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If you have a vacation or rental home, what should you do with it? Today I'll be discussing this with you, and if you've been on the fence about what to do, hopefully this can be helpful to you. There are a few different questions that you can ask yourself in a scenario like this.
- What's your motivation to sell? Has your property appreciated a lot? Is it no longer worth it to manage the property?
- What is your carrying cost on the property? Are you paying a mortgage on it, or are there significant repairs that need to be made on the property?
- Are you prepared to price your property in today's market? This is the most important question that I can ask you, because the sale price dictates the entire sale.
- What will you be doing with the proceeds? Are you doing a 1031 Exchange? Will you be investing these gains elsewhere?
These are all questions that you need to be asking yourself in order to determine whether you should hold on to a rental property or just sell it. There are a lot of different factors to be considered, so I recommend that you contact me so we can discuss this issue.
Please feel free to reach out to me with any questions or concerns!
