For many property owners, selling a rented property can be one of life’s Catch 22’s – you want to get the property vacant so it will sell easily, but you need the rental income to pay the mortgage too!
Many landlords find themselves in this situation and there are three options open to them.
- Bite the bullet. Give your tenant notice that you want them to leave, this is usually two months. Once vacant, you’ll need to check the property to ensure that it is in good enough condition to sell. Remember any damage caused by the tenant may be deductible from the deposit. Once the property is empty, clean and presentable, you’ll need to get the agents round to give you valuations and get the home on to the market. Remember you’ll need to budget for things such as mortgage repayments, maintenance, council tax, gardening, heating etc etc until the property sells. All property sells at different speed but as a guide, expect the house to be on the market for around two months and then when a buyer is found, expect the sale to take about a further two months, so four months in all.
- Try your luck. You can always try to sell with your tenant in situ. This has the benefit of keeping rent rolling in whilst on the market and avoids all of the bills as outlined in (1). There can be some downsides however. Your property can not be sold to an owner occupier who needs a mortgage so you will be limiting your market to Buy to Let landlords only. This market has taken quite a hit over the last few years and so any landlord buyers still looking will likely try to bag a bargain. Yes you’ll keep the rent but it may cost you with a reduced sale price.
- Best of both? A professional cash buying company such as ourselves (ahem!) won’t be as fussy as a standard buyer. We buy hundreds every year and try to make the whole process as smooth as we can. We’ll happily take over existing tenants if easier for you, whatever the condition or situation with their rent or tenancy. We’ll agree to buy without viewing (yes really!) so your tenant won’t be troubled with lots of people coming round. We pay less than full market value but you still get a fair price, plus, you get to keep the rent right up until completion, which can take place just a week or two after sale agreed.
If you're a Landlord and want to sell your property quickly, and for cash we can help. House Buy Fast will buy your tenanted property, guaranteed. Our discreet service means no viewings and no estate agent boards. Find out more by calling 01903 331 588.