Owning a rental property can be a smart way to generate income and build long-term wealth.
But when a unit sits vacant or needs costly repairs, the expenses can quickly erode your profits and drain your liquidity. Many landlords find themselves stuck, balancing ongoing costs with uncertain returns. Knowing when to hold and when to sell is a critical decision for your financial health.
The Hidden Costs of Being a Landlord
The numbers don’t always tell the full story until you see them in action. Even with steady rent payments, owning and maintaining a property comes with ongoing expenses – some predictable, others less so.
- Turnover costs: Preparing a unit for a new tenant can easily cost thousands. Between cleaning, repairs, and lost rent during vacancies, turnover is one of the most expensive aspects of being a landlord.
- Property taxes: Annual taxes can climb, especially if local rates increase.
- HOA fees: Monthly or quarterly fees for common areas and building upkeep can add up quickly.
- Insurance: Landlord policies can be more expensive than standard homeowner coverage.
- Property management fees: If you hire a professional to handle tenant relations and maintenance, expect to pay a percentage of the monthly rent.
- Utilities and services: Electricity, waste management, and water are sometimes your responsibility, especially during vacancies.
- Landscaping and seasonal maintenance: Snow removal, lawn care, and leaf cleanup are recurring costs.
- Appliance upkeep: HVAC systems, sump pumps, refrigerators, stoves, washers, and dryers all require periodic maintenance or replacement.
- Painting and flooring: Refreshing interiors between tenants is often necessary to keep the property competitive.
- Pest control: Regular treatments or emergency extermination can’t be ignored.
When these costs start outweighing your rental income, or the time and stress of managing them becomes too much, it might be time to reassess whether keeping the property makes sense.
Skip the Hassle and Sell to Dominion
If you’ve decided it’s time to sell, Dominion Properties offers a simple, straightforward solution. We buy properties as-is, which means you don’t need to make repairs or upgrades. If you currently have a tenant in place, we make every effort to keep them there, preserving their housing stability while relieving you of the responsibilities.
We’ll provide a top-dollar cash offer without any hidden fees or closing costs. Whether your rental is in perfect condition, needs extensive work, or is currently vacant, we can help you move forward without the usual headaches of selling.
Call us today at 410-989-4564 for your no-obligation cash offer and see how easy it can be to transition out of property ownership while protecting your investment.