Are you stuck with a house that you can’t lease or sell? If so, you are not alone. In such cases, making the most of a bad situation can be a blessing in disguise. That’s where 3 Options Realty comes in to help you turn your property into a profitable investment. Our licensed property managers in Roswell, GA work with you throughout your ownership, helping avoid mistakes that most accidental landlords make. Here’s what to do when you inherit a house you can’t sell or rent out.
Before renting or leaving the property empty, take precautions to protect it from vandals and legal liabilities like squatters down the line. This includes updating your homeowners’ policy to a vacant property or landlord insurance policy. Standard home insurance may not cover rentals, leaving you unprotected when you need it most. Additionally, contact the bank holding the mortgage to inform them of the transfer of ownership. It is also important to transfer utilities to your name or directly to the future tenants to avoid inconveniences and additional expenses.
Before listing your property for rent, ensure it is clean and safe. Prospective renters are more likely to lease a property in good condition, increasing its marketability. Also, keep records of all income and expenses for accountability. Proper preparation not only includes cleaning and proper documentation but also putting the renter’s security deposit into a government-approved protection scheme for fair handling. This process can be overwhelming for landlords, especially without a reputable property management company on hand.
Managing tenants, collecting rent, and addressing plumbing issues during odd hours can be stressful and time-consuming. By hiring professional property managers to handle the heavy lifting, you can rest assured that your rental is in capable hands. A property management company typically charges 8-12% of the monthly rent, handling all the crucial aspects of owning and running a rental property. These include tenant screening, background checks, and legal evictions, so you don’t have to handle the heavy lifting.
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Read MoreRenters are protected by the law. With that said, you must follow local housing laws to avoid costly fines or even legal action. Property managers are always up-to-date on local and state laws, ensuring compliance without compromising the bottom line: turning a profit. Professionals work with licensed experts and schedule regular safety checks, such as annual gas and electrical inspections. Additionally, property managers handle finances and ensure rental income tax is settled, as well as deductible expenses like repairs, mortgage interest, and property depreciation.
Sometimes, multiple family members inherit a property but cannot agree on selling or leasing. If this is the case, you can reach an agreement and buy out the others and ensure they get their fair share of the home’s value. You can also rent it out and split the net rental income among all heirs. Whichever solution you choose, hiring a reputable property management company and attorney to facilitate an agreement that is acceptable to all parties.
At 3 Options Realty, we believe that becoming a landlord is a big step that requires careful consideration. If you are sitting on a property you can’t sell or don’t want to lease, the worst move is doing nothing as you figure things out. Whether the right call is to rent it out, sell it, or hold and reassess it, we can help you make the most of your investment. Contact us today to book an appointment with our experts and let our property managers walk you through the specific numbers to ensure you know what your options actually look like.
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