Owning rental property offers a wide range of benefits and is an excellent source of steady cash flow for many people. However, you may want to consider selling your rental property due to a variety of reasons. Discussing all of your options with a financial advisor can help you make the best decision for your situation.
5 Reasons Why It’s Time to Sell Your Hudson Valley Rental Property
by Licensed Real Estate Broker Dino Alexander, CEO, Alexander Maxwell Realty
Here are five of the most common reasons why now is the best time for you to sell your rental property.
#1 Take Advantage of the Housing Market
One of the best reasons to sell your rental property is to take advantage of a favorable housing market. Buying low and selling high is a classic strategy that can help you make a lot of money. Right now the real estate market is favorable to sellers in the Hudson Valley, so you may be able to sell your rental property fairly quickly and get a great deal at the same time.
#2 You are Moving Away
Managing rental properties is much easier if you live nearby. On the other hand, it is much more challenging to manage your rental property if you live out of town. You may want to think about hiring a property manager to help you with multiple rental properties. However, you can also sell your rental property and use these additional funds to purchase more rental property in your new location.
#3 You are Losing Money
You may also want to consider selling your rental property due to a lack of cash flow. Keeping track of all of your rental income and expenses can help you determine if you have made the right investment. Raising the rent can boost your income, or you may want to consider selling your property for additional money in the long-term.
#4 Life Changes
Life is always evolving and never remains idle for very long. Changes in your life may cause you to consider selling your rental property, whether it is due to your child going to college, job changes, or a death in the family. Before you make an important decision, it is always a good idea to ask for advice from a financial advisor to help you make the best choice for your situation.
#5 Too Much of a Headache
The idea of renting a property may seem better than the actual reality of dealing with common issues, such as late payments or broken appliances. Over time, these problems can quickly add up and become a major source of stress. Choosing to sell your rental property may be a better option than constantly having to deal with new issues on a regular basis.
Owning rental property is a great investment that can help boost your finances. However, you may need to consider selling your rental property due to a variety of reasons. Taking the time to analyze the advantages and disadvantages of owning rental property is well worth the effort in helping you make the best decision for your situation.
If you are to decide that this is the right time to sell your rental property in the Hudson Valley, we are here to help! Alexander Maxwell Realty‘s Global Marketing Approach is sure to market your listing not only to the local buyers but most importantly to the global audience of real estate investors all around the world. Plus, our world-class real estate photography is always complimentary, so there are absolutely no upfront costs for you to list your rental! Reach out to us today and let the best Hudson Valley Realtors help you with your property sale!