When you’re not sure your Columbus rental property is providing the returns and the rental income you were expecting, it may be time to sell. This is not an easy decision because there are numerous benefits to holding onto an investment home, even if there are challenges to overcome.
Each investor has his or her own set of goals and strategies. When a property no longer fits those goals, you need to sell it and move on.
Today, we’re sharing some of the signs that it might be time to sell your investment property in Columbus.
Sell When the Market Cooperates
It’s not always easy to get the price you’re hoping for when you list your property for sale, so if the Columbus real estate market is in a position to give you what you want, it’s a great time to sell. When you have a lot of equity in your property and you’d like to use that money for something else, you shouldn’t hesitate; sell the home and re-invest the funds or use them for whatever purpose you need that cash.
Owners who have seen their homes rise in value are in an excellent position to sell whenever they want to. Don’t wait for the next downturn; sell when there’s money to be made.
Sell When the Location is No Longer Advantageous
If you have some terrible neighbors who have moved in next door and ttenant retention is nearly impossible because of the disruption other people in the community are causing, you should consider selling the property. When you hear murmurings of a new freeway being constructed across the street or the part of town is deteriorating, sell before it’s too late. The location of your home is not a problem that you have any control over. It’s not a thing you can fix.
You may have to sell at a lower price than you’d like to due to environmental factors. That’s not always a fun reality, but it’s better to release this asset now instead of holding onto it while things get worse.
Sell When Maintenance is Too Expensive
When the maintenance and repairs required on your Columbus rental property far surpass the money you’re earning on it, you should sell. You can use the money you earn on the sale to make upgrades elsewhere or to buy a new investment property that’s in better condition.
If it’s a minor fix that’s needed and you otherwise find your property to be a good investment, make the repairs and move on. However, if the repairs are frequent and the house requires more of an investment than you’re willing to make in order to keep it habitable and attractive to prospective tenants, you should probably let it go and focus your resources elsewhere.
Working with Columbus Property Management
Many times, investors want to sell simply because they are tired of leasing, managing, and maintaining a property.
We can understand that, but remember that you have other options. Not everyone has the personality, the time, or the expertise to be a landlord. If you don’t want to sell the property but you also don’t want to manage it, hand the responsibilities over to a professional Columbus property management company.
Our team can help. Contact us at Solutions for Real Estate with any questions, and we’d be glad to talk about your rental home.
