When you inherit a property, it will be an emotional time for you. However, you have an important decision to make. Do you want to sell the property, do you plan on moving into the property, or do you want to rent the property? Today, we’re talking about what to do with an inherited property, and why you might want to focus on renting.
Insurance and Financial Considerations
You’ll have to settle all issues on outstanding debts associated with the property. You’d have to do this if you decided to sell it as well. If you decide to rent it, you will have to change your insurance policy on the property in case there are issues with your tenant or with the property.
Working with Professional Property Management
When you decide to turn your home into a rental, you should consult with a professional property management company. We would be happy to work with you at Crest. As a management company, we can help you avoid the nightmare scenarios you often hear about when it comes to rental property. You won’t have to worry about phone calls at 2:30 in the morning when a tenant has a toilet that’s backed up. You won’t have to deal with maintenance or pet issues. We will take care of everything that goes with managing a property. We will take all of that off your hands so you can enjoy your inheritance.
Tenant Placement and Leasing
You’ll have to commit to the proper upkeep of the home, and if you’re not capable of doing it yourself, we can take care of it for you. We’ll conduct routine inspections of your property so we know that your tenants are maintaining the home. We’ll also help you select a tenant. At Crest, we always look for someone with the means to pay rent, and someone who is likely to stay in your property for the long term.
Basically, these responsibilities are handed over to us when you hire us as your property manager. We’ll also handle 1099s, and take care of any tax issues, including the transaction privilege taxes with the city in which your property is located.
Our services are pretty reasonable in terms of costs. That’s something we’d be happy to discuss with you.
When it’s Time to Sell or Move
One of the challenges you will have as the owner of the property is that you may think you’ll want to move into the property later, or sell it. That’s not a problem. When you’re ready, inform us within the time reflected in your management agreement.
In the meantime, enjoy some extra income for you and your family by renting out the home.