Trying to sell a Brentwood home can be frustrating, even in a strong market. Perhaps you’re having trouble attracting buyers because there’s so much competition. Or, maybe you can’t seem to get the price you want.
When your home isn’t selling, you have to keep up with the costs of owning and maintaining it. That can be a huge financial drain and a source of stress, especially if you’ve already purchased another home or identified one you’d like to buy.
At Parks Property Management, we can offer you a solution: why not rent out your property? Today, we’re explaining why that makes sense to many owners.
You Keep an Asset in an Expensive Market
Everyone knows that California is an expensive market to enter, especially in Brentwood and the greater Los Angeles area. Keeping your home will allow you to enjoy the benefits of owning real estate without a lot of the expenses included in buying it. If you’re moving out of town for a while, you’ll have a property you can potentially move back into. Even if you’re staying local and buying something else, you’ll still have this great investment that’s worth a lot of money.
Renting out your property when it doesn’t sell allows you to maintain flexibility and enjoy various options. If you decide after one year that renting it out isn’t for you, it’s possible to sell then. You don’t have much to lose when you’re renting out your Brentwood home.
Tenants Contribute to Your Expenses
Not only do you get to retain your asset, when you’re renting out a property, your tenants are helping you to afford the investment. They are paying rent and keeping it maintained. You don’t have to worry about the risks and expenses of vacancy. Instead, there are people living in the home and keeping it clean and in good shape. Meanwhile, they’re paying down your mortgage and helping to cover the costs of taxes, insurance, HOA fees, and other homeownership costs.
Real Estate Only Increases in Value
Appreciation is easy to count on in California. Your home will almost certainly be worth more in a year, five years, or 10 years. Selling it now would require you to maybe earn some money, but not as much as you’d earn with a few extra years of equity.
Unlike your stocks and mutual funds, the Brentwood home you’re renting out is a tangible asset. It provides housing and it will always exist, even as the market rises and falls. Renting it out will earn you more money.
If you’re worried about the headaches and hassles that come with being a landlord, we understand. Using a professional Brentwood property management company will ensure that you don’t have to do anything. Your property managers will find a great tenant, collect rent and deposit it into your account, and protect your investment.
We’d love to tell you more about why renting out a home helps you financially. Please contact us at Parks Property Management, and we’ll talk about the earning potential for your specific home.