6 great benefits of selling a property with tenants in situ
By Chris Wood – Portolio, the estate agents for landlords
Feeling curious about why you might want to sell your property with the tenants still living there? There are several advantages to doing so.
Evicting your tenants and putting your property up for sale on the home-buyer market can be a time-consuming process and, if there’s an extended void period, it could lead to financial pressure and even to you losing money.
Selling your property with sitting tenants eliminates the risk that comes with selling a vacant property, so you can move forward in confidence (more about that below).
2. Maintain your rental income
The most notable benefit of selling a tenanted property is that whilst you go through the process of selling, you can continue to receive rental income right up until the completion of sale.
This makes it a very attractive option for sellers who would otherwise hesitate to put their investment property or buy-to-let on the market, allowing them to release equity much faster, when they need it.
3. No void utility costs to worry about
You won’t have to pay any of the usual void utility costs that you’d have for an empty property whilst going through the selling process.
After all, your tenants are still living there – paying the bills and maintaining the property as normal – so nothing really changes. Well, aside from the tenancy agreement changing hands once the sale completes.
No need to worry about refurbishing, redecorating or repairing damage – in most cases, you can simply sell as is.
The buyer can also be safe in the knowledge that they’re buying a property that’s already fully compliant, so there will be no initial investment on their part to ensure the property is safe to move tenants into.
5. Ensure you get the best price
Estate agents who specialise in selling tenanted property on the open market can help negotiate the best deal for your property – usually fixed price and (often) above home report valuation.
Depending on the situation, you may even get a better price than you would have by selling your property empty – especially considering all the other costs you’ll save on.
6. Peace of mind for your tenants
Obviously, it’d be remiss of us to forget the tenants in all of this. It may be your property, but it’s their home, and In most cases, your tenants won’t have to move out.
Nothing has to change for them, and the tenancy agreement simply changes hands between you and the new landlord. No stress or upheaval required!
Advice from a tenanted property pro
Thinking of selling your tenanted property, but aren’t sure if it’s right for you? The best advice I can give you is to speak to a specialist estate agent who’s experienced in tenanted property sales.
They should be happy to listen to your situation and talk you through your options.
SAL has teamed up with Portolio, an estate agent specialising in selling tenanted properties and portfolios across Scotland. See more information on our suppliers and discounts page here.
