Investing in real estate is all about maximizing your profit. If you’re a landlord, you’ve probably enjoyed a passive income for some time. However, holding onto a rental property for too long can come with risk. But how can you tell it’s the right time to sell your rental property?
Five reasons to sell your rental property.
1) Being a landlord is more trouble than it’s worth.
As a landlord, you are likely very familiar with the day-in-day-out requirements of managing a property. Since emergency maintenance calls don’t exactly abide by business hours, you need to be ready to answer your phone at all times, and this can take a toll.
If you no longer want the stress of maintaining a proper living space for your tenants, or you are tired of dealing with difficult renters, you could have reached your limit. It’s understandable, being a landlord of a rental property is a significant undertaking. If you are no longer enthusiastic about your landlord responsibilities, you will likely feel much better if you sell your property.
2) Your property is now worth more than when you bought it.
As far as real estate investment goes, the name of the game is ensuring property appreciation. If you have successfully flipped your property and it is now worth more than the price you bought it for, selling could earn more than renting.
3) You no longer see a positive cash flow.
If you are losing money each month you might need to reevaluate the situation. There are many reasons your cash flow could be dwindling, and it’s not necessarily always anyone’s fault. The cost of taxes, utilities, and insurance may have risen, market rents may have dropped, or both.
4) You’re ready to move on.
Things change. Maybe it’s time for a new scenery or you have another opportunity calling your name. No matter your reason for being a landlord, it’s your right to do what is best for yourself. If you’ve decided to make a change in your life and being a landlord is not part of your plan, selling your rental property is a logical solution.
5) You can no longer afford the maintenance.
Let’s face it, the cost associated with properly maintaining a rental property can get expensive. As a landlord, you need to be sure the property is habitable for your tenants and is up to par with health codes and regulations. While some repairs can be chalked up to DIY projects, others can cause quite a hit on your bank account. If you are finding it difficult to fund costly repairs or to maintain your to-do list, selling can be the answer.
The best, and easiest way to sell your rental property.
Usually, it’s essential to get the timing of your sale perfect. Whether or not you make a profit can depend on the fickle nature of the market.
Luckily, with HomeGo, you don’t have to pay any mind to the current status of the market. You can sell your rental property to a guaranteed buyer and still receive the highest amount of cash. HomeGo specifically buys properties as-is, regardless of condition. This is great if you can no longer properly maintain the repairs of your property. HomeGo does not require you to make any repairs on your property.
There’s no paperwork to get an offer for your rental. If you’re curious what your rental property can earn with HomeGo, find out here.