Should I Sell My Rental Property in Chicago?
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 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.
Pros of Selling the Home
- A nice profit from selling the home.
- 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 from removing the “landlord” title from your life.
Cons of Selling the Home
- 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 because of careless tenants.
These are some of the few pros and cons of selling your rental property. Turn these points into questions. Are these things listed above a problem? Have my previous/current tenants been a burden? If I sell this home, 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.
If you’ve decided that it’s time to sell your rental property in Chicago, 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 it take me to make these renovations?
- Will I profit more than what I paid for the repairs when I sell 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 to answer after you’ve 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 the 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?
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 Express Property Solutions in Chicago 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, or spend countless hours on needy tenants.
We will come out to your property as soon as you would like, make you a cash offer on your time-table. 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 at 312-764-0989. If you have other questions, feel free to contact us for more information. We look forward to hearing from you.