A true pearl - Dawna made the selling of our home and buying of our "new" home a truly painless and easy experience. She was involved in everything from help in preparing our home to sell to finding and negotiating the purchase of our new home. Even more amazing, as this is really my first experience in these types of transactions, she was able to keep my nerves at a low rumble.
She is a true expert in managing expectations of both sellers and buyers. I know this because we were involved in a sell and buy simultaneously.
She always seemed to have the right words to manage ruffled feathers between buyers and sellers on both ends of our transactions.
I don't believe anyone could, or would be willing, to take on all of the nitty-gritty aspects of the process, frequently leaving us to simply nod our heads yes or no as all of the myriad decisions were made.
I won't say the entire process was easy, but I will say I've never worked with a realtor who took more responsibility or worked harder to help us achieve our goals than Dawna did.
Would I use her again? You bet! Would I recommend her to a friend? In a heartbeat.
- Determine who will care for the property- If the property is habitable, decide if you want to be a landlord personally or leave property vacant. Be realistic about your own expertise with property management in the state where your property is. Are there reliable property management companies available for service?
- Check for rental restrictions- Are there any limitations or requirements of owners of rental properties in the area where you own? Is there rent control? Check with the city and/or county, your HOA if applicable, a local landlord/tenant attorney.
- Do accurate math on holding costs- Calculate potential rental income and realistic costs to hold the property. These may include loan principal and interest payments, property taxes, landlord/tenant insurance, HOA dues and assessments, short-term and long-term maintenance expenses, management fee to yourself or to a professional management company. Are there any expected large expenses or improvements to the property in the next 3-5 years? Is there any anticipated risk on the parcel that may result in unforeseen expenses or loss of liability insurance? Under estimating these can cost you dearly.
- Are there benefits in keeping the property? There may be tax benefits, family or cultural heritage, future building potential, etc. Are there any anticipated market changes? This could include changes to nearby properties that may increase your property value or even zoning changes that may affect your real estate.
- Can you get another loan if you keep the property? Owning your current property may create limitations with your ability to get financing on your next property. Talk to a knowledgeable lender to help decide if it is better to keep or sell, with respect to your debt ratio as it will appear to an underwriter or loan investor for financing other investments.