A financial and practical perspective of keeping or selling your property.
Should you keep your property? Many property owners have asked themselves this question some time or other throughout their property ownership. If you are struggling to answer this question here are some practical considerations to assist you in deriving your decision:
Financial Perspective
Does your property make you money? If your property is tenanted and the rental income is generating a positive cash flow, the answer is simple, keep it!
Can you earn more money elsewhere? Can your property investment generate more cash flow somewhere else? If so, you will still need to take into consideration your registration costs of moving your investment to another property.
Can you afford it? Do you need to upgrade, downgrade or stay the same?
What's Body corporate financial standing? If your body corporate has taken a turn for the worse with non-levy paying owners, and poor management, you may want to consider dumping the investment before those additional levies catch up.
Practical Perspective
Does the location of your property work? Many of us are fortunate and can work from home, but for those still traveling to and fro, location is key.
Are you able to manage your tenancy? If your tenants are becoming a hassle and you are struggling to collect rent from them, perhaps you need to look into a property management company. You can find more information on that, here.
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