Inheriting a Family Home

Marin County has seen some dramatic demographic shifts over the last few years. For example, the average age of a Marin resident is now over 60 years old. We’re always talking to people who have inherited the home they grew up in. This can create a lot of wealth for you.

You don’t have to live here to know that entering the Marin real estate market can be pricey. If you already have an asset in hand, it’s in your best financial, and often emotional interests, to hold onto that property. Renting the home can be a better option than selling, and our Marin County property management services make it easy for you. We have established strong connections with companies to help pack and store the possessions in the house and can help facilitate this process.

Prandi Property Management provides leadership, resources, and experience to owners and investors renting out their inherited properties. Find out how much you can earn on your home when you choose to rent it instead of sell it. Then, we’ll be here to help you lease, manage, and maintain that investment.

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Leasing your Inherited Property:
Financial Pros and Cons

If you’re in need of some quick cash, selling the home obviously makes sense. While renting it out is going to earn you stable long-term returns, you won’t see the investment wins right away. When you need a healthy influx of cash to send a child to college, make a down payment on a home of your own you want to buy, or make some other purchase or investment, renting out the home you inherit isn’t your best option.

However, if you’re interested in earning some monthly rent and you have the time to allow your inherited property to grow in value, renting it is a smart financial move. You’ll earn more, and you’ll have a tangible real estate asset as a foundation in your portfolio.

You’ll also earn tax benefits. Selling a property often comes with capital gains taxes. Renting it out can actually ease your tax burden. As a rental property owner, you can claim depreciation on your investment, and you can deduct for expenses such as:

Maintenance
Property management and other professional fees
Travel to and from the property
Mortgage interest and property taxes
Advertising, insurance, and utility costs associated with your rental

After a few years, you might want to leverage the value of your investment to buy other properties. You can continue to build your investment portfolio or sell the home you inherit through a 1031 exchange, in which you defer the taxes you’d pay when you buy a similar property or properties.

We offer expert property management in Marin County neighborhoods.

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Leasing Your Inherited Property:
Emotional Tolls and Triumphs

Selling the home that’s been in your family for years is difficult. It’s hard to let go. That’s another good reason to keep it. You can rent it out and then it’s still in your family. Maybe you’ll even pass it on to a child of your own or a niece or a nephew.

Sometimes, owners worry that they’re too attached. They wonder how they’ll be able to treat the property as a business instead of a cherished family home. We understand. It might be difficult to find a tenant you can imagine sleeping in your old bedroom. You might be critical of how the residents are caring for the rose bushes that your mother always loved to water.

There are many memories tied up in your property, and that’s why a professional Marin property management team is so invaluable. We’ll be the buffer between you and your investment. You can hold onto the treasured family home while we manage the tenants and the day-to-day activities. We know how to treat the property like a business, and while we’ll treat the property like our own, we won’t be as emotionally attached as you are.

If you’re still not sure of how to handle inheriting a family property, contact our team at Prandi Property Management. We can make a difference.

Working with Marin rental properties in zip codes 94945, 94947, 94948, 94949, and 94998.

“EXTREMELY SATISFIED”

Thanks again for all the terrific work you do. It gives me real peace of mind to know that you are taking care of everything. We’ve been extremely satisfied with your management of our property over the past 7 years.

Susan M. | Single Family Home Owner

Areas We Serve

Southern Marin

✓ Mill Valley
✓ Sausalito
✓ Tiburon
✓ Belvedere

Central Marin

✓ Corte Madera
✓ Larkspur
✓ Greenbrae
✓ Kentfield
✓ Ross
✓ San Anselmo
✓ Fairfax
✓ San Rafael

North & West Marin

✓ Novato
✓ West Marin

Working With Us In San Rafael

A view of downtown San Rafael in front of the sweeping landscape of Mt Tamalpais, where PRANDI offers expert Marin property management

Welcome to San Rafael, a lively, urban environment with all of the comforts of a small town. San Rafael is home to some amazing architecture, such as the Mission San Rafael Arcángel (the 20th of California’s 21 Missions) and the Marin County Civic Center (Frank Lloyd Wright’s last commission), while still maintaining beautiful natural elements like China Camp State Park.

We offer expert Marin property management in and around Peacock Gap, Glenwood, Terra Linda, Marinwood, and Sun Valley.

The downtown area has hosted the Farmer’s Market for over 20 years and is a place where local food, music, and small businesses come together in a family-oriented environment during the warmer weather.

Is your rental property in zip codes 94901, 94903, or the surrounding areas?

Give us a call to learn how we can help your San Rafael rental home perform at its best.

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WANT TO LEARN MORE?

If you’d like to learn more about our properties and what it’s like to work with PRANDI Property Management in Marin, get in touch. We’d be happy to talk more about our rental properties, our application requirements, and our leasing process.

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