Thinking about renting out your East Bay home instead of selling it?
Before you hand someone the keys, make sure you know what you’re signing up for…. Because the rent you collect isn’t the money you keep!
I can understand why renting sounds attractive. You collect rent, keep the property, hope it goes up in value and wait to sell later. But there’s a problem with that strategy.
Hi, I’m Tanja Odzak, Realtor with eXp Realty, helping people sell and buy homes right here in the East Bay for the last 10 years!
You have to calculate all of the expenses and factors that take money out of your pocket. That includes a vacancy factor. Insurance. Repairs. Property management. Tenant turnover. Proper vetting of tenants and leasing. Unexpected damage. And maintenance can get expensive fast! That little shower leak you would’ve caught? A tenant may not mention it. Suddenly, a small repair becomes a much bigger bill. All these things add up, and the rent you think you’ll get, turns out to be much lower.
And here in the East Bay, there’s another layer you need to think about.
Depending on your city and property type, state and local rules may affect rent increases, notices, tenant protections, and what happens when you eventually want to sell. That could have you writing a big check to your tenants to get them out.
These are all things I want homeowners thinking about before they become landlords, not after.
Because when you’re ready to sell, a tenant-occupied property can also be harder to prepare, show, and market to the widest pool of buyers. They also typically sell for much less (if they sell at all).
So if you’re debating whether to rent or sell your East Bay home, don’t make the decision based on the monthly rent number alone. Let’s run through both options.
I’m Tanja Odzak and I’ve sold $100 Million Dollars worth of homes and have a decade of experience, Reach out to me today and I’ll help you look at both sides of the decision before you make the call.