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What Do I Do with My Parents’ Home in Hayward?

Deanna Hansen - Monday, June 03, 2013

Deciding what to do with your parents’ home is always a difficult decision. Many of us have parents who have lived in their home for many years, and there is an emotional attachment in place. Nevertheless, there is a financial consideration and a business side involved in deciding what to do with the home.

Determining the cash value of the property is important in your decision-making process. Get a written estimate for what the listed price would be and then calculate the costs involved in preparing the house for sale and selling it. Figure out how much profit you can expect from the sale of that house. Then, decide what you will do with that money and what kind of yield you can expect to get from whatever cash investment you’ll make from the sale proceeds.

Compare that projection to the financial benefit you may get from keeping the home as a rental property. Ask a property manager for help in determining how much you could rent the place for and how much it would cost you to get the place in good condition for the rental market. Then, you can determine what kind of positive cash flow you would get out of that property.

There is going to be an emotional element when it comes to either selling or renting the property. You’ll have to decide whether you are able to rent out your mother’s house or the home you grew up in. Your tenants might not take care of it the way you would like them to.

Put all of the information you collect together and then compare the cash flow of selling the house to the cash flow of keeping it and renting it out. Then factor in the emotional part and you’ll be able to determine what’s best for you. Once you do that, hire a really good sales agent or a What Do I Do with My Parents’ Home? really good property management, and move forward with your plan.

One final note – start now. Even if your parents aren’t ready to move and you think you don’t have to worry about this for a few years, at least start the planning process. You don’t want this difficult decision to be made at the last minute.

If you have any questions about what to do with your parents’ property or how you should approach its management, please contact us at Aapex Property Management, and we’d be happy to help you.
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