What to do With Your Real Estate Assets
December 15, 2019
Owning real estate is one of the best ways to generate secure, long term wealth for you and for your family. If you have a property that are considering selling, renting, renovating, or modifying, it can be difficult to understand all of the options available and what the best solution is to fit your goals.
Luckily, this is what we call a ‘good problem’. If you have a real estate asset, you likely have several good options for what to do with it.
The most common and sometimes assumed solution if you have a home that you do not plan to live in anymore is to sell, and often the assumed best way to sell is with a real estate agent. This might be the best solution for you, but it’s important to look at several factors before making this decision.
First, its best to step back and think about why you are planning to sell. Has your family outgrown the house and do you need more space? Maybe the opposite is true and the kids are grown, and you need to downsize? Are you looking for a more updated home? Are you relocating and need to move? Do you have a vacant property that was inherited or was a rental that no longer has a tenant?
Second, understand the current status of your property. Is the house spotless, recently updated, and not needing any significant repairs? Or is there deferred maintenance in the home? Would a few repairs and updates make it really nice, or does it need a complete overhaul? Try to step back and look at the home honestly, as an outsider would see it. Its easy to romanticize a home that has been in your family where you have watched your children grow, but for an objective third party without those attachments what’s going to stand out to them?
Once you understand your motivations and what you really have to work with, try to think outside of the box at less common solutions. If you are considering selling because you want more or less space, or because you want an updated home or new environment, renovating may be an option. A good contractor like our partner company CalHomeCo Construction can not only update your existing home, but can provide more creative solutions like additions for extra space, or modifying extra square footage for an ADU to provide passive income. Even if you do still want to sell, investing in repairs and updates before listing can greatly increase sale price well beyond your cost for the work.
If you don’t want to invest the time and money into renovations, or if you just need to sell quickly and cash out of your property, a cash home buyer like us can provide an easy, simple sale with no requirements for property condition and no fees.
When in doubt and if you still have questions about your options, we are always happy to meet with prospective clients to provide free real estate consultations. With our unique all-in-one approach to real estate solutions, we are professional experienced consultants for all matters involving real estate sales, investments, construction, and design. Give us a call today and we’d be happy to schedule a no-obligation meeting!