The process of selling or renting a home can be quite stressful as the home is one of the largest investments an individual makes in their lifetime. Selling a home in a declining market can lead to losing money while renting to the wrong people can lead to headaches as well as a loss of money. The best thing that can be done is to research the housing market as well as doing a thorough check on potential renters. This proactive approach can allow you to avoid issues in the future but there are some that still might arise. The following are problems that you can encounter when trying to rent or sell your home.
Home Inspection Reveals Expensive Problems
Getting a full price offer on a home you are selling is the goal of every seller. The home inspector is then going to come in and do an assessment of whether everything in the home is in working order. An issue with a roof needing to be replaced can cost copious amounts of money that you might not have. There are home repair companies that will take money after the home is sold if there is a solid offer on the table. Another option is that of lowering the asking price or covering something like the closing costs or leaving all appliances in the home.
Renters Refusing To Pay
Handling renters yourself can be a nightmare so often times it is better to allow a property management company to deal with them. These companies will take care of renting out your home, collecting rent, and doing the right background checks on renters. The last thing that you want is a renter that refuses to pay and ties you up in court falsely accusing you of breaking the lease terms. Property management companies take much less of the rental income than you would think. They even might price the property higher than you would have so you make the same amount of money without all of the work even when subtracting their fee.
Current Renters Damaging Home
There are always going to be problems once in a while when you are renting and these issues are discussed by the Housing Gurus extensively. Renters that are not taking care of the property and damaging it need to be evicted and the process should start immediately. This does not mean to evict renters that are living in the home and the home has a few scuffs on the floor or walls. This is considered regular wear and tear but those people who are putting holes in the wall or letting their pets urinate on the floors without cleaning them need to be put on notice. Unfortunately in some states you might have to wait a few months to get your home back but that is the law. The importance of taking pictures on the move in day could not be stressed enough as the excuse that damage was already there will not be acceptable.
Dealing with selling a home or renting it out needs to be done carefully to avoid any issues so make sure to maintain the home before thinking about putting it on the market for sale or rent. The last thing you want is to sell the home for less than you bought it for due to lack of maintenance and allowing the home to deteriorate!