Being a landlord in California can be time consuming and mentally draining – when you’re facing such situations you might ask yourself if it’s worth it and oftentimes it’s not. Here are the top reasons California landlords sell their rental properties:
Financial issues
Being a landlord can be financially demanding, especially if the property requires significant repairs or maintenance. If the landlord is not able to cover these costs or is not generating enough rental income, they may decide to stop being a landlord.
Another reason within the financial department is the mortgage. If your rent is not high enough or you need continuous repairs, it may eat into your profits and when it’s time to pay the outstanding mortgage balance for the month you may find yourself short and pulling from other investments or personal income. In these cases, it’s almost always best to sell your rental property and leave the landlord’s life. If this sounds like you, reach out to us at Osborne Homes and we’ll buy your California rental property without any repairs needed so you can step away from the negative mortgage and enjoy life again.
Legal issues
Landlords in California have many legal responsibilities, and failure to fulfill these responsibilities can result in legal issues. Some common legal issues that landlords in California may encounter include:
Fair housing violations
California Landlords are required to follow fair housing laws, which prohibits discrimination on the basis of race, color, religion, national origin, sex, familial status, and disability. If a landlord is found to be discriminating against tenants or potential tenants, they may face legal consequences.
Failure to maintain the property
Landlords are required to maintain the property in a wearable and livable condition, and to make necessary repairs in a timely manner. If a landlord fails to maintain the property or to make necessary repairs, they may be sued by the tenant.
Breach of contract
Landlords and tenants enter into a legal contract when they sign a lease. If a landlord fails to fulfill their obligations under the lease, such as by not providing promised amenities or failing to maintain the property, they may be in breach of contract.
Tenant disputes
Landlords may encounter disputes with tenants over issues such as rent, damages to the property, or breach of the lease agreement. These disputes may require legal action to resolve.
Personal or family issues
Landlords may decide to stop being a landlord due to personal or family issues, such as a change in their financial situation, a change in their living arrangements, or a desire to pursue other interests or hobbies.
Being a landlord as you know is time consuming and repairs for your tenants oftentimes need to come first – it’s more than a job, at times it may seem like it’s really good passive revenue that is until your kids first soccer game happens and you need to go investigate the water heater at your tenants property.
Don’t miss out on family or life, sell your rental home in California to Osborne Homes. If you’re tired of missing out on family events or personal activities, then sell your house for cash to Osborne Homes. We’ll buy your rental property even if it’s occupied!
Lack of enjoyment
Some landlords simply do not enjoy the responsibilities and challenges that come with being a landlord and may decide to stop for this reason.
We’ve touched on this briefly but if you have family that you care for such as kids then being a landlord simply gets in the way many times unless you have dream tenants that require little to no maintenance on a frequent basis.
Frequent repairs
As a landlord in the state of California you are responsible for any repairs that are needed on the home to ensure it stays as a livable space for your tenants. With such, there is a wide arrange of repairs you might need to make some of the most common repairs are:
Plumbing repairs
Leaky faucets, clogged drains, and other plumbing issues are common in rental properties.
The average cost of a plumbing technician in California is $45-200 per hour.
HVAC repairs
Heating, ventilation, and air conditioning systems may need repair or maintenance over time.
Electrical repairs
Electrical issues, such as faulty outlets or outdated wiring, may need to be repaired in rental properties.
Appliance repairs
Refrigerators, stoves, and washers and dryers, that may need repair or replacement over time.
Roof repairs
Roofs may need repair or replacement due to wear and tear or weather damage.
In California, a new roof typically ranges between $8,000 and $22,000. It’s not cheap, and even the slightest of repairs comes with a massive price tag.
Painting and cosmetic repairs
Rental properties may need regular painting and cosmetic repairs to maintain their appearance and value.
Don’t be stressed. Sell your rental property to Osborne Homes!
Being a landlord is stressful and comes with more good reasons to get out than good reasons to stay. If you’re tired of being a landlord then there’s good news for you! You can sell your rental property to Osborne Homes for cash! Even if your rental property is currently occupied. Don’t worry about repairs or evictions, let us help you with it all.
