Real estate is one of the most popular and safest investments and often a significant part of a person’s or family’s wealth. There are many reasons why buying property in the UK can be beneficial. But what if we look at it the other way around? What are the occasions when it can be advantageous to sell your property, whether residential, industrial or commercial?
Incredibly high market price
There are periods when the price of property on the market reaches an all-time high. If you are experiencing such a situation, and forecasts suggest that property values may start to fall soon this could be a great time to sell. This will give you a bigger profit, which you can then invest back into the property when prices fall.
Changes in life circumstances or priorities
Planning to move to another city or country? Or you may want to start travelling the world. If this is your case, it might make sense to sell your current property and buy or rent a new one that better suits your new living conditions or priorities. Do not rely on things that may burden you.
Excessive maintenance costs
Sometimes, the property requires constant maintenance, repairs or upgrades that exceed your financial expectations and possibilities. If it goes on for a long time and you see no possible changes soon, it may be worth considering selling opportunities.
Incurring debts or financial difficulties
If you are facing financial difficulties that prevent you from keeping the property, selling it might be a considerable solution. Then, you can get the funds you need to cover your debts and avoid possible legal liability or foreclosure. But we recommend not rushing in this case. It may be helpful to consult a russian speaking lawyer specialising in real estate first.
Insufficient rental profit
If you own a property for rental purposes, but it doesn’t generate enough income to cover your mortgage payments or maintenance costs, maybe it’s not worth keeping it. Especially, if this situation continues for a long time and you don’t see possible changes soon. The market is big – there are always options to buy a property that generates a higher investment return or simply invest the money in another asset class such as shares or funds.
