Whether it is investing in real estate or selling your existing investment property, the decision can be challenging. You need to consider many different factors such as market conditions, property appreciation, personal circumstances, investment goals, and so on.
All these factors can help determine the right time to sell a property. Whatever the reason, it can be a tricky decision.
When I was figuring out whether to sell my rental property or not, my research led me to Gary Golon.
After reading about the experience of Gary Golon, I decided to seek his advice. Here is an overview of what I learned about selling rental properties.
- Property Appreciation
Property appreciation can be a significant reason to sell a rental property. Compare the initial purchase price of the property to its current price. If the value of the property has substantially increased, it may be the right time to sell the property and invest elsewhere.
- Negative Cash Flow
While investing in real estate is usually a buy-and-hold strategy, it is better to sell a rental property when the expenses exceed rental income. The reason for lost rental income may be high maintenance or repair costs, high vacancy rates, poor property management, etc. Selling is the best option when the problems are too costly to resolve.
- You Receive an Offer that's Too Good to Refuse
If you get an offer that is too good to refuse, it may be time to sell your investment property. Before you proceed with the transaction, you should carefully evaluate the offer details.
The guidance of an experienced real estate consultant like Gary Golon can help you throughout the process. He has over three decades of experience in the real estate industry. He also offers consultancy assistance to people looking to invest in real estate. His experience and knowledge make him the right person to guide you through any type of real estate deal.