If you’ve decided that you no longer care to be a landlord, selling your property in Las Vegas doesn’t have to be a stressful experience. Coming to the table prepared is one of the best ways to avoid surprises and ensure a smooth process. To be in this position, you’ll need to obtain and organize your financial documents, prepare your home for a smooth sale and handle tax liabilities from the proceeds.
Below are some tips for selling your rental property in Las Vegas without all the headache and hassle.
When Does It Make Sense to Sell Your Rental Property?
To make money being a landlord, you typically need to own the investment property for several years or decades. Maybe you’ve waited this long and maybe you haven’t. Either way, selling your Las Vegas rental property might make sense if you’re facing the following:
- The property needs extensive repairs. You’ll either need to make the repairs or sell the property. Nevada law requires landlords to make repairs within 48 hours of being notified by the tenant.
- The rental is no longer profitable. There are many reasons why a property may no longer be profitable. Whatever the case, it’s probably best to get out now before you lose more money.
- The housing market has changed. The housing market is always changing. If you notice that housing prices are dropping, you may want to sell now so that you can get the most from your investment.
- The neighborhood is changing. Neighborhoods also change. Perhaps your area is no longer desirable, and you’re concerned that you won’t get responsible tenants.
- You no longer want to be a landlord. Maybe you’re moving out of state or simply don’t care to manage another property. If being a landlord is no longer for you, it’s best to sell.
How to Sell Your Las Vegas Rental with No Hassle
When it comes time to sell your rental in Nevada, you have a few options. If your property is in good condition, located in a desirable area and up to date on its mortgage, you can sell it with a realtor.
However, traditional sales require realtor fees, an appraisal, an inspection, closing costs, home repairs and improvements, showings, staging and more. You’ll also have to watch out for tax liabilities, as second homes don’t qualify for the homestead exemption.
Another way to sell your rental property is with cash. A cash sale is simple and straightforward. A buyer will make an offer on your house, and if you accept, they can start the closing paperwork. There are no banks involved, and because of this, you can eliminate an appraisal, inspection and most closing costs.
Get your FREE cash offer from We Buy Any Vegas House. We’ll be happy to buy your house so that you can liquidate your property and start the next chapter of your life!