Here are a few things to pay attention to when you’re considering that it might be time to sell your rental property.
Expensive Repairs
You might start to incur multiple expensive repairs on your home. If your property is aging and you’re getting calls from your property manager about needing a new roof or you need to waterproof the basement, you might want to consider selling. When the foundation starts crumbling and other expensive repairs start showing up, it may be a sign that it’s time to sell and reinvest your funds elsewhere for a better return.
Outdated Properties
Perhaps the home’s décor or style is looking dated. That could be due to newer and more modern apartment communities competing for tenants. Perhaps there is even more competition from individual landlords near you who are renting out their homes. If you don’t keep up with the style of your home, you’ll see declining rental values. If you don’t want to invest in updates, it is another sign you may want to think about selling.
Lack of Interest
If you have lost interest in being a landlord, you should consider getting out of the rental market. Perhaps your property is fine but you’re getting violation notices from the HOA or you know they are increasing their monthly fees and you’re just tired of it. This might tell you it’s time to sell and move on.
Financials
Look at your financial situation. If you were a reluctant landlord in the first place and the numbers are finally making sense, you can put your home on the sale market. If your mortgage balance has decreased and the market value of your home has increased and you don’t need the tax deduction anymore, it might be the right time to sell.
Emotional Detachment
When you’re ready to emotionally let go of the property, you know you can sell it. If you kept it “just in case” as you moved to a new city, a new job or a new relationship, you may now feel comfortable and ready to let go of the “security 
blanket”. You can sell the property and focus 100% on settling into your new home and new city.
These are a few of the signs you should pay attention to when you’re thinking of selling your rental property. We’d be happy to help you weigh the pros and cons, so contact us at Chesapeake Property Management for additional advice.
