Wednesday, January 18, 2023
What to do with your home if you're leaving Utah
Urban Living
Posted By Babs De Lay on January 18, 2023, 4:00 AM
I don't know if it's due to all the snow we've had, or the dread prediction that the Great Salt Lake will be dead within five years and the subsequent dust storms will kill us all, but I've already had numerous clients contact me this year wanting to relocate out of Utah. The good news is I have a huge network of real estate agents around the country whom I've met and worked with over the years that I can hook them up with or find to help them transition to a new locale.
It's scary to just "pick up and go" in general if you don't have a network of friends and family in your planned destination, so having a Realtor as your first friend can lessen some of the fear. A seasoned broker will be able to, in advance, counsel you on types of housing found in that destination and pricing of said housing and provide practical referrals to school data if you have or plan to have kids, utility companies and recycling options, mortgage brokers, great restaurants, transportation options, local festivals and farmers markets.
Some folks will need to sell their home to relocate, while others might opt to rent out their property here in Utah in case they don't like where they landed and later want to move back into their home or condo.
I know a great property manager who'll help you find trustworthy tenants by checking their credit and criminal history. They'll sign agreements with you as to what repairs you'll authorize if something goes wrong and set a limit where you don't want to be disturbed if, say, a repair costs less than $500. They'll take out their monthly management fee (maybe 10%, but that's negotiable) and deposit the rental income into your bank account each month.
The most important thing, if you wish to rent out your home, is to talk to a CPA. If you turn a personal residence into a rental, there's a certain time allowed regarding capital gains on any profits of a sale, so check first what you should plan for in the future as far as taxes are concerned. And, talk to an attorney to decide if you want to put the property into an LLC and/or your living trust.
You have to stage a home to sell it these days—it's just standard practice. In winter, make sure to keep snow removed from walkways, keep the windows clean to let in as much light as possible, deep clean your appliances and the home itself and declutter. Don't overwhelm potential buyers with scents from too many burning candles. Light the gas fireplace for showings (if you have one).
Keep the temperature around 70 degrees, put on mellow music and create a vibe that the home is warm and inviting. Throw a soft lap blanket on the sofa with an open book to convey the impression of comfort. With the market adjusting downward, you have to step up your game to sell.
About The Author
Babs De Lay
A full-time broker/owner of Urban Utah Homes and Estates, Babs De Lay serves on the Salt Lake City Historic Landmark Commission. A writer and golfer, you'll find them working as a staff guardian at the Temple at Burning Man each year.
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