In every rental property owner’s life, there will come a time to start thinking about selling your investment. Yet, just like with any other type of asset, you will want to ensure that you are able to get the most out of it.
This can lead to questions about whether or not now is the best time to move on, or alternatively, if it would be better to hold the investment for a while longer. So, how do you know when the time is right to sell?
There are actually a couple of indicators that can lead you to the answer. In many cases, for instance, rental property is purchased (and held) for the purpose of generating an income stream.
So, when you’ve reached the age where you qualify for Social Security retirement income, this benefit could essentially “replace” your rental income – and it can do so without you still having to manage tenants, collect the rent, and regularly maintain the property.
Likewise, if you are inching up on age 59 1/2, and you intend to begin making withdrawals from a traditional IRA and / or 401(k) plan, this too could be a time to let go of your real estate income-producing investments.
If you decide that you don’t want to give up your rental income – even if you are near or at retirement age – you can still do so without having to take up your own personal time managing the property(ies).
Rather, you could consider hiring a property manager who will do so instead, and in turn, free up your time so that you can focus on other things. If you own rental property in the Orlando or the surrounding Central Florida area, give us a call for more information on how to determine whether working with a property manager is for you.