Being a landlord isn’t for the faint hearted! Landlords run the risk of signing bad tenants who don’t pay, or who damage the home and generally cause a nuisance. For every bad apple, however, there are plenty of investors who land a great tenant – the kind you would want to stay for a long time.
The kind of tenants you happily trust with your property because you trust they will take care of it; these are the ones you want to long-term. The silver lining is should the day come when you want to sell your investment property, a good tenant could just wind up being your buyer, too.
Why sell to a tenant?
Selling a home to a tenant is appealing because it offers the promise of being a less complicated process than a standard property sale.
You don’t need to worry about dealing with real estate agents, negotiating over commissions, approving marketing campaigns and liaising with would-be buyers.
Sentiment could also be your best bet in this situation. Your tenant may be really and genuinely attached to the house and may be willing to pay a good price for the property.
What’s more, selling to a tenant is literally the smartest way of saving you the time and money you’d need to spend on dolling up a property for an open-market sale. At this point, your tenants have already lived or are living in the property and well familiarized, they may see past the imperfections of wear and tear that have occurred over the years and accept it in its current state.
Tips for selling your property to a tenant!
Seek professional advice and learn as much as you can about the current market and trends.
Have your property professionally valued so you can know what its worth and do research on how much properties nearby are going for.
As a seller, having a good rapport with the tenant is very important as it can make the entire process a walk in the park.
Have a solicitor peruse through the contracts upon selling.