Three Tips for Selling Rental Property
Are you planning to sell your rental property? Do you want to finally buy your dream house from the proceeds of the sale? Before you do so, make sure that you’re thoroughly informed. Here are some tips for those who want to sell their rental properties:
Look for Ways to Reduce Taxes
Do you plan to get a new home with the money that you will get from the sale? You’re in for a treat. One of the most significant expenses is the capital gains tax that you have to pay after the sale. With the help of an intermediary like 1031 Exchange Place, you can avoid paying these taxes as long as you satisfy the requirements. Don’t leave money on the table. Take advantage of the tax benefits.
Enlist the Help of a Trusted Realtor
Many people are wary of getting the help of real estate professionals because they don’t have the best reputation. However, licensed professionals can save you a great deal of pain and headaches when dealing with selling properties. They know the ropes, they know the people, and they’ve done this countless times. Ask for recommendations from your friends and family members who have sold their properties before, or join a local real estate gathering so that you can get to know the players in your local market.
Respect the Tenants
It’s likely that the rental property you’re selling still has tenants. Make sure that you iron out the details concerning their status and the changes that will occur upon the sale of the property. Many rental buyers want to get a property that has existing tenants. However, some will want to raise the rent immediately. Ensure that everyone is satisfied when coming up with an agreement.
Selling rental property shouldn’t be that hard and painstaking if you know whom to ask and where to look. Follow these tips and save yourself from making rookie mistakes.