What once seemed like a good idea, now you are looking to get rid of a rental property. While having a property to rent out for income is nice, it can also be a burden.
It’s not for everyone, and even if you have someone taking care of it, it can still be a full-time job. Regardless of whether you bought it or inherited it, it isn’t always a great deal.
4 Reasons You Should Get Rid of a Rental Property
Being responsible for a property you don’t live in and still need to maintain can be a lot of work for the average person.
The cost of things is a concern for almost everyone. When you invest in a rental property, you need a large sum of money to buy it. Even if you own it outright or inherited it, it still costs.
You always need cash to make necessary repairs. This can be a lot of money that cuts into your income from the rental every single month. From painting rooms or apartments to repairing the roof, there is always something in need.
Even just the daily or weekly cleaning, upkeep outside and in, and keeping everything in working order is a lot of money. If you don’t do it yourself, you need to pay someone you trust to do it for you.
Tenants need constant care. They complain about a lot of things, whether it concerns you or not. They don’t pay their rent, they are hard on the property, they won’t leave when evicted, and sometimes they even try to sue you.
Screening tenants can be a big job, in particular, if you have to do it on a regular basis. Keeping great tenants still requires effort on your behalf, and weeding out the bad ones is stressful. Even hiring someone else to do it is no guarantee.
It can actually be worse if you are renting to family or friends. They tend to take liberties that strangers wouldn’t. They may feel that you will be laxer with late rent or not increase the rent over the years.
3. Taxes and Insurance
Just because your mortgage is fixed doesn’t mean your taxes or insurance premiums are. Rising taxes are something you have no control over. If you make claims on your insurance because of bad tenants for the damage they caused, your premiums will also go up.
That often means you have to increase the rent to cover it. Otherwise, you are losing money for the rental property. When the cost is taking over the income, it’s time to get rid of your rental property.
If getting rid of the rental property will reduce your stress, then there is enough of a reason right there. People make demands, you never really get away from it, and it’s a constant source of worry and aggravation.
Chances are, you invested in the rental for some extra income, but it is never that easy. You likely have your day full with enough worries, why do you need to worry about a home you don’t even live in?
Get Rid of a Rental Property
Get rid of your rental property and get rid of the stress. Get fast cash for the rental property and take a long vacation.