Rental properties make excellent investments by providing a steady income from rent payments and price appreciation. However, running a rental property is not always a walk in the park. A time can come when it just doesn’t make financial or personal sense to hold onto it, forcing you to think about selling.
If you’re currently on the fence about it, here are 4 reasons to sell a house with tenants in Colorado Springs.
Being a Landlord is Complicated
Being a landlord isn’t a hobby — it’s a job. Like any job, it comes with its ups and downs, and it’s definitely not for everyone. In addition to dealing with property management and marketing tasks, you need to be available 24/7 to deal with your tenants’ emergencies or requests as the landlord.
Beyond the day-to-day activities of a landlord, which are already stressful and time-consuming, there are always issues that come up with difficult tenants and other serious issues. Here are some problems that landlords have to deal with:
- Payment problems
- Vacancies and turnovers
- Evicting tenants
- Tenant search after non-renewals
- Fraudulent applications
- Lawsuits
Some of these issues are common, but often they’re not what you expected out of being a landlord. If your tenants are an issue most of the time and being a landlord has become a burden for you, selling your property will become a light at the end of the tunnel. Stop dealing with these struggles and instead, sell your property quickly.
Rental Properties Are Expensive
In addition to requiring a lot of your time, rental properties continuously need more and more money to keep things running smoothly. A major roof or HVAC repair can quickly eat up your monthly profits when you least expect it.
As a landlord, the financial costs you’re responsible for include:
- Repairs and maintenance
- Insurance costs
- Property management
- Vacancies between tenants
- Taxes
- Utilities
If you know your property needs extensive work done soon, it’s a good time to think about selling it since you probably wouldn’t see that return on investment in a long time anyway. At the end of the day, you should always strive to never lose more money than what you make.
Your House is Worth More Money Now
In real estate investment, property appreciation is the end goal. If your property is now worth more than when you bought it, selling may be more profitable than renting.
In case you’re not sure about your property’s worth, all you have to do is look around. If your neighborhood has grown and is thriving, your property value has more than likely increased. Zillow is also a great online resource that can help you compare home values to better understand how much your home is worth.
Consider cashing out to liquidate your property’s equity and investment in something that works best for you.
Demand May Go Down Soon
If instead of seeing improvement in your neighborhood, you’re watching it go downhill, this could also be the perfect time to pull out and sell your home. No one wants to live in a neighborhood where crime is on the rise or houses are being emptied. If your community starts to deteriorate, so will your rental prices. Sell your rental home for a fair price while you still have the chance.
You Can Move On
If being a landlord is not for you, selling your property can give you the cash flow you need to start a new project that you’ll love.
Sell Your House For Cash Now
If you’ve made up your mind and you’re thinking, “I need to sell my house fast for cash” or “I want to sell my house without a realtor,” Colorado Cash For Keys can help. We’ll buy your house in Colorado Springs as-is, no need to invest in repairs or improvements.
There’s no need to wait for months or years to close the deal on your rental home; we can get you an offer and pay you off in as little as 7 days—best of all, no commissions, fees, or hassle. Call (970) 692-9446 or fill our short online form to get started.