If you are planning to sell your house with tenants in County Durham, the process might be challenging depending on your tenants, the agreement, and other factors. Today’s post is crafted especially for you to make the process simpler and more effective.
When you sell your house with tenants in County Durham, the situation is remarkably different from when you sell your house without tenants. This is because the fate of your tenants is tied to the equation as well. You have to try and make the process as smooth and easy as possible on them. The best way to go about it is to communicate clearly what you are planning to do and how it might impact them. To make things even simpler, you can try and look for a buyer who will honor the current lease and allow your tenants to continue living in the same house. But you also have to make a profit on the sale so you have to balance the equities. The following 6 pointers may help you find the perfect balance.
Rights of your Tenants:
Before you give notice to your tenants to vacate your property, you have to ensure you are not violating their rights. Going about things illegally can stall things indefinitely if you are trying to sell your house with tenants in County Durham. Make sure you are familiar with all of the tenant’s rights and issue them the correct amount of notice. Also, you must have a termination in the lease that allows you to terminate the lease early. While the process might seem challenging, as long as you are aware of the legalities and operate within the bounds of your and tenant’s rights, you should not have much to worry about.
Selling your house through the help of a listing service requires repairing, cleaning, staging, marketing, and showcasing, all of which further inconveniences your tenants and complicates things. To get rid of such problems, you can sell directly to an investor in County Durham. There are many investors who look for such properties as they immediately have a source of income the moment the property changes hands. In return, you get relief from all of the cleaning, repairing, showcasing, and other hassles.
Incentivise the Tenant’s Cooperation:
Selling with the help of an estate agent takes time and there might be multiple showing of the house. To get this done seamlessly, you need the complete cooperation of your tenants as they will be in charge of the majority of the cleaning and helping show the house in a positive light. In return for their cooperation, you can reduce their rent, not take the rent for the notice period, and/or pay the first month’s rent at their new place. Moneywise, this is not too big of a burden for you to shoulder and a gesture such this can help lessen the inconveniences your tenants have to endure.
Sell your House to your Tenants:
Who can be a better buyer for your house than your tenant? Especially if they have lived there long enough. As one stays in a house for a while, they grow attached to the house, the neighborhood, the community, etc. Also, the school and the workplace might be conveniently located. So if they come to know that you are in the mood for selling, they may be buying! Not only is this a hassle-free process, but also you get a buyer who will love and care for the house as you do. This is definitely a win-win for both and makes for a fast and smooth deal.
Pay due Respect:
As you try to sell your house, your tenants will face certain uncertainty and unease at least for a short period. Also, taking part in the showcasing can be an ordeal as it is still their home and strangers will be walking through dissecting everything. Keeping in mind these factors, be as respectful as possible to them in all your communication. Try to be accommodating and understand their point of view each step of the way. This will not only make things go smoother, but it might also give your tenants the impetus to help you to the best of their abilities.
Wait for the AST to Expire:
It can be extremely hard to tell a long-term tenant to evacuate. If you have time on your side and do not have to sell immediately, you can wait for the AST to expire and tell your tenants beforehand so they get ample time to find another home. This is also the best course of action if you are planning to sell via a listing service. Such services are best availed when you have a vacant house in your hands.
When you sell your house with tenants in County Durham, it can appear to be very challenging and a lot depends on your tenants. But if you follow the above points, work legally, keep communicating, and plan properly, it is definitely achievable to your liking. If you need more help, we would love to help you out.