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Today's question is from a landlord who wants to know, "should I wait for the lease to expire in order to sell my rental property?"
Hello, friends. My name is Dawn D'Amico. I am a licensed realtor in Pennsylvania and over the river in New Jersey. I have helped lots of landlords sell their investment properties, and I am here today to talk about whether you should wait for the lease to expire before selling.
So, you are a landlord and you are thinking about selling your rental property, but you are not sure if you should wait for the lease to expire first.
There are a few things to consider here.
If you wait for the lease to expire, you will have more control over the sale process. You can choose when to list the property, and you can set the price. You will not have to worry about finding a tenant to take over the lease. Also, you will not have to worry about any potential complications arising from a lease transfer.
However, there are some drawbacks to waiting for a lease to expire. First, it could take longer to sell the property. If the market is slow, you could be waiting months or even years for the lease to expire. Second, you will have to pay for carrying costs during the time, such as property taxes, insurance, and maintenance.
So, what is the best decision?
It depends on your individual circumstances. If you are in a hurry to sell or if you are worried about carrying costs, then you might want to consider selling with an active lease. It really is not a problem. But, if you have the time and the flexibility, then waiting for the lease to expire is usually the better option.
Here are some things to keep in mind when making your decision.
First, the current market conditions. If the market is hot, you might be able to sell the property quickly, even with an active lease. But if you are in a slow market, you might be better off waiting.
Second, the terms of the lease. If the lease is long or has a lot of tenant friendly terms, it could be difficult to find a buyer.
Third, consider your financial situation. Can you afford to carry the property for an extended period of time without a tenant in it?
If you are still not sure what to do, call me. I can help you assess your specific situation and then you can make the best decision for yourself.
If you're buying, selling, investing, or you just have some questions, please don't hesitate to reach out to me.
I'll talk to you soon.
Dawn D'Amico: 215.962.9307
damico.dawn@gmail.com
