Today we are talking about what you should do with your parents’ home, and this is a topic that comes up frequently. We often get calls from adult children with parents who are getting older and looking to downsize, move into an assisted care facility or choose another type of living situation. Unless a family member has been waiting to move into that property, there is often discussion about whether it’s a good idea to sell it or rent it out. Sometimes, there is a bit of an emotional struggle between those two options. It can be hard deciding what to do.
There is often an attachment to that property, especially if it’s the home you grew up in and the place you spent your childhood. It can be hard to let go and sell that property. At Leading Properties, we often recommend to clients that if they don’t have to sell the property, they shouldn’t. Renting it out is a great option and when a professional property manager helps you out with collecting rent, maintaining the home and finding really excellent tenants, you don’t have to worry about the house at all. You can keep that house you are emotionally attached to and collect rental income while tenants live there.
Benefits can be found in selling as well. It’s not a bad time to sell in San Francisco, and you have to remember that the house will never look as good as it does right now. If it’s vacant, it’s probably clean and empty and in good shape. Once a tenant moves in, there will be unavoidable wear and tear on the property. Tenants often have a different attitude about the property, and even the best tenants probably won’t treat the place as well as your parents did. It’s a different mentality because the tenants know they are only renting, and they have no reason to treat the house as if it is their own.
If you’re having trouble deciding whether to sell or rent out your parents’ home, please contact us at Leading Properties. We’d be happy to discuss your options further and help you come to the right conclusion.