I thought I pick the brains of the more experienced.
Tenants moved out recently and I’m in the process of selling the property now. It has been on the market for 6 weeks but no luck as if yet.
I’m considering re-tenanting the property for the short term, due to losing too much income with it empty, but keeping the property up for sale. Even if I do secure a sale, there’s a good chance the completion will be up to 6 months.
What are people’s experiences with short term let’s, and would this be more trouble than it’s worth?
My worry is when it comes to giving notice, the tenant causing grief and refusing to leave.
I vet all tenants myself, and only ever go with people I have a good gut feeling about, as well as passing all checks.
I think there are too many pitfalls.
Depending on your location it’s not a great time to sell. Could you stick it out another couple of years and use a standard rolling ast ?
Or if you really need to get rid, you will have to price to sell in today’s market and hold out for a FTB with no chain. And hold your nose as you pay utilities, insurance and council tax on an empty property.
The issue is, we were selling so we could pay off our current house as mortgage deal up June, and we haven’t fixed again to avoid the early repayment charges when we sell and pay it off. But, with the mortgage increasing by 50% on the variable rate, it doesn’t look viable now to hold out and wait for a buyer without the income coming in from the rent. Especially, as you mentioned, with the extra outgoings of the council tax, utilities etc on the empty property. I think it’s going to be a case of possibly fixing again for another 2 years, and then testing the market to sell in 18 months or so unfortunately.
why don’t you Air B&B it if you can, depends on location, etc but is often just a question of price. the people living there won’t have any tenants rights so won’t be able to prevent a sale going through.
could you not do a six months tenancy? assuming you get another landlord to buy it, it could be a sitting tenant for the new landlord.
as others have suggested, try Air B&B if you have the time. if its close to UNi, try renting it out by rooms. You wouldn’t need HMO licence assuming its a 2 or 3 bed. rent it out anyhow - 6months AST, and up it up for sale, if you are kind, you could gift the tenant some money to subsidise moving van cost assuming you were able to sell it within the 6months ast
I don’t think Airbnb would be an option. The location of the property I highly doubt is suitable.
All my previous tenancies have been 6 months ASTs, but it’s just the issue of what kind of a tenant would move into a place, knowing it’s going to be very short term. And my worry is it kind of leaves the door open for non payers and difficult tenants etc.
I’ve looked at the auction option, but fees are ridiculous, and no guarantee I’d get close to what I want, even with a reserve.
I’ve also considered the online auction options that the estate agents now offer. Fees come out the other side. But once again, most places are committing you into a 12-24 week sole agent contract.
I think it’s probably looking as if I’m going to end up renting again for another year or two and wait for the market to settle a little unfortunately.
We have been on the market since middle of Feb for similar reasons. However we have just had an offer. The day before the offer I consulted a friend who is also an agent but not the right area for my property. He said….don’t take it off the market in May but meet your agent at the property. Consider refreshed photos and if necessary repaint one or 2 rooms and photograph with a few different pots of plants in the garden. If the right course of action drop price a fraction at the same time. Good luck.