Knowing when to purchase a rental property can be difficult, but choosing when to sell it can be just as challenging if not more so. There are many different reasons why Alberta landlords might choose to put a rental property back on the residential real estate market. Here are just a few of the factors that may make it worth selling a rental property.
Since rental properties are purchased for investment purposes, the most common reasons for selling are financial. For example, a landlord whose property has gone up in value since purchasing it may choose to sell in order to "cash in" on the investment. This can be a particularly good idea if the rental market compared to the cost of ownership make it difficult to turn a profit on the home, though long-term gains should be considered if this issue is faced on a new buy.
Other reasons may be more personal. For example, some people simply find that they do not enjoy being landlords and do not find the extra income worth the hassle. Others may be moving to a different city or province and no longer wish to deal with the challenges of owning a rental property in a different location.
Clearly, the reasons that Alberta landlords may choose to sell residential real estate are varied and don't always have to do with money. Despite this diversity, almost all landlords ultimately care about having a clear-cut and legally sound sale. This can be done by working with a real estate lawyer familiar with provincial legislation in these matters.