When to Sell Your Investment Property? | Property Management Gympie

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When is the best time to sell your investment property? Should you hang on to an investment property even if you're feeling like it's not working out? Should you even have an investment property?

If these questions are going through your mind, then you have to watch this video, as I'll break down the decisions from a Property Manager's perspective.

It might sound strange that as the business owner of a #property management agency, I’m going to tell you why it might be time to offload your property but that’s exactly what I’m going to talk about this video.

1. Can you really afford it? We see so many people buying an investment property without the disposable income to support and maintain it. Property investment is great, and the financial rewards are there BUT if an increase in interest rates or a failed hot water system will send you under, your money might be better invested elsewhere. Things in your property will continually wear out and sometimes fail altogether – and yes, sometimes just out of warranty period. Not having a financial buffer zone is going to cause you sleepless nights when something goes wrong.

2. Are you emotionally attached to your property? Love should be reserved for how you feel about people, not about your investment property. Sure, you can buy something you like the look of, something you would live in yourself… but be careful not to be head over heels for every nook and cranny, or reminisce about how little Johnny took his first steps in the living room or it’ll be a recipe for tears every time. Investment is better without emotion. Unless you lock the door to your investment property and keep it vacant, damages will occur.

3. Do you struggle to make decisions? If you have a great property manager, they should be able to guide you on your options including pros and cons when it comes to making decisions regarding your investment property. But if you’re still innately anxious and struggle to select a tenant, or up the rent, or offer a new lease, property investment may not be for you. Great tenants often apply for multiple properties so owners who go back and forth over approving an application, often miss out altogether.

4. Are you closed minded about what type of tenant you want? You can answer this one quietly in your own home and without anybody knowing but I really want you to be honest with yourself on this one. Over the years we have seen many owners state things such as: I want tenants who are working with no kids, no pets, in the age group of 50 to 60, no smokers and they must be long term. Limiting your options to this degree means you will have a much higher vacancy period, and you may actually miss out on some great tenants.

5. Are you expecting to make a lot of money quickly? If you saw our earlier videos, you’ll know that property investment is not designed for those hoping to make a quick buck. Most times you’ll need to hang onto the property for several years to see the return that you’re chasing so if you’re seeking something faster, you might be better off with a moderate risk share portfolio.

So, how did you go? Is it time to build your portfolio and buy another property? Or are you thinking it might be time to sell up?
#Realestateinvesting #propertymanagement

Видео When to Sell Your Investment Property? | Property Management Gympie канала Ray White Gympie Rentals