The rental market is booming, have you thought about renting your property out?
Great question!… a question that can spark debate, encourage conversation and can seem like a very difficult decision. I encountered a unique story this week that I would like to share with you, that made me think, what is more important a price on my house or a price on my life?
Life is on hold
This same question was asked to me several weeks ago by Mr. Homes*, owning a magnificent $2.8 million dollar property tucked away in the valley of the Hills. With his attempt to sell with various agents failing miserably and resulting in a reduction of $200,000 from the banks last valuation… Mr. Homes* approached Investors Edge seeking an alternative solution in this quiet sale market. He expressed his sadness of missing his family, who had moved over East and were waiting for him. He felt trapped with no solutions and couldn’t move forward until the house was sold.
Tired of putting his life on hold, waiting for the property to sell, we asked Mr. Homes the pertinent question-“The rental market is booming, have you thought of renting your property out?”, Indeed the thought never crossed his mind…well why not?
Weighing up the rental option
There was the consideration of not being able to immediately free up capital and the very real concern that the property will be trashed by bad tenants, creating more problems than it is worth.
It turns out that if he needed some money to move forward he could access the equity in the property but had no pressing need for it. It was not so much the cash flow he was after but the peace of mind that that someone was living in the place, keeping an eye on things and ensuring that his properties value is protected.
Perth’s low risk property manager
Over the last year many owners of properties all over Perth have turned to us at Investors Edge to take the edge off their property management concerns. With the most robust and refined property management service in Perth, we are able to attract and manage the highest quality of tenants that will truly take pride in their new home and should the worst happen with any aspect of their tenancy, we have the experience to rectify any issue before it becomes a BIG problem.
Moving forward with life
We would find quality tenant who would rent the property for at least 12 months and we could then together review the sale and rental market from there. This will allow him to move over East, re-unite with his family, whom he has been apart from for 12 months and carry on with his life. Possibly the most important thing is that he can sleep easy knowing we are here to manage things for him.
“You have one shot at this Life. It makes sense to pay attention & be aware at all times and….. get on with living it, it’s yours to enjoy” -David Stevens
Up to the challenge
Our leasing specialist Nicole is going to have a lot of fun finding quality tenants that will truly see the value in this unique rental opportunity and take pride as if it is their own… because it will be for at least a year. This is one of those rare properties that truly has it all, accessibility, incredible scenery, fantastic French decor and impeccable amenities- it feels wrong to let this property sell for $200k under its last valuation.
Like a fine wine
I believe this property has similarities to a bottle of Chateau Margaux – its needs to be managed properly, cared for, kept in the right conditions and laid down for a few years before it reaches its full potential. It has truly been worth it for the team at Investors Edge to know they have helped to reunited a family.
Renting out may not be your first choice, but what price do you put on moving forward with your life?
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