Are You Ready to be a Rhode Island Landlord?

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Are You Ready to be a Rhode Island Landlord?

 

Sometimes Rhode Island landlord options pop into RI homeowner minds.  Sparked by my conversation with an expired home listing homeowner the other day that called on my for my local RI real estate expertise.  This homeowner had a 5.8% current mortgage, owned the house for 14 years and is ready to move to his retirement NH home.  And he is moving 4 hours away.  So putting his South Kingstown home for sale was the right option to do.

In South Kingstown real estate, homes have been selling well especially if they are priced well.  This home seller had his home on theRhode Island Landlord in real estate market 184 days without a showing and no offers.  Oh, and he didn’t drop his price.

 

So I asked him how he came up with the price or how did the past real estate agent determine it for you.  Well you know, he said, the house WAS worth in the $300,000s a few years ago.  I stopped him there.  Today is not yesterday and you as a seller need to understand it.  Your home is dated from the 1970’s and needs upgrades.  Yes, based upon comparable solds you are $60,000 overpriced!  He could not believe it and said he had no idea.

 

What is important for homeowners to understand is that the ‘Svengali’ approach of telling you what you home is NOT worth (by pricing high) does not work to sell it.  It gets the real estate agent’s sign on the front lawn for x months and no offers.

 

Look at the comparable sold homes, are you the highest priced or largest home in your neighborhood and how is your location for desirability to a prospective buyer. All points must be evaluated.  This South Kingstown homeowner had a good location and was the average house in the neighborhood.  But homes were not looking in top form with good curb appeal for many of them in his area.  This will impact a home’s net worth.

 

So you now think you can be a Rhode Island landlord and rent your home instead of selling?

With a property management company taking care of your home that works.  In fact, it would be the only rental option I would recommend to this soon to be out of state seller.  Having someone ready to respond to house issues, collecting the rent, ensuring landscaping is cared for and stopping in periodically to ensure all is well is a must.  So sometimes you personally are not ready to be the landlord but a well served property management company is your best Rhode Island landlord solution.

 

Of course, I suggested he refinance now if he is going to continue to own this home.  You might as well save the money right!
If you are really ready to sell that South Kingstown home, please call me at 401.529.7849 or email me at Ginny@RiHouseHunt.com today!  Let’s discuss what it takes to be a Rhode Island landlord or a contented home seller.  Are You Ready to be a Rhode Island Landlord?
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 Ginny Lacey Gorman is your go to Rhode Island waterfront agent for South Kingstown RI  real estate and beyond…knowing the geographic area, schools, happenings and important tidbits of local information.  Email me at RiByTheBay@gmail.com to make an appointment to find the home of your dreams too!
 
Waterfront, oceanfront, luxury and coastal Rhode Island real estate are my specialty but all of RI is my backyard.  When you are in need of a real estate professional and specialist for your buying, selling or relocating needs and an internet savvy marketer who sells RI houses in this real estate market call Ginny at 401.529.7849.

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