Two Homes, Two Rings, Two Hearts—One Rent!
Boy owns a house, and boy meets girl. Girl already has house—marriage. What do you do when you're lucky enough to be the proud owners of TWO white picket fences? You can, of course, consider the stress involved with trying to sell your home—and all the work that comes with it. After all, selling a house does rank right around getting married as one of the most stressful (and exciting) events of a person’s life! Are you sure you're ready to tackle that kind of challenge in your honeymoon years?
Alternatively, you can consider making one of the properties a rental and adding to your income! Your old home could be a new investment opportunity for you! The additional income can help you to finance your new life with your spouse, and be a serious nest egg for the future.
If you’re feeling incredibly ambitious in your new endeavors, you can consider renting out both homes and purchasing a new home for your occupation as a new married couple. That way, you are building a story of home together, and you could potentially be making double the amount of only one rental property. Double the income comes with its own set of challenges, of course, as you could be living in one home but paying three mortgages for a short period of time.
Deciding on Which Home
If you are only choosing one home to rent and one home to stay in, the most difficult decision will be which home you will keep. It is almost certain that you and your spouse will both have fond—and maybe not so fond—memories in your homes. Weigh the characteristics of your home as you consider which to keep:
- Is there is one home that you were planning a full bathroom remodel?
- Which home has room for your family to grow?
- Was one of the homes a quick purchase, or is not large enough to accommodate all of your needs?
As you analyze the properties objectively, the decision might be a little easier. Consult with your spouse, and make sure you are both coming to the same agreement on which house to keep and which to rent. If you are going to rent out both, then the decision is easy! Now, just find a new house that you can both agree on and be ready for the possibility of having to pay for three homes before you find tenants and get them moved in.
Once you’ve chosen which home, you can consolidate or separate your belongings accordingly:
- Are you going to rent a furnished house?
- What stays and what goes?
- Will you sell your unused furniture or donate it?
You’ll also need to consider moving trucks, refreshing paint colors, and all the other—and time consuming—tasks involved in moving.
Preparing for Rental
Renting your home out isn’t a feat without its own challenges. Plenty of work and elbow grease go into getting your house ready to be a successful Selma rental listing. You’ll need to prepare with some of the following:
1. Repair, Replace, Renew
Make any repairs necessary for the new owner's occupation. Make sure that you connect with contractors and vendors to assure that your home is up to code and ready for move-in. Replace any carpeting, tiles, or appliances that are not functional or stained. Also, apply a fresh coat of paint and complete any outdoor landscaping that may need to be done.
2. Write a Rockstar Listing
Write your property listing and take pictures of your property. You want to make sure that your listing is eye-catching and tells the story of your (or your spouse’s) former home. Take care to make sure that you are working with a professional real estate photographer that can take pictures of the home in the most flattering way.
3. Research, Screen, Prepare
- Conduct market research in Selma and find out what the average rental price is.
- Set up a tenant screening process and locate your best tenant match.
- Make sure that you have all your leasing documents prepared and ready for your new tenant to sign.
- Consider a pet screening process and deposit amounts.
4. Maintenance Matters
Make time during your tenant’s residency to conduct regularly scheduled maintenance and property inspections. Your schedule may begin to fill up with appointments, and that is going to require quite a bit of flexibility from you, but remember the monetary increase!
Assistance Is a Click Away
Choosing what home to rent and which to keep after marriage can be a difficult and tasking decision. There are sure to be memories tied up in both houses, and both partners may want to keep their pre-marital property. What can you do to keep tension out of your newlywed bliss?
Consider consulting with an expert property manager in Selma! Property managers are trained and well versed in not only helping you decide on which property to rent but in finding a tenant to fill that property. Additionally, they can provide support with maintenance, among a plethora of other tasks. Let Real Property Management Campanas put our decades of experience to work for you! We're confident we can help you find the most profitable solution for you and your new partner. Reach out to us today for a FREE rental analysis of your home!