When your tenant's lease ends, it can be hard to decide what to do next. We can help you choose and help with the next steps in your journey.
Talk to the Investment Experts
Keeping your fingers on the pulse of the property investment market is not easy. That’s why so many people lean on the experts at Regalway Homes! To make the best choice, you need to consider the industry, the political landscape, and research indicators of the future. Regalway can help!
Check The Market
Every six months at least, you should be assessing your assets individually. Ask yourself:
Is now a good time to sell?
Should I be charging more in rent?
Figure out the value of your property before moving on to the next steps, so you have an idea of your best options.
Talk To Your Tenants
At least two months before the lease expires, talk to your current tenants. If these tenants are reliable and good at maintaining the property, your best option could be to extend their lease. Turning over a property for new renters can be expensive, so this is the easiest way to continue making a profit on your investment.
Inspect The Property
You should have created a checklist when you rented the property. Now is the time to analyze whether any damage needs to be repaired.
Inspections will also help you know what needs to be done to re-lease or sell the property. You can schedule repairs or upgrades if you know your tenants are moving out. General maintenance can increase your property value, so putting a plan together is good.
While inspecting the property, also take a look at the neighbourhood to decide whether the value is staying the same, going up or down.
List the property for sale or rent.
When it comes time to list your property for rent, don’t forget how valuable word-of-mouth advertising can be. Talk to your current tenants and ask if they’d be interested in leaving a review for your property. They may know of possible future renters as well. After all, they know the benefits of the property and the neighbourhood first hand.
Double Down on Rental Properties
If, after your assessments, you realize that now is a great time for renting properties, it could be a good time to consider purchasing another investment property. If you’d like to know more about this option, reach out to the experts at Regalway Homes now!