Selling a rental property is one of the most common situations in New Jersey. Rental properties are an excellent investment, but they are a lot of work. If you have owned this house for a while now, maybe you are asking yourself, is it time for me to sell my rental property? Will this benefit me financially? If I sell this rental property will I lose money that I could have been gaining through renting it out? These are all excellent questions, and definitely, ones that you should consider heavily.
Here is a detailed look into the pros and cons of selling a rental property.
Cons of selling a rental property
- Miss out on extra monthly income.
- Loss of a potential retirement if you sell too early.
- Takes a long time to sell an investment property.
- You may have to put a lot of your money into fixing up the place, from careless tenants.
Pros of selling a rental property
- Full Income coming from selling a rental property.
- No more late phone calls to fix a broken pipe, or any other management problems a tenant requires.
- No more complaints from tenants.
- Don’t have to pay to fix up the place after every vacancy.
- Peace of mind of removing the title “landlord” from your life.
Turn these points into questions. Are these things listed above a problem? Have my previous/current tenants been a burden? If I sell my rental property will I lose a lot of extra monthly income? Is the housing market in a good place to profit off of the rental property? Some of these simple questions can help outweigh the different decisions you can make.
How do I sell my rental property in NJ?
If you have decided that it’s time to sell a rental property in New Jersey, then you are probably wondering where to start. This can be an excellent decision emotionally and financially, but the selling process brings on its own set of challenges.
First, you need to see the condition of the home after it has been rented out for so long.
Here is an idea of some questions you can ask yourself:
- Are there expensive repairs that need to be made?
- How much money will they cost?
- How much time will this take me to make these renovations?Will I profit more than I paid on the repairs off of the sale of the home?
- Will I be able to afford the property while I fix up the place/wait for it to sell on the market?
- Will I find any interested buyers since this house was rented out so many different times?
These are tough questions after having rented out the property. You probably aren’t getting the answers you would like to have. Selling a home is more than just putting it on the market. Between hefty realtor fees, and expensive repairs you may miss out on a big profit that you were hoping to get. After all, it was your “investment property” it would be nice to see a large return right?
Where to sell a rental property in NJ?
You are probably asking yourself, “Well, I lose if I keep the home and I lose if I sell the home. So now what?” That is why SellMyTenants.com is here to help you ease your burdens.
We are cash buyers and we want to purchase your home as is. This means you don’t need to make any repairs, list the home on the market, pay extra realtor fees, and spend countless hours on needy tenants.
Our process is very simple, we will come out to your property as soon as you would like, make you a cash offer, and have the money in your hands in seven days. We don’t fall through with the sale, we just want to purchase your home from you as is. If this sounds like something you are interested in, contact us today. And if you have other questions feel free to call us at 866-838-9953. We look forward to hearing from you!