Is it time to bite the bullet and sell your rental property in Charlotte?
From managing troublesome tenants to paying for repairs, owning a rental property can sometimes end up being more work than it’s worth, especially if you aren’t so lucky to find tenants who respect your property.
At some point, you might start thinking of selling that property and getting rid of your rental property problems all together. That’s understandable.
But is selling the rental property so final and when is it really a good time to sell?
Well, at Bright Haven Properties, we’ve worked in the Charlotte real estate market for quite a while and have helped several property owners sell their rental properties. These experiences have enabled us gain valuable insights on the right time to sell your rental property.
Here are a few signs that it’s time to sell.
The Property is Fully Depreciated
Depreciation allows you to deduct improvement expenses on the home. But it’s not infinite. Once this is exhausted, it might be a good time to sell the house.
You Have Substantial Equity
More equity means more money in your pocket when you sell. You could then put that cash into other investments that are able to give you good returns.
You Have Negative Cashflow
Losing money every month on your rental property is probably the single best reason to sell quickly. Rental homes should be making you money not costing you money. Selling at this time is a no brainer.
The House Is Outdated or In Disrepair
At some point, repairing or updating a rental property can become too expensive and time-consuming. If that’s the case, you might want to consider selling to a professional home buyer like us over at Bright Haven Properties.
Unlike listing on the MLS, your house doesn’t need to be in tip-top shape in order to sell to us. We can purchase your rental property as-is for cash and close in just a couple of weeks. You pay no realtor fees or commissions and no closing costs, just cash in your pocket!