If you took a buy and hold approach to real estate investing almost anywhere in Lake County, Illinois, after the housing decline, you likely made money. With the housing experts saying home values are at a high, but likely to increase more in the New Year, you are probably wondering if you should list your rental property for sale. For the past several years you have been more concerned with the market rent as opposed to the resale value of your home. An experienced Realtor such as Sheryl Allen with Coldwell Banker can figure out a good listing price so you get the most out of your Lake County, Illinois investment. According to an article by U.S. News & World Report, wild fluctuations in real estate make it confusing for many investors.
Looking at the big picture
The national real estate trends affect the trends in Lake County, Illinois. At this time, home values are generally up across the country. People can sell in other states and bring their profits to invest in a home in Illinois. Whether you sell your home to a fix-and-flip investor, DIY landlord or traditional buyer who wants to occupy the house, you’ll likely make a profit on the sale of your rental property if it’s in good condition.
Selling while values are up
If you bought your rental property while home prices were low, you have probably made a good return on your investment. Rents in Illinois have gone up considerably in the last few years. However, with many new apartment communities under construction, it’s more difficult to compete as a landlord. Sheryl Allen can help you figure out how much your rental property is currently worth so you know whether to sell.
Transforming it into a home
In most cases, you’ll be able to sell your rental property for more money if you stage it to attract traditional buyers instead of other investors. Investors often try to get the best bargain they can find because they view real estate as a business. Some ways to make your home more attractive to traditional buyers include staging it with modern furnishings and art. Update the kitchen with stainless steel appliances and a modern glass backsplash. While experts generally advise sellers to de-personalize your home to sell it, you need to do the opposite to a home that was a rental property. Add a few homey and personal touches.
Sheryl Allen is a reputable Coldwell Banker Realtor who can help you list your Lake County home. She assists buyers and sellers in the villages of Buffalo Grove, Libertyville, Mundelein and surrounding areas. For more information on selling a former rental house, please contact her.