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.
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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:
- 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.
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.
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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.
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
Working With Us In San Rafael
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.
WHAT PEOPLE ARE SAYING ABOUT US
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.