How do you get the best price for a rental property?
The best price can be achieved but you may need to do some work.
Go and look at your property with fresh eyes. Does it look like a home?
Most rental properties are now being sold to families, not other landlords. A house or flat that looks homely is more appealing to this kind of buyer.
Carpets, kitchen and bathroom are the things to focus on.
Sell with tenants in situ or give them notice?
There are fewer landlord buyers than there are family buyers so selling with vacant possession is a better idea.
Check your tenancy agreement and take the advice of your letting agent. Usually a property can only be advertised for sale in the final two months of an AST. Arranging viewings when tenants are still living in the house can be difficult if you don’t respect their space so be considerate.
Talk to your tenants and explain your plans. No-one wants to come home to a For Sale board in the garden without knowing why.
Selling when tenants have moved out
This is when you may need to get the carpets cleaned, repaint some walls and do some general maintenance so buyers don’t see a lot that needs to be done when they move in.
You will also need to work out if you can afford to pay the mortgage and council tax when you have no rental income.
Don’t go overboard though, new owners want to put their own mark on a property. If you spend big on a new kitchen or bathroom you won’t get your money back although it may make the house more appealing to buyers.
Call us if you need some specific advice 02380 632111