In this instalment of the “Ask the Expert” series, NAPB proudly presents Jeff Djevdet from Speed Property Buyers, who shares his expertise and answers:
Should I sell my rental with the tenant or vacant?
Jeff Djevdet says:
It’s a common dilemma for anyone considering selling a buy-to-let property – is it better empty or with the tenant in situ?
There’s a lot to consider, and here I explain a few things that I hope will help a worried seller make the right decision.
Keeping the tenant: Many sellers prefer to sell with the tenant as it means they can continue to receive rent to completion day, have the home lived in and looked after, and not be responsible for bills such as council tax and utilities. Many like allowing the tenant to remain in their home and want to avoid the difficulty and legal expense of gaining possession. Depending on market conditions, landlords like to buy a property with a ready-made tenant as long as they have a good track record.
Selling vacant: By obtaining vacant possession, the property can be sold to anyone, not just landlords. This usually results in a faster sale at a better price but it will mean the seller picks up the bills and doesn’t receive rent for the time it takes to sell.
So which is better?
A lot depends on you, the seller. If you need the rental income to cover bills or a mortgage, then it is likely better to retain the tenant. If you are able to support an empty property, you will possibly make a bit more money selling it vacant. My suggestion is to look at all of the options and decide from there—after all, every property is different.
There is another option. By coming to a company such as mine, Speed Property Buyers, you can get the best of both worlds! We buy any property for cash, including let or vacant homes. We can make a firm offer in any circumstance and set a date to complete the purchase, meaning you can decide what suits you best with much more certainty.
If you’d like to learn more about Speed Property Buyers, click the link below:
Meet the Buyer: Jeff Djevdet
