Thinking of selling your rented property but unsure how to navigate the process? Here’s a guide to help you weigh your options and make informed decisions.
The Challenge of Tied-Up Equity
As a landlord, you may enjoy the financial benefits of rental income, but the equity in your property can feel frustratingly out of reach. While increasing borrowing to release funds is an option, it comes with higher monthly costs. For many, selling the property is the best way to access that equity.
Key Considerations Before Selling
- Notice to Tenants
If your property is occupied, you’ll need to decide whether to serve notice to your tenant. If you do, you’ll lose rental income during the sale process, which could last months. - Selling with Tenants in Situ
Keeping the tenant in place during the sale might maintain your income, but it limits your buyer pool to landlords, which may lower the sale price. - Access for Viewings
Selling with tenants requires their permission for viewings, which can complicate the process and deter buyers.
Balancing the Pros and Cons
Ultimately, selling with tenants provides a steady income but narrows the market. Selling vacant allows broader interest but may leave you covering costs while it’s on the market.
If you’re considering selling, contact our team today for expert advice and access to landlord buyers. We’d be delighted to assist you.