Should I Keep or Sell my Mother’s House

it’s super outdated and needs work but it’s a really nice house?

My Mom’s house around Tryon is sitting empty. Not ready to sell it, not crazy about strangers living there. Extra income would be great, nervous about potential problems.  Need help deciding what’s best.  

If you decide to rent, you could realize a new source of income. If you decide to sell, selling allows you to use the equity to help purchase your next home or renovate your current home. Wanting to keep a property in the family if you love it is not as clear of a choice as it used to be. Whether you sell or rent you need to consider things like what shape is the AC/heating unit, the roof, and other high expense items.

The Tryon area is no longer isolated, and everybody wants to live here so selling is at a premium, yet you may want to have it for yourself one day, so what are some of the things to consider?

If You Decide To Rent

Whether or not you live close to your mother’s house your first consideration will be self-management or property management. Self-management may save you money, but property management will save you time, effort, and stress, ensuring things get taken care of quickly and professionally. There is a lot that goes into being a landlord, understanding housing laws, managing repairs, running market analyses, and being a people person – that’s a lot of hats to juggle!  

An experienced property manager usually has a team of experts to manage both big repairs and day to day issues such as plumbing, or appliance failure. Property managers can help you navigate the basics and the details of renting:

·         How much would it cost to prepare the property to rent for the most money?

·         Furnished or unfurnished?

·         Short term rental or long term?

·         Rental rates?

Short Term Rental

If you want to reserve time to come stay yourself sometimes then short term through a vacation rental hub like Airbnb would be an option. Short-term renting can generate much higher returns and be more profitable for homeowners than traditional renting, especially in areas like Tryon where tourism is popular. Tourists are becoming more interested in experiential personal properties over pricey hotels for their short-term stays. Things an experienced property manager can help you to consider are:

·         Local regulations

·         Hospitality and income taxes

·         Insurance

·         Landscape maintenance

·         Cleaning between rentals

·         Proper furnishing

Long Term Rental

Long-term rentals require less attention, so managing the property requires less time and effort. In addition, the less frequent resident turnover means lower fees associated with management, less advertising to keep the unit occupied, and all-around less work associated with the property.

·        Furnished or unfurnished,

·        Consistent income

·        Lower maintenance costs

·         Lower operating costs

Summing it Up

Whether you decide to go short term or long term, property managers can save you a lot of time and energy. Property managers exist to make landlords’ lives easier. Property managers are professionals with the legal and operational knowledge necessary to keep a rental property running smoothly. When a tenant has an issue in the middle of the night or an amenity that needs immediate fixing, a property manager is the one that gets the call and then get the necessary services in place. They have the experience and resources necessary to handle typical landlord issues and also ensure:

·         The screening process complies with Fair Housing Laws,

·         Handle marketing

·         Collect rents

·         Put security deposits in the right place

·         Handle legal documents or other processes necessary

·         Deal with unruly tenants or awkward situations

If You Decide To Sell

This is where an experienced real estate agent can be your best friend; they have their fingers on the pulse of the market. They know what most influences prospective buyers. They can guide you to make those repairs and updates that will pick up the most return on your investments.

·         What is the market value of the house today and is that value likely to increase, decrease or stay about the same in the near future?

·         What shape is the house and property in?

·         How much would you have to spend to get it sold for the most money?

·         Closing costs such as attorney fees, transfer taxes and such

Around Tryon Properties is your one stop shop for helping you best manage your mother’s home, from selling to short or long-term rentals the personal service you’ll get will help you make the best decisions for your family. Call today!

We can rent your empty house! Our rentals go fast so we alway have a backlog of nice tenants waiting to find unique properties that fit their criteria.

Around Tryon Properties has 20+ years of experience with an invaluable local support team to manage everything from sorting the cream from the clutter to installing new HVACs and furnishings, lawn maintenance and most importantly, finding the right match between people looking for temporary or long term homes around Tryon.  Call us to talk about your needs and situation! We can help.