When And Why To Consider Renting Out Your La Jolla Home
If you’re living in La Jolla and have a single family home, you probably already know what a hot asset you have. Chances are you’ve already seen your neighbor’s home sell as fast it went on the market. However, if you’re having second thoughts about selling your home, you may want to think about renting it out.
Some homeowners want to downsize but leave an asset for their children or heirs. Others may be transferred for their career, but know that they’ll want to return later. Whatever the reason, renting your home in La Jolla can make sense in many situations.
The La Jolla housing market is in high demand and inventory is scarce. Let’s say your family home is in a perfect location and you’re retired. In this case, consider traveling elsewhere for a period of time and renting out your home while you’re gone. Rental rates in the area can fetch upwards of $7,000 depending on location, bedrooms and baths.
While job transfers are quite common, so are military deployments for families. In these situations, it makes perfect sense to rent your home while you’re away. And if you are one of those boomers who is looking to downsize, think about supplementing your retirement with rental income. If you decide to purchase a smaller home, your current home may cover your new mortgage and then some.
If you are planning on making the jump from homeowner to landlord, you should always keep timing in mind. While there are cases of renters looking throughout the year, you’ll find more people willing to make the move during the spring and early summer. Plan accordingly to what will work best with your personal moves!
For more on this subject read our recent blog, “FAQ’s for Million Dollar Home Buyers”
Thinking of buying or selling a home in the La Jolla area? As consistent top producers in real estate, Linda Daniels and The Daniels Group are your La Jolla housing specialists. Our team of local experts will ensure that you have a successful real estate transaction. Call us today at (858) 361-5561 or email us anytime by clicking here.