If you live in King County then you probably know that homes are selling high! If you do choose to sell, then you will get a good price for it. Unfortunately, with the high price of real estate, it might be a while before you end up actually selling your home. Homes in Seattle are retailing for an average of $350,000 to $750,000, and houses in surrounding areas like Redmond, Kirkland, and Sammamish are going for similar prices. Despite this, there are a couple of reasons why you might want to rethink the sale. Instead, why not hire a property management company in Seattle or Redmond to rent it out for you.
You Can Always Move Back
Houses are selling high and if you ever plan to move back, you’ll probably have to pay at least as much as you got for your new home. If you choose to hire a property management company to rent your home, then you can always move back and retake possession of your home whenever the lease is up.
Constant Source of Income
Even if you end up getting a mortgage and buying another home, you can use the rent money from your current home to pay the mortgage. While it’s not quite as nice as paying for a new house in cash, just remember that a rental is always a constant supply of money so long as you keep tenants in it. A good property management company will do just that, and will do background checks and screens so that you won’t have to worry about your home. If you end up renting property in a less expensive area when you move, the rental from your old home will cover your rent, and then some!
Rentals Are More Popular than Sales
With the high cost of buying a home, more and more people are turning to rentals as a more cost effective alternative. While many people cannot afford to purchase your home, they would probably love to rent it! That means getting someone in faster and making money sooner than you would with a sale.
Long Term Income
Even if you never move back to your Washington home, your property managers can make sure that you always get income from it. The Seattle area has the second highest rental rate in the nation, so you can guarantee that you will be getting money from it. While it can be hard to say no to a quick sale for $370,000, you can make that back in 12 years if you charge $2,500 a month in rent for your home. While that might seem high, some houses are going for $4,500 and up per month! With those rates, you can double that $370,000 within thirty years. While you could also make the sale and sell your money, keeping your property might be a better option when you think long term.
However, you do have to keep in mind that repairs, maintenance fees, background checks, and of course paying your property manager do reduce your income. If you want to consider how profitable it would be for you to rent your home, try having checking out our residential property quotes tool, or give us a call. If you do hire a property manager to rent your home for you, they can get you tenants, collect your rent, handle maintenance, and ensure that your tenants are upholding their side of the contract by taking care of your property.