Selling a home in New Jersey can be profitable and rewarding, but it can also be frustrating. The success you have selling your property depends on the market and your immediate needs and goals. If you’ve spent a lot of time maintaining your home, staging it for marketing purposes, and creating an attractive listing, you expect the offers to be instant.
Sometimes there’s just too much competition on the market or a less-than-enthusiastic pool of potential homebuyers in strange economic times. Sometimes, you just can’t get the price you want.
If you’ve already identified another home that you’d like to move into, or you’re relocating out of the area and you’re feeling nervous about how you’ll do that without selling your current home, we have another option we’d like to recommend. You could rent it out.
Rent Until the New Jersey Real Estate Market Improves
Instead of leaving your house vacant on the sales market, take control of the situation and earn some income. You can find and place some great tenants, so that at least you’re earning rental income and defraying maintenance and utility costs.
When you rent out a property, you can earn money on your asset right now, and over time that home will also continue to appreciate in value. You’ll build more equity. When the market is a bit stronger in a year or two or even five years, you’ll be able to sell for what you want and make more money on the sale.
Renting Keeps you in the Market
The housing market in New Jersey is always competitive, with prices rising every year. By renting out your home when it doesn’t sell right away, you’re able to keep a valuable asset that’s only going to grow more valuable.
We work with a lot of owners who leave the state for a new job, for school, or for another opportunity or responsibility. If you want to return to New Jersey in a few years, you might find that you’re completely priced out of the real estate market. It could require a lot more capital to buy a home here later on. But, if you’re renting out the home you already own, you’ll still have that investment here. You can sell it in order to buy something else or you can move back into it.
Renting out the property gives you these options.
Professional New Jersey Property Management
If you’ve never been a landlord before, you may have some hesitation. You know you’ll have to find tenants, screen applications, and handle questions about leases and security deposits. You don’t have to be a full-time landlord if you don’t want to be. Professional property managers are able to protect your home and deliver peace of mind. A good management company will help you prepare the property for the rental market, advertise it to potential renters, and screen applicants thoroughly to ensure you’re placing someone who will pay rent on time and take care of your home.
Once a tenant is placed, your property manager will collect rent and deposit those funds into your account electronically. There will be regular maintenance performed, emergencies responded to, and a careful tracking of income and expenses. You’ll be able to view all statements, invoices, inspection reports, and tenant communications.
If you’re having trouble selling your home, we invite you to contact us at KeyVest LLC. We can help you find a better way to earn money on your property.
