Long distance love affair with your rental property?
Are you having a long distance love affair with your rental property? Or maybe a love-hate relationship is more like it. So you bought a house, or two for an investment or decided to move out of state and instead of selling the home you lived in, you decided to rent it out. Then you moved out of state, perhaps to retire or make a career change, at any rate you now have to worry about renters. If you are an out of state rental owner, keeping up with your rentals can be a costly endeavor. Whether or not you use a property management company, you are still paying the bills and are responsible for repairs, etc. Now, there are new rental laws for tenants and landlords coming into play starting in January, so it may now be even more of a challenge.
Owning an out of state rental property can be extremely costly. Any house can be costly to own. Sometimes travel is necessary, unless you pay a costly management company. As we all know, renters come and go and it’s difficult to find a good one who wants to rent for more than a year. 30% of renters don’t stay more than a year as they have goals and aspirations of their own, or perhaps they are just at a temporary job or not sure what the future holds for them, nevertheless, they won’t stay forever, which means you are constantly working. Working on a home you never plan to live in again. Is it really worth it? And if you moved away to “retire” and you still own that rental home elsewhere, you are still tied down. No one wants to be tied down while retired.
Rentals also need constant repairs, yard-work, updating and TLC, which is another reason you will remain at your renter’s beck and call. Even a newer home can have problems and need maintenance upkeep and with new laws coming into affect, you may be responsible for a lot more than you bargained for.
Another good point is that traveling back and forth to your rental can be a drain on your bank account, along with time taken away from other things, like family, hobbies and fun travel. Some things to think about when thinking of selling your out of state rental home~~ you’ll save time and money and have peace of mind, along with cashing out that equity that you may need for more important things.
If you live out of state and are thinking of selling, contact us today or fill out our sell fast form at https://pdxrenovations.com/how-we-buy/ and we’ll get you a cash offer within one hour of viewing the property. If that doesn’t work for you, we have several other options that might, so give us a call today. 503-560-6620