There is nothing more frustrating than a tenant who doesn’t take care of your rental property and leaves it in shambles. What do you do then? Is it worth it to fix up the place or is it better to sell?
There are several factors to consider when tossing around the idea of fixing vs. selling your damaged rental. Here are a few of them.
1. How Much Damage Is There?
The first thing you’ll want to do is assess the damage to see how bad it really is. Are there only a few minor repairs or are they big fixes?
It is always a good idea to take pictures or do a video walkthrough of the place before a tenant moves in so that you have proof of what it looks like prior to their arrival. This is important for any insurance claims you may make later on, as well as if the police have to get involved.
2. How Much Will It Cost?
Be sure you know roughly how much money it will cost to fix all of the damages. If there are only minor repairs such as chipped paint or holes in the wall, the price to fix them will be fairly inexpensive. However, if there are major problems such as water damage or mold, the cost can really start to add up.
Keep in mind that while you’re in the process of fixing everything, the property is going to be vacant and it won’t be generating income. If you find that you’ll be spending more money rather than making it, you’ll want to consider selling your property and avoid all of the hassle.
3. Do You Still Want to Be a Landlord?
Even if your problem tenant has left and you’ve made all the necessary repairs, you will want to think about if you really want to keep going. Being a landlord can be a tiring process and definitely isn’t for everyone. You may only have had one bad experience with a tenant, but that doesn’t mean that it will never happen again. Plus you’ll still have to deal with maintenance and other upgrades along the way.
How willing are you to go through the process again? Is it worth the time and money or would it be better to just sell and move on?
4. Should You Sell the Property as-Is?
If you decide that the trashed rental property is at a point beyond repair, then selling it as-is to a cash buyer may be the best step to take. Consider selling to Enlight Homebuyers! We are the leading cash buyers in your area and will help get this unwanted property off of your hands.
The great part about working with us is that you won’t have to worry about making any repairs. You can leave it as-is and we’ll handle the rest. Give us a call at 317-333-7011 if you’d like to learn more. We look forward to hearing from you!