You’ve decided that it’s time to sell the property you have had on the rental market. There may be a number of reasons for this, and every situation is unique.
When selling your rental property the overall selling process is the same as that for a family
home. However, it’s important to understand a couple of specific considerations before you go to market. These include things such as:
The notice period that you are required to give to tenants varies from 28 days to 224 days, depending on how long they have been in the property.
Where possible we recommend that a rental property is brought to market with vacant possession. This allows you to showcase the property at its best and maximise the price achieved.
However, if you do have tenants in situ for viewings there are ways of working with them to ensure everyone is happy. It’s important to choose an agent who has experience dealing with tenants as they will be instrumental to a good relationship.
Just like any other property sale, to achieve the very best price you need to present it in the very best way possible. A clean, tidy, and neutral canvas will always appeal more to a potential buyer.
Selling a rental property usually involves the payment of Capital Gains Tax (CGT). This is a tax on any profit (gain) from the sale. The current rate is 33%. Several factors can affect how much CGT you are obliged to pay.
While selling a rental property is relatively straight forward, there are particular factors to be aware of. At Quillsen, we have extensive experience in dealing with investment properties and pride ourselves on maintaining excellent relationships with buyers, landlords and tenants alike.