Should You Sell Your Rental Property Now?

Five years ago, many people invested and purchased real estate. Due to the sudden market slowdown, they could not sell it for a price that was worth it for them at that time. So they ended up keeping their property as a rental.

The real estate industry in Calgary is in a different place right now. There has been upward pressure on prices because of the rise of demand in the market.

Reach Out to an Agent

If you have a rental property right now and you are thinking if this is the best time to sell, don’t make a rash decision! Reach out to an agent in our team to help you study the market specific to your type of home to see its current value. Pricing your home the right way is key to sell your house fast!

We can set up your house for a program called homebeat. This program will help you understand what's happening in the market around your property. It will give you an assessment of your home based on all its comparables.

Lease Agreement

If your home is currently rented out, you need to check and understand your lease agreement. For set terms, you cannot sell the property and kick out a tenant. You need to sell the property with a tenant staying there, and the new owner has to keep that lease agreement active until the end of the term.

As a landlord, if your home is on a month-to-month basis, you can give a 90-day notice. You can have your home listed but ensure that you process the conditions with your tenant and with your agent.

After assessing the market, the value of your home, and your rental lease agreement, and all things align, it could be time to sell your rental home finally! There is a great opportunity for you to cash in on that property because of the high demand and shortage of supply in the market right now.

If you have a condo property, you might also be interested in knowing your terminal loss. Reach out to an accounting advisor to help you understand the process and how you can save a lot of money in capital losses.

Don’t hesitate to reach out to us if you have questions or need help selling your rental property. Send us an email at info@chamberlaingroup.ca or give us a call at 587-316-5400. We will be glad to help you sort out exactly where everything is at to help you move forward.