Selling your property can be a stressful endeavour at the best of times, but selling while you also have tenants in situ can have its own pros & cons. For example, while investors may be drawn to a property that already has tenants and will generate an income from day 1, owner-occupiers may be put off by the idea of being responsible for someone losing their accommodation, so you may lose a lot of that market.
There are many reasons you may want to sell your property while your tenants are still paying rent. As any property investor knows, completing the sale or purchase of a new property can take months at the best of times. Without paying-tenants in your property while the sale completes, you will of course be stuck with the mortgage payments during this time. Ideally, if you plan to keep your tenants on, then try to plan the sale in parallel with their departure.
As tempting as this may seem, there are potential downsides to leaving your tenants on-site during the sale process.
If you have a good relationship with the tenant and they understand it is nothing personal and that these things happen, they should not resist or cause any issues during the process of selling your property. But if on the other hand, the tenant reacts negatively to the termination of their lease, then they may cause problems such as a messy house during any viewings for potential investors. They may cause damage or other problems that could delay your sale. If this is the case, then perhaps it is best to leave the sale until the end of their tenancy.
Notice Of Termination
If you do choose to end your tenants stay, then issuing a valid notice of termination to tenants needs to be done correctly to avoid any delays or legal issues in the future.
Always make sure your notice is in writing – an email will not do – and is signed by the landlord. The date must be included along with the grounds for termination and the date of said termination. Your tenants must be aware that any complaint or issue they have must be brought before the RTB within 28 days of notice.
Property Management Services
It’s important to get these things done right as small details can lead to big delays if any tenants decide to ‘Dig in’. At KPM Group we have been managing properties across Ireland for over 25 years and have dealt with every type of situation. If you are in need of a quality and reliable property management company then please don’t hesitate to get in touch and a member of staff will be happy to help you in any way we can.