Renting while Selling Your Puerto Vallarta Property
A lot of my clients who are thinking of selling their investment property ask me whether it is okay to rent their property while selling it. My answer is always it depends on whether you want to sell it quicker and for the most amount of money possible. Renting while selling means you have many obstacles to overcome which you would not have if the property is vacant.
First of all, it is hard to get in to show a property when rented. If you rent while selling, you need to put into the rental agreement that your Realtor is allowed access usually with 24 hours notice. But what if they say no? I can’t tell you how many times we ask for access to a rented home and can’t find the renters, they don’t answer their phone or become conveniently sick just before the showing and cancelling it. This is a lost opportunity to sell your property.
And when we do get in, the home in many cases shows horribly. I can’t tell you all the horror stories we have seen but I can tell you we have seen just about everything from bras hanging on the front gate, dirty clothing thrown around the property, dirty dishes stacked up in the sinks and dog feces on the balcony. This does not help sell a home. And well I recognize not all renters are like this and are very helpful, it is important to remember that we are in a vacation town and you are renting to people that are down here to relax and are not likely motivated to keep the property as you would.
The other issue with booking your home for rentals while selling is that if you do sell the home, what if the new owner doesn’t want to honour your future rental contracts. In most cases you have already taken a deposit and the renters will be led scrambling to find a place to stay which is no small feat in a high occupancy town.
So while it is nice to get the rental income still while selling you really do need to weigh this with the potential to sell quicker and for possibly more money versus the loss of rental income.
Warren Brander is an expert real estate agent with The Agency in Puerto Vallarta. If you are thinking about buying or selling an investment property in Puerto Vallarta or the Banderas Bay area, contact him at (322) 200-2253 or warren.brander@TheAgencyRE.com You can also check out our website for a great selection of Puerto Vallarta Condos and Homes for sale at http://www.warrenbrander.com