Telling Renters You Need To Sell Your PropertyWritten By PropertyLoop March 03, 2021
If you’re a landlord who is looking to sell their property via an online property agent or letting agency, then you have two choices: sell it with the tenants still in there, or wait until it’s empty. Despite what you may think, there are pretty cohesive arguments for both, not to mention many challenges to a landlord which will present themselves during the selling process.
Should I Tell My Tenants Im Selling
Always make sure your tenants know what’s happening before you decide to put the property up for sale. Not only is it polite to do this, but it can also make for a vastly smoother transaction. Irritated tenants won’t do anything for your viewings and could make them extremely awkward. It’s also important to reassure them that they won’t be left without a home – a tenancy agreement will still be in place, and then next owner is highly likely to be another landlord.
Selling a Tenanted Property
If a property is sold with tenants inside, it can often fetch a higher price. This is because landlords will be able to generate an income from the moment they are the new owners. The difficulties that may arise from selling a tenanted property are that most buyers are likely to be landlords, thus reducing its appeal to a wider audience. However, a lot of modern home buyers can and do think of a property as an investment, so don’t be surprised if the savvy amongst them might be interested. Plus, they can always wait until the tenancy ends and then move in, generating them a little cash in the process.
Selling an Empty Property:
Waiting until the end of a tenancy to sell a property can be tiresome and time consuming. If it takes a while to sell when it’s on the market, then this could mean you’re massively out of pocket. So do give serious thought to selling up with your renters still at home there. It’s also important that you should go via an agent which has experience in selling tenanted properties and remember to respect your tenants’ rights – including giving them 24 hours notice regarding viewings. It is also very wise to attempt to time the sale’s completion with rent day, ensuring there is no confusion regarding rent you are owed, and what the new buyer will be entitled to.
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