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Making the decision to sell your investment property is usually one that is not made lightly, and you may find that you spend some time deliberating over whether to sell the property or hold onto the investment.
Timing when to sell your property is often a major factor and the length of time that you keep the property will depend on your investment goals.
Will it be affected by market conditions?
Consider the current market and what is trending when assessing your decision to sell or retain. A booming market, maybe a great time to sell, however, think about at what point in the boom you are selling and if it is on a downturn.
There is no one expert who can accurately predict when a market may rise or fall, and it is important to carry out your due diligence when looking at selling to ensure that you are in the right market for your needs. Property will always sell, and people will always need housing.
What you achieve from the sale, in the end, will depend on a number of factors including your expectations, what the market will pay and having a great agent in your corner.
Should you be keeping it for a longer-term
One factor to think about is the length of time in which you have owned the property and if selling for a profit, how capital gains may impact your decision. Before choosing to sell, speak with your financial advisor about how selling might affect your finances and future investment.
On the flip side, your advisor may also speak with you about options if you are losing money on the property and with rises and falls in costs, ongoing maintenance, and potential vacancy expenses, how this impacts your income and the investment.
Are there opportunities to diversify your investment
As life changes, opportunities may come your way to mix your investment strategies and selling your investment property may be necessary to free up cash to move on to the next investment whether that be in more property or mixed sources.
A changing market and the chance for more gains in the final sale price may assist in achieving those investment goals and diversifying your strategy.
For more information on how much your investment property may be worth in the current market or for a strategy session on your next move, speak with our sales team about your options.