It’s Time to Let Go of Your Rental Property Once and For All
Being a landlord has its pros and cons. A rental property can be a valuable asset, adding another stream of income and allowing you to diversify your investment portfolio. But in some situations, rentals can be more trouble than they’re worth.
Clinging to a rental property that is no longer profitable or in poor condition will only lead to added frustration down the road. So, if you’re dealing with any of the issues below, it may be time to sell your rental property!
1.You can’t keep up with the maintenance
Just when you thought you left maintenance issues behind in the winter, the spring and summer months add a whole new list of headaches to your plate. Lawn mowing, landscaping, air conditioning – all things that will require your attention, time and money.
2.You don’t have the funds for repairs
Keeping up with inevitable property repairs can be an uphill battle. If you don’t have money set aside for annual repairs or unexpected damages from tenants, weather, etc., it’s probably time to cut your losses.
3.You have troublesome tenants
If tenants have made you regret your decision to rent out your property, why continue to do so? Late rent payments, property damage, unwanted guests, noise complaints – the list goes on.
4.The property is rundown
It’s one thing if your rental property is outdated. However, if it’s in such bad condition that you can’t keep tenants, and you don’t have the time or resources to fix it, it’s time to consider other options.
5.You’re losing money
If your rental property has gone from a smart investment to a money pit, parting ways may be in your best interest. All of the reasons listed above could turn your property into a financial burden.