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Whether you pay someone to manage your rentals or deal with your tenants all on your own, the landlord business does not come without hassle. Even if you’re making a profit on the property, it may not amount to much when you break it down based on the hours you spend fielding questions and repairs. Combine that with a seller-friendly real estate market in Indianapolis, and it might just be time to list your property. Here are six reasons to sell your rental property and break away from a routine way of life.
Since the housing crash of 2008, the value of homes nationwide has dramatically risen. While that may not be good for Indianapolis home buyers, it is great for local sellers. So even if selling hasn’t been on your radar, you should seriously consider it while the market is ripe. You never know just how long these spikes last, but one thing is for sure— it’s very easy to miss out! Take the equity your house has accrued and cash in before it’s too late. After all, big changes are born from big actions.
While some tenants may be a landlord’s dream come true, most of them will add some degree of difficulty to your life. Yes, it comes with the job, but that doesn’t necessarily mean you should be putting yourself in a position to deal with them. From sneaking in pets that you didn’t agree upon, to putting a hundred holes in your wall while they found the perfect spot for their pictures, renters can really do some damage to your property. And even if you’re Mr. (or Ms.) Fix-it, tenants also tend to call you at the worst moments, forcing you to put down what you’re doing to take care of their problems. You’re going to have to either pay someone else to look at it or take time out of your own day. Either way, you’re out of money and time — both of which are valuable commodities in today’s world.
Houses are still targets that mother nature enjoys landing a few punches on to remind you who’s really in charge. The flashing on your roof starts aging and without your knowlege, rain has been leaking down the side of your chimney every time it’s rained for the past six year. Suddenly, that wood floor you got installed has started to swell and buckle. Not only do you have to fix the flashing, but you have to have your floor and subfloor replaced now, too. Or the drainage pipe that connects to the new dishwasher you had installed needs to be replaced, but your tenant all of a sudden became shy and decided he was going to do it himself… only not very well. Now there’s a weird smell coming from the cabinets underneath the sink, and it looks like things might be rotting. Thankfully these are all just hypotheticals! Or are they? Sell your house, and never have to worry about anyone other than you and your loved ones.
The person to always invest in is yourself. Selling your rental property provides you with money to put towards major life milestones, like your retirement or college education (for you, your spouse, or your children). Rather than have stationary equity, invest your money with a little movement to it. With the proper education, you could actually begin to live the life you want. Or if you’re nearing retirement, use the money to cushion your living expenses — or even travel the world!
Renters have lives of their own to live, and somehow manage to get up and leave just when you thought you were all set. Yes, you can advertise in frequent traffic areas, but you’re not always going to get a bite, leaving you with gaps in your income flow. Hopefully you have money set aside to pay for such discrepancies when they arise, but even if you do, are they worth it? You may not want to dip into your reserves just to sustain vacancies. Don’t be afraid to walk away from the worry and fear.
At Solid Rock Houses there are no real estate agent fees and we’ll buy your house as-is. Haven’t done the roof yet? No problem. Never got around to having the heat pump looked at? We’ll take care of it. And we’ll do so without trying to nickel and dime you. When you sell your house, we’ll pay you what your house is worth so you can move on with your life worry-free.