Inheriting a property presents you with a lot of options, especially in a real estate and rental market like the one we have in Bradenton, Florida. With the sales market as hot as it is, you can sell that property and earn a lot of cash right away. Or, you could keep the home as a vacation property that you use a few times a year and then rent it out in the short term when you’re not using it. Bradenton is an ideal place for retirement; maybe you’ll want to rent it out to long-term tenants now and then revisit the home when you’re ready to retire.
As you can see – lots of options. When you’re trying to decide whether to sell or rent that investment property, talk to a Bradenton property manager about what you can expect in terms of income, expenses, and value.
Here are some of the things we ask our own clients to consider when they’re not sure whether they should sell or rent.
Sell Your Bradenton Home for Profit
When the sales market is as strong as it is now, you definitely have an opportunity to set the price you want for the home you’ve inherited and see what kind of offers you get. They’re likely to be high.
Selling can be your best option if you need some money right now. You’ll access whatever the home is worth minus anything that’s still owed on it. This is an attractive option for any owners who need an immediate influx of cash.
However, if you don’t absolutely need the cash or if the home doesn’t have the equity you’d need to really make some money, renting it out is perhaps a better idea.
Rental Income and ROI on Bradenton Investment Homes
Renting out your Bradenton property promises several financial benefits that might outweigh what you can earn on the sales market. For starters, you can expect consistent rental income every month. You also have this asset which is continuing to grow in value, promising a good sum of money if you decide to sell in a few years or a decade.
There is always a high demand for well-maintained homes in the Bradenton rental market. You’ll have a strong pool of tenants, and if you’re not sure about renting in the long term, you can consider a short-term or vacation rental.
Selling vs. Renting and Tax Liability
Renting out a property requires you to declare the income you earn, but you also have a lot of deductions and write-offs at your disposal. You can deduct the home’s depreciation, which is pretty generous by IRS standards, and you can also deduct any expenses associated with the home, such as maintenance and professional services like accounting, legal fees, or property management. These write-offs help to reduce your overall tax liability.
Bradenton Property Management Services
Selling is better for you if you’re emotionally attached to the property you’ve inherited, and you don’t think you’ll be able to treat it like a business.
Or, you could hire a professional Bradenton property management company to take care of all the details so you don’t have to. This makes sense for you when you decide to rent instead of sell. The laws are always changing, and it’s time-consuming to keep up with tenants and their needs. Managing on your own can be difficult, and it’s easy to make an expensive mistake. Property management is a valuable service, and one you should consider if you decide to rent that investment rather than sell it.
We’re here to help you weigh the rewards and challenges of each option. Contact us at Anchor Down Property Management.