One of the more difficult decisions adult children have is what to do with the house their parents are no longer living in. Maybe your parents have gone into assisted living facility or perhaps they have passed on and you’re not sure whether you should rent or sell their house. Our first recommendation is always to talk to your CPA. There are definite tax implications involved in anything you do with the property.
Deciding to rent their house can be a good option, especially if your parents are still living and being cared for at an assisted living facility. The extra income you get from renting out your parents home will help you offset what they might be paying for with their long-term-care. When the property is rented out for a few years it means you can decide what to do with it later on down the road.
At Barrons Property Managers we think renting the house out instead of selling it right is always an option. It allows you to buy time and you always can sell a house at a later time. This helps if you want to sell the house eventually; perhaps a few years down the road when emotions have calmed down. You have a tenant taking care of the home, paying you rent, then you can take the time to make any upgrades or take care of maintenance items that might help you sell it for more money once the time comes. Trying to decide what to do with a parent’s house can be confusing and emotional. If you have any questions about the pros and cons of renting or selling it right away please contact us at 850-934-2588 and we would be more than happy to give you additional information