If you’re thinking about renting out your property because you’re moving out of the state or out of the country, you want to ask yourself some questions before you go forward.
Tolerating Risk When Renting Out a Home
Honestly assess your current risk tolerance. Are you ready to let someone else live in the property as a renter, and not a purchaser? Think about whether you’re planning to come back to California. If you are, keeping the home and renting it out is definitely a good idea so you’ll have a place to live when you return. Or, you can sell the home when you come back, and buy a new one.
Dealing with Emotional Detachment
Make sure you can detach emotionally from the property and treat it as a business. As soon as you turn your home into a rental, it becomes a business, and you need to make business decisions. Your decisions and choices cannot be based on emotions just because it’s been your primary residence for the last several years.
Prepare for Market-Based Pricing and Repairs
You also need to consider the pricing. It’s a mistake to expect the rental amount to match your mortgage payment. The market will dictate a rental price for your home, and it will not necessarily correlate with what you pay for your mortgage.
Repairs will also be necessary. You’ll need to invest in maintenance before the property goes on the market and during the course of a tenancy.
Working with Professional San Ramon Property Management
Can you let your property managers take care of the property, or will you micromanage every decision that’s made for you? You hire a professional management company to do a job – so let them do that job. You wouldn’t tell your doctor what to do, and it works the same way with property management. Let us work for you.
If you’re going to be over-sensitive every time there’s a repair that needs to be made, being a landlord might not be right for you. Properties can need maintenance at any time. If you have lived in the house for many years, you know that things break. The same repairs will be required once a tenant moves in.
Please contact us at Windsor Pacific Property Management if you have any questions about renting out your home or if you need help with San Ramon property management. We serve San Ramon, Danville, Dublin, Pleasanton, and surrounding areas.