Strategies to avoid losing tenants while selling house.

Saoirse

Registered User
Messages
9
Finally things are looking up and we may be able to sell our house (PPR) which we rented out as we had to work abroad. We have great tennants in the house who we dont want to lose while we are selling the house as we do not know how long it will take to sell and need to cover the mortage payments. We will also need to do some tidying up such as painting etc.

Can anyone suggest strategies for keeping the tennants until a buyer is found?

All suggestions welcome.

Thanks in advance.
 
Highly unlikely you can retain your tenants while selling the house.
Firstly, no matter how nice your tenants are, the house is not going to look as well with people living in it and all that entails versus having it empty and staged.
Secondly, your tenants will need to agree to certain access times etc which may end up being inconvenient for them or the agent.
Thirdly, if you were a tenant, the first thing you would do if the house you are living in was being put up for sale would be to look around for another house. And as soon as one becomes available they will take it - because they need certainty of tenure

So.. the best option is to have the house empty, touched up and ready for sale. If you can't afford vacancy to enable that, I think you would be best to delay the decision to sell until such time as you can afford to do so..
 
Highly unlikely you can retain your tenants while selling the house.
Firstly, no matter how nice your tenants are, the house is not going to look as well with people living in it and all that entails versus having it empty and staged.
Secondly, your tenants will need to agree to certain access times etc which may end up being inconvenient for them or the agent.
Thirdly, if you were a tenant, the first thing you would do if the house you are living in was being put up for sale would be to look around for another house. And as soon as one becomes available they will take it - because they need certainty of tenure

So.. the best option is to have the house empty, touched up and ready for sale. If you can't afford vacancy to enable that, I think you would be best to delay the decision to sell until such time as you can afford to do so..

Totally agree with this. Nothing worse than viewing a house with tenants living in it. You will sell the house faster if you can show prospective buyers the house as a blank canvas.
 
You need to cover the mortgage repayments but you need to be fair to the tenants as well.
You could decrease the rent you are currently charging your great tenants until the house is sold, as compensation for the inconvenience of viewings, constant tidying etc. At least some of your mortgage will be getting paid.
However, as people have said already, you would get a better price possibly if the house is empty, freshly painted and has a load of personal clutter removed. If its empty the estate agent can get in to show it whenever rather than 24hrs notice etc.
 
Perhaps the new buyer may be interested in it as a buy to let and be happy to continue letting to the current tenants who come highly recommended.
 
Perhaps the new buyer may be interested in it as a buy to let and be happy to continue letting to the current tenants who come highly recommended.

Their solicitor will likely tell them not to buy a house with a sitting tenant.
 
Thanks to all for their thoughts, I agree it would be best to a vacant clean house- will probably look at going interest only or taking a years break from the mortgage during this period-I believe that was in our contract somewhere
 
I knocked €50 per month off the rent to keep them, in case the house didn't sell.

It did.
 
Back
Top