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Follow @bokauffmannHow to Sell Your Winnipeg Rental Property
Hello Everyone:
Do you own rental property, and feel that now is the right time to sell? You may be right, as property values have far outstripped our Province’s controlled rent increases. As your rental property income has increased by 2% to 3% each year, the value of the property may have increased by around 10-15% a year.
Case and point:
I recently listed a nice little house on Winnipeg Ave. When I first saw this property, which had a tenant in it, the value would have been somewhere around $50,000, sold “AS-IS”. The owners heeded my advice, gave the tenants their notice, cleaned and fixed the home up, and listed it for $89,900. In the end, it received multiple offers and sold for even more than that.
2nd case and point:
I have a buyer for a condo in Lindenwoods. We were trying to get a look at this condo, which is tenant-occupied by a ‘non-co-operative’ (read: JERK) tenant, who keeps the place messy, and disrupts showings. This is not uncommon, as tenants quite often don’t like the idea of ‘their place’ being sold, forcing them to find alternative accomodations. And so a condo, which should have sold quickly, has been on the market for 2-1/2 months, causing he owner grief and possible loss of money.
Our provincial and civic governments are acting to increase the rights of tenants, and make ‘owning rental property‘ more difficult.
If you own rental property, and wish to sell it, call me first. Bo Kauffmann, Remax Performance Realty 333-2202
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