Why Should I Rent or Sell my Bonita Springs Property?
System - Tuesday, May 2, 2017
Bonita Springs owners often ask me this question: should I sell right now or rent my property out for the time being? There are a few things that will help you make that decision. Here are the things we recommend you consider:
Comfort Level with Renting
First, what is your comfort level in owning a rental property? We’ll discuss whether you have rented out homes before, and what kind of experience that was. Think about whether you used a property management company and whether that was a good experience.
You’ll also need to look at whether you need the cash right now or whether you can hold on and let the property value grow for a while. Think about what type of property this is for you. The decision will be impacted by whether this is your primary residence and you’re moving on, or it’s a second home and you’d like to travel more and enjoy your freedom. Or, perhaps it’s a straight-up investment property and you’re trying to maximize your returns.
Expenses and Market Factors
We will need to consider the amount of your mortgage, and how much your Bonita Springs rental property will cost in taxes and insurance. Then, we’ll take your potential rental income and figure out your net income on a daily basis. We’ll have to determine how long your property would be on the sales market and how much you would ask for it. The age of the property will impact how much you can sell it for. Air conditioners and hot water heaters may need to be replaced, and there could be some things you need to do before the property is in sales condition or more rentable.
Bonita Springs Property Management
When you’re deciding whether to sell or rent, you’ll have to think about the economy and wrap your head around where the market will be in two to five years. Ultimately,
you’ll know what fits best. We can guide you through the process and share our expertise. At Encompass, we are your one stop shop for real estate needs, whether you’rerenting or selling. We provide great customer service and develop long term relationships.
If you have any questions about your Bonita Springs investment property, please contact us at Encompass Property Management. We serve Naples, Bonita springs, Estero, Fort Myers, and Cape Coral, and we’d love to help you make this decision.
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