It’s a great feeling when you do a walk through of your property after a tenant moves out and everything is still in good condition. But it can be a nightmare when your last tenants destroyed your rental property! It is such a shame how some people simply have no respect for other people’s property and do not care. In this blog post we will dig in and help you to decide whether it’s time to sell your house or keep it. We understand that it’s not always an easy decision, so we will break down some pros and cons and you can come to your own conclusion.
Can You Afford To Repair Or Replace What’s Broken?
If we were talking about minor wear and tear then this wouldn’t be a big deal but we’re discussing bigger issues here. We aren’t just talking about some paint and carpet, we are covering some costly problems. Things such as holes in walls, broken fixtures, broken windows or doors and maybe even the hot water tank or furnace got stolen. Other expensive things could be a broken garage door or plumbing and electrical issues that your tenant never told you about so now it’s a big surprise! If you are facing some expensive repairs you should be asking yourself if you can really afford to do it right now.
Are You Willing To Risk This Happening Again?
Sure there is definitely a certain level of risk involved with being a landlord but are you willing to roll the dice again? Be aware that if your last tenants destroyed your rental property, history could repeat itself. Owning rental property units in Detroit can be extremely stressful and challenging. Regardless of how well you might screen a tenant there’s really no telling if they will turn out to be great or not. If you honestly feel you’re ready to face the challenge again and give it another try then go ahead! On the flipside if you are not willing to stomach any more risk then you already have, then it’s time to sell your rental property.
Weigh It Out And Decide
So let’s recap some considerations we’ve discussed so far. Can you afford the repairs needed to rent out the unit again or would it be too much of a stretch for you right now? Are you willing to go through this situation all over again or are you tired of it? Is the “so called reward” really worth the risk involved? Would it be better to sell your rental property “as-is” and cash out right now? Sometimes it is better to pass on your burden to someone else and just let them deal with it.