By Sometimes you just know it is time to sell your rented property. This could be due to the work of being a landlord has now become too much work and you're overextended. It could be due to problem tenants or the idea of being a part-time landlord has shifted into full-time work. Here are our 3 tips for those who are thinking of selling their rented property.
1. Speak to your tenants
If your tenancy agreement is an assured shorthold tenancy (AST), then you are entitled to serve notice to your tenants at any time. However, you must give them a 60-day ‘Section 21‘notice. It is important to remember that this is still your tenant’s home, so be open and honest about your intentions to sell. This gives your tenants time to prepare for the sale and begin looking for another property. You could even find that they are interested in buying the property. It is important to maintain a good relationship with the tenants as you will need to communicate over organising viewings and preparing the property.
2. Prepare the property
You want to prepare the property so it looks as best as possible for the sale, as the more presentable it influences the price it will sell for. Re-decorating while someone is living in a property is difficult and disruptive for the tenant, so it is not always an easy task. Therefore, it is important to speak with your tenants, so they are happy for the property to be prepared for a sale. However, we know that this is not always the situation and sometimes it may be better to move tenants out and have a timeframe for preparing the house without tenants living within the property.
3. Speak to local estate agents
To find out more about how can help with the sale of your rented property click here!
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