Hi everyone, I just found this site, and it’s got great reviews, so I thought I’d join.
I am a landlord, but I didn’t want to be. I was advised to put my deposit into a smaller property until I could afford the mortgage to have my own house.
Anyway, moving forward, I was wondering if anyone knew the best way of selling a buy-to-let property.
As a rental property owner, I totally understand an individual’s anxiety when they’re told that the landlord wants to sell. I do need to sell, but I was just wondering if anyone knew the best way of doing this.
Personally, I’d rather sell to an investor with the tenant in situ so it doesn’t disturb the family.
It would be great to hear your thoughts.
Many thanks, Andy
Given changes in regulations and stamp duty there arent that many investors buying at the moment so it is likely to be easier to sell to a owner occupier.
One option could be to offer it to the tenant to buy, clearly depends on their position. To help them you could offer a gifted deposit, 5% below market value is typical and by the time you allow for the saved estate agent fees, void period, council tax on empty properties it effectively pays for itself.and makes it much easier for tenant to be able to buy as saving for deposit is often biggest issue.
If you dont want to do that or tenant wouldn’t be interested then best to speak to an agent, if you are not in a rush you could agree to only market it to investors for an initial period although most are sceptical on taking on existing tenants.
Better to give them time to move and sell empty . I have just done that with 2 places, both going to owner occupiers