Property on the market - should we let or not?

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    Property on the market - should we let or not?

    Just wondered about your thoughts on selling a property with or without a T in residence. Having got our troublesome T out, we've almost finished sprucing the place up again. We were waiting on the Budget to decide whether we continue to try to sell the place, but as CGT increases didn't materlialise, we going to keep it on the market.

    The first estate agent we used was also our letting agent, and he was keen for us to keep a T in place, as obviously it was commission for him. When we changed estate agents, they advised us it would be better marketted without a T.

    Obviously it looks at its best when we have just cleaned up between T's, so good time for potential buyers to view it, but as its been on the market now for over 12 months, we face losing a lot of potential rent if we leave it empty indefinately. The only interested parties that have looked around it in the time its been on the market have been "buy-to-let" purchasers, so it could be sold with a sitting T.

    Should we look for a new T in the meantime, or leave it vacant?

    #2
    If you market the property with a tenant in place you are restricting yourself to selling to investment purchasers who are looking for a BTL property. On the otherhand selling it without a tenant means that your market is widened to those looking for a property to move into as well. It is therefore better to sell without a resident tenant.

    P.P.
    Any information given in this post is based on my personal experience as a landlord, what I have learned from this and other boards and elsewhere. It is not to be relied on. Definitive advice is only available from a Solicitor or other appropriately qualified person.

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      #3
      BTL investors are unlikely to offer full market value - so you need to offset the loss of rent against the potential loss of sales value. I personally feel you would sell more quickly without a tenant - thus reducing the loss of rent.

      Comment


        #4
        It depends on how quickly you are looking to sell and if you need to sell. I would suggest that you test the water with regards to selling without a tenant, as stated it puts potential buyers off. If the property hasnt sold within a certain time then let it out for 12 months until a similar time next year hoping by that time the market will have picked up again.

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          #5
          If the property has been on the market for 12 months without selling, then it is too expensive. Reduce the price as it is clearly not worth what you ask.

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