August 9, 2018
Have you made a personal decision to relocate? Have you received a new assignment through your current employer in a different city or country? Undoubtedly, there can be so many things to consider when relocating yourself and your family. The idea can seem rather daunting from moving expenses, cost of living disparities, settling into a new city or country, filing your taxes, your residency status, your children ’s education, just to name a few. In addition to the above, one of the major elements of taking a transfer and making the decision to relocate is the question ‘what do I do with my current home?’ Real estate is often the largest investment that one makes in their lifetime and the decision about what to do with your home needs to be heavily weighed when considering a relocation.
From a professional property management company’s point of view, there are few things to consider when making this decision:
Do I Sell?
You need to consider the length of your assignment, the current and projected real estate landscape, and most importantly, your long-term plan. Depending on the city you live in and the market conditions, it could be favourable for you to sell. On the flip side, it may not be the best decision for you financially and/or emotionally. Ultimately, this is a decision you need to make carefully.
Can I afford to keep it vacant or do I rent it out?
If you have decided to keep your home, you need to consider your options. Collecting rental income from this property could cover your annual expenses and possibly generate positive monthly cash flow for you, but for some, the anxiety of having a stranger live in their family home seems unimaginable, so if you can carry the financial burden, then why not leave it vacant?
You’ll need a local representative regardless! Whether it is vacant or tenanted you need someone close by and accessible to monitor the home or tenant(s) and their requirements. This is a 24 hour a day job, 7 days a week.
In our experience, a common oversight we see is people leaving a neighbour or family member(s) to watch over their home. Although this may seem like a good option (both practical and economical), it can be rife with problems. Check with your insurance to help you make an informed decision, there may be stipulations that should be clarified before proceeding with your option. The risks outweigh the cost in the long run.
What do I look for in a Property Management company?
If you are looking for security and peace of mind, you will want a company that offers full-service property management. A company that will handle all the details for you, from managing the typical home carrying costs, rental listings, small or large-scale repairs, or tenant requests and disputes. By hiring a reputable and experienced company with proven industry presence, you are getting a level of professionalism, accountability and responsibility that you will not find using only a local handyman, family or friends.
With an introduction, our Relocation & Residential Services Property Management group at Veranova can understand your needs and recommend the best solution that will meet your situation. Veranova’s team of real estate management professionals and experts are available to answer your questions.