them make their decision. It’s a big question, and we’d like to tell you how we handle it at Chesapeake Property Management.
Sharing Your Story and Situation
First, I will personally talk to you on the phone and not over email. I get a lot of emails where people want to shoot off a quick question – what should I do, how much does it cost, what are the pros and cons? But I really need to get to know you and your story. I won’t pressure you; I just want to ask you a few questions.
We’ll talk about where you are going, and how long you’ll be there. I will ask if it’s a contract job or something more long term and steady. We need to talk about why you are considering renting out your home – is it something that someone told you to consider or is it something that you truly want to do? I want to get to know you and your temperament because after 22 years in the business, I know that no two stories and situations are the same. Some people are ready to be a landlord and some people are just not cut out for it.
Researching Your Location
Then, I need to know your address and where you live. We don’t cover all areas in Maryland, and I want to make sure it’s in a place we serve. I also want to start researching the rental values in your community and the sales values. I always encourage people to be conservative with the numbers. This is a huge financial decision, and I want you to look at the conservative numbers so that extra money is a bonus. Don’t put yourself in the hole from day one. It’s important to see what’s happening in your sub-division and in your community.
Financial Situation
Next, I need to know your financial situation. This can be sensitive for some people but we keep everything confidential. I need to know what you owe on the property, whether you have one or two mortgages and whether they are current on in arrears. I’ll also ask how you’re doing with the condo association or the HOA. We’ll look at any violations and whether you’ve been paying the fees. That will help us determine whether we can sell it or rent it out or if there are things we need to clean up first.
By speaking directly to you and getting to know you and your story and looking at what’s going on in your community, we can lay out your options. So the question is not so much should I sell or rent my home, but it’s really can
I sell my home or can I rent out my home and what’s the best option for me? By working together, you can make the best decision for you and your family.
If you have any questions, or you’d like to start exploring your options, please contact us at Chesapeake Property Management.
