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Undecided between buying and renting your home? Let your Kitsap County Property Management Company help you make the right decision.
For most people, a home is their biggest personal asset. Even if the home was purchased with the intention of occupying it, circumstances may arise that make it necessary to consider the option of renting or selling your home. There are good reasons to sell and good reasons to rent which makes the decision difficult. The wrong decision can potentially cost a homeowner a lot. This is why the input of a professional Kitsap County property management company before making a decision is important.
A property management company will have updated, accurate information about prevailing housing market conditions. This is one of the key factors to consider when deciding whether to sell or rent. While every case is different depending on individual circumstances and objectives, the following are some of the factors that a property management company will look at when advising whether to sell or rent.
One of the best reasons to sell is if the current housing market conditions are favorable. This would be a case where demand is high and prices have been appreciating in the recent past. In such a case, then it is a seller's market which means market conditions are favorable to sellers.
Even as you consult with a Kitsap County property management company, you would do well to undertake your own research and take a look at the numbers. One of the sources of accurate and updated information is HUD User. Governed by the US Department of Housing and Urban Development, this website contains national, regional, state, metropolitan and local data and analysis.
The National Association of Realtors (NAR) also maintains an updated database of national, regional, and metro-market level housing statistics. This website has data on the Housing Affordability Index, data on buyers and sellers by metropolitan statistical areas, and existing home sales among other useful information. Other credible sources of information are The Federal Housing Finance Agency, statista.com and The Public Records Online Directory that has a Property Data Store.
Should your research and information from your property management consultant indicate that it is a good time to sell, consider how much you would make if you sold. Ideally, you should make a good profit. Depending on your future plans, the amount you make should be enough to cover the cost of the home you plan to purchase. If so, you will have researched and had a good idea of what it will cost to buy your next home.
Another factor to consider is the condition of your house. If it is not in good condition, consider how much it would cost you to repair your house and compare this to what you would make. A buyer will carry out a property inspection before buying so it is important that everything is in good condition. If the house requires extensive repairs that will cost a considerable amount, it may be best to hold off selling or selling it as a fixer-upper which would mean selling for a lower price.
Again, depending on personal circumstances and goals, renting out your home rather than selling may be more favorable. One factor to take into account is that renting is one of the best ways to generate passive income while getting on with other financial pursuits and interests. Rental property is also one of the best investments because generally speaking, property appreciates rather than depreciates in value over time.
Before deciding to rent, you also want to consider whether you are ready to take up the responsibilities of being a landlord. Ideally, your tenant pays their rent on time and maintains the property in good condition. The reality is that there may be delays in paying rent, renters vacating without notice, or failing to maintain a property that was in good condition when they occupied it. This may mean confrontations related to evictions and footing the bill for repairs. The good news is that a property management consultant can handle this.
If you are considering selling or renting your house in Kitsap, Mason, Pierce, Snohomish, or South King County, take the time to consult with an experienced property management consultant. Kitsap County Property Management Company can make all of the difference in helping you make the right decision.