There are two things that you can do once you own a property. You can either sell or hold on to it. In most cases, holding on to it will be a good idea but for these four circumstances.
That said, here are 3 instances in which you must sell property:
#1: Improve portfolio
If you find an investment that is larger but also in a better location but most importantly, has a greater return on investment, then it’s time to sell the property. If you want to expand your portfolio, then trading up to a bigger property makes more sense as the return on investment is much more and quicker as well.
#2: Improve lifestyle
If you want to focus on a different type of real estate investment, you could sell the property. For instance, you can purchase larger buildings by selling smaller ones which can be operated by staff that you hire. Or less, you can just lease out the property and have the tenants handle it for you. This will, most definitely, give you more free time. In the latter situation, your benefit will be based on your personal needs.
#3: Increase financial independence
If your portfolio is large enough, then you can liquidate the property which will generate more funds to cover your costs, pay your taxes and make investments in the U.S Treasury Bonds. In fact, the amount of money you make will release you of this worry.
Also, if someone offers you a fantastic price for the property, then there’s no point holding on to it.