How to sell a rental property

Whether you live in a rental property or own one, you know that it can be difficult. Being a landlord can be stressful. Keeping up with repairs and maintenance while also staying on top of tenants' rent is a lot to maintain. If owning a rental property isn’t for you, sell your property for cash with Best Price Homebuyers.

What is a rental property?

A rental property is a home that is purchased by an investor. This investor then acts as a landlord and finds tenants to live in the house to lease the home. Rental properties can be single-family homes, condominium units, apartments, townhouses and duplexes. A rental property serves as a real estate investment which comes with its advantages.

What is the appeal of a rental property?

Tax benefits

Rental properties are allowed to have expenses deducted in the categories that include: ordinary and necessary expenses, investments and depreciation. With this, you are able to deduct your insurance, interest on the mortgage, maintenance and any physical wear-and-tear on your rental property. 

Seasonal rentals

If you rent out your property seasonally, then you are able to use your property for 14 days per year. Another option is to use it for 10 percent of the number of days that you rent to other tenants at a fair price while deducting your expenses.

Rent extra space

If you find yourself having extra room in your house, you can rent out that room to tenants. Examples of these rooms can include a garage or basement. You are able to write off a percentage of the mortgage interest and other expenses that have an impact on its income.

What are the cons of a rental property?

Difficult tenants

Even when carefully looking for prospective tenants, the chance you might end up with difficult tenants is possible. Some examples include tenants who might forget to pay rent, be destructive, or break lease rules. In this case, to ensure tenants are held responsible, a security deposit can be helpful.

Neighborhood decline

Having your rental property thrive in a well-maintained neighborhood is the goal! This will ensure cash flow will be steady and have the probability to increase. If neighborhoods depreciate, so can the value of your property.

Taxes and insurance premiums

If taxes rise then there is no guarantee that rent can keep up and increase with it. In the case of natural disasters, insurance premiums can also be evaluated to increase.

How to sell your property for cash?

Sell your rental property for cash to Best Price Homebuyers. When you sell your property for cash you will receive a cash offer in return in as little as 24 hours! We will buy your house and make it a simple and stress-free process. Forget inspections and realtors, and make cash fast! Contact us today and request a cash offer.