Selling property - with tenant or wait until end of their contract

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    Selling property - with tenant or wait until end of their contract

    Apologies if in the wrong section.

    After a bit of advice on selling my tenanted property. It's time to hang up my landlord boots and put the money towards something for myself.

    Now I am wondering if I would be better off trying to sell the property tenanted, or wait until the current tenants contract is up? I'll point out that the property is in Whitstable, and has a 5% (roughly) yield. The current tenant still has over six months left, and has had no issues with rent payments.

    Can anyone advise from experience, could the potential of a sale upset a tenant? Or could offering it as a buy to let through estate agents give them some reassurance that the new buyer would be wanting to keep it tenanted?

    Thanks in advance.

    #2
    6 of one, half a dozen of the other really. Selling tenanted means no potential void but in that area it will sell quickly anyway. Possibly take longer to sell empty unless you wait till Spring now but personally I would speak to a few agents and maybe put it on the market as it is and see what happens.

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      #3
      If you use an estate agent who's also a letting agent, they may know of landlords looking to buy.

      There are also companies who specialise in buying tenanted properties - they do this by paying a discount that's meant to (broadly) equate to the fees charged by an estate agent.
      I have no experience of that kind of company,
      When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
      Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

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        #4
        Vacant possession unless you're really desperate.

        Phone one of the outfits that buy properties with tenants and see what discount they expect, that should make your mind up!

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          #5
          I have sold a HMO with sitting tenants which worked out OK because the purchaser kept the tenants at the same rent - all other houses I sold when empty as it is easier for viewings, presentation etc. If you are selling a tenanted house at some stage you have to tell the tenant of your intentions in case they find out by other means and in fact they may tell you of their plans which may give you an easy choice. In fact they will need to know because of the advertising and the viewings. You are correct in that this news may upset the tenant as they may have children at school etc. Even if you sell to another landlord the tenants may fear eviction in the near future which also can be unsettling.

          The Estate agent may give you an idea of the value of your property as a vacant sale or tenanted which may help with the decision.



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