Consider Five Important Points Before Selling Your Rental Property

Sometimes, there comes a time for a landlord when he might want to sell his rental property. As a landlord, you just want to make a profit from it at the right time or there can be any other reason. Maybe the property is not working out for you. Maybe this property has failed in giving you a potential return. Maybe you need some money for your family. Maybe you have changed your mind about investment. Maybe an unforeseen need is coming to the way that leads you to sell the rental property. Maybe you want to invest in any other location. You just want to sell your rental property for whatever reason.

As my earlier blog told you some essentials for buying a rental property. Just like that, you need to consider some essentials before selling it. If you want a profitable deal from selling this rental property, you still need to consider some points. I f you just want to get rid of the property, you may bump into an unprofitable agreement. Whatever the circumstances are do not end up in a fruitless deal. Maybe you just want it gone but consider some essentials that can give you a profit on your rental property. If you are having some bad experiences, do not lose hope, this time it might give you a good return on selling.

1. Is the real estate market is in your favor?

When you are a real estate investor, you could be either a buyer or a seller. However, your situation is important. I mean what are you now, a buyer or a seller? If you are a buyer think about the tenants and profit. Think about the profit you can make from this property. You need a vision while buying a rental property. But if you are the seller think differently. Before selling your property do research on the real estate market. You will make a profit from it only once. After selling, this property will not give you any type of profit. So, be careful before selling a property. Wait for the rental season before selling. Try to sell your property in summer. If you want to sell your property in winter, it will be a cold deal.

2. Do Complete Homework to Compete with other Landlords

Homework is an essential point. If you are selling your property in summer, it will give you a good client. But still, homework on other owners, properties, rates, and the market is essential. To compete with other owners, your homework on the rates, legal formalities, and repair cost reduction is significant. Do research on the homes and their rates? Compare your property with others. Find out why they have high rates than you. Do homework on the renovation cost and other cost deduction rules. Check out the listing details of the real estate markets. You can make a potential deal from your rental property if you do your homework completely.

3. Some Renovations can Give you a Potential return

I am not suggesting that you should do all the fixer-upper before selling it. I know that will be a useless expense. But some renovations and repairs can give you a good return. If you make your property updated before selling, It will give a potential profit. When you make some changes in your house, renovate it, the price will increase. The customer will give you a potential amount if the house is up to date. Now, the question is what type of repairs you should do? Do not change the look of the home. Just make some necessary repairs. Fix the paint of the building. Fix the lighting issues, fix the electricity problems, consider new fixtures, water pipes, gas connection, and flooring updates. The outlook of the building should be appealing.

4. Cleaning of the Building

Before selling clean your home, Clear out the garbage and any extra or useless stuff from the home.

5. Do not Negotiate the Deal Again and Again

Sometimes as a landlord you do the biggest mistake of negotiating your price again and again. Do not make changes in your final rates. Just make one or two negotiations.

Top 5 Reasons Why Buying A Home For the Holidays is A Brilliant Idea

When thinking about buying a home, one doesn’t immediately jump to the idea of buying one around the Holidays. Sure, we may do some poking around to see what’s out there. Maybe go on a few Real Estate Virtual Tours. But, to go and actually buy something, it’s not likely. After all, there’s already so much going on, why just add something as complicated as moving to the list? Well, there may be a good reason. 5 good reasons actually, why you would want to consider buying a home for the Holidays.

Reason #1: You Could Get An Amazing Deal

The best time to buy is when it’s a buyers market, right? Well, that’s exactly why the Holidays are a prime time to look into purchasing a new home. It’s rare that people are looking to buy during this time, making it harder for sellers to unload their home. Which is bad for them, but great for you. Reason being, most sellers will probably want to try and close a deal by the end of the year. So, there’s a higher chance they’ll give you that price cut or those upgrades and repairs included in the buying price. The idea of closing before the end of the year brings us to reason #2.

Reason #2: It Will Help With Your Taxes

If you have the good fortune to close before the end of the year, you can itemize some for the costs associated with moving. Such as Real Estate tax, and mortgage interest. In some cases you can even itemize costs that are associated with hiring a local moving company, if your move is work related. Trust us when we say you ‘ll appreciate the tax break now rather than later.

Reason #3: You’ll Have Less Competition From Other Buyers

This reason goes along with our first reason in some regards, because as we said before, there are not a lot of people looking at wanting to buy. Which gives you not only more advantage, but time as well. You no longer have to go from taking a Real Estate Virtual Tour on the computer, to making a mad dash to do the actual live tour before someone else snatches it off the market. Plus, you’ll have your pick of Real Estate Agents. Who are also just as motivated to help you find and buy a house before year-end.

Reason #4: You Might Get A Lower Interest Rate

Again, because influx of buying and selling decreases during the holidays, banks are more apt to give better interest rates in order to keep the borrowing rates going. However, there are a few things to keep in mind. First of all, you need to make sure you start your search for a bank earlier on. Banks have a tenancy to shut down at the end of the year, so make sure that a majority of the work is done before the business of the holidays start.

Reason #5: Sellers will want to close quickly

If a seller has a house on the market during the holidays, it’s more than likely for one of two reasons. One reason being that they’ve had in on the market for a while already, or two, they really need to sell it quickly. Meaning, they’ll want to close quickly once an offer is made. You’ll also have the support of your agent and the bank, because closing a deal by the end of the year is a win-win for everyone all the way around.

So, if you’re needing or wanting to buy a home, consider doing it during the holidays. You may find that not only will you get your dream house, but you can get it for your dream price as well. And that would definitely make it a very Happy Holiday indeed.