The way you acquired a vacation home or an investment property tends to be different for everyone. Some loved the Shore and wanted to spend more time here and decided to buy a vacation home. Others may have had a home year for years and needed to move away and just couldn’t sell the home so they decided to keep it as an investment property. There are numerous reasons why someone may have a second home.
When it comes to an investment property many decide not to keep it for decades. There may come a point when you feel it’s time to sell it. If you are unsure whether you are ready to sell here are some things to consider.
- Have you had to lower the price of rent to stay competitive and are you losing money?
- If you are barely collecting enough rent to cover the costs of the property when factoring in insurance, taxes, and other fees it may be time to sell.
- Home prices are rising but if you find yours isn’t it may be time to be rid of it.
- If your property is aging and renovating it won’t increase its value significantly you may be better off selling it.
- The market value in the neighborhood it is located in has topped out and it has come to a point where there are no further gains to be made on the property.
- You feel that the time and money you have could be better spent elsewhere.
- It’s time to retire and you are in need of funds that could be obtained from selling the property.
Just as the real estate market is always changing so to do our plans. Choosing to buy a vacation home or an investment property is a big decision and a very personal one. When it comes time to selling that property or cashing out, the decision needs to be that of a business one.
The Jersey Shore market is great for sellers right now. A home that is priced right and marketed right will sell in a timely fashion.
If you would like more details on the housing market and how your property may do in today’s current market, get in touch.