Selling a house with bad tenants
Since the credit crunch in 2008 many home owners chose to become landlords instead of selling their property for less than what they have paid for it. Many became accidental landlords, hoping to take advantage of the tightening credit condition and negotiate a better deal on their next family home. Unfortunately, many landlords quickly found that tenants can be trouble when not managed well and that any procedural errors can cost the landlord dearly in the eviction process. Selling a house with bad tenants is a costly, slow and nerve wrecking process. The burgeoning demand for rental properties after the financial crisis meant an increase of lettings companies entering the market.
Many of those are not equipped with the know how to deal with anything other than straightforward rental properties, where the tenant pays on time and everything runs smoothly. When issues such as late payments, anti-social behavior and poor up keeping do occur, the management agent passes this responsibility back to the bad tenant, leaving the landlords stuck. Of course, good tenants can suddenly find themselves struggling financially and being unable to pay their rent. Would you have the heart to evict them or choose to fall behind on your mortgage payments? Would you really want to go through the prolonged process of selling a house with bad tenants?
If for any reason you choose to evict your tenants, getting a court permission may take months. If any part of the eviction process is not dealt with absolute accuracy, the eviction will be delayed, even of the landlord is in the right. For this reason, many home owners choose to sell their home instead of deal with tenants and rental management agencies. Although most tenants would probably avoid causing major issues with neighbors and estate agencies, the property still requires additional attention and money from the landlord. Even if tenants pay all bills, the home would need to be regularly maintained and kept in good condition.
While agents will do some of the work for the landlords, they would normally charge a percentage of the monthly rent, usually between 10-15%. Is letting your home a financially wise decision for you? When calculating your rental income and profit, make sure you consider capital expenditures – these are occasional large purchases or repairs such as fixing roofs, rewiring or replacing a boiler. If your profit is £200 per month and you need to spend approximately £6,000 for a new roof, you would have to spend your rental profits for 2.5 years.
Will it really be worth the years of effort? Will you profit or incur a loss after deducting all expenses from your monthly rent income? If you are not going to profit after paying council tax, bills, mortgage and landlord taxes, you are better off selling your home, especially if you have let your property to bad tenants.
How can we help?
We Buy Any House team has successfully dealt with all types of tenancy related disputes in the past and has helped many owners in selling a house with bad tenants. We can advise you on what procedures you need to follow and purchase the property while the tenants are still there, becoming the new landlord. Selling your property with us could be the cheapest, easiest and fastest solution to your problems with bad tenants and being a landlord. We will take care of the whole process and pay all your fees. Get in touch with us to find out more about our selling options and how to get your best deal.
How does it work?
Get in touch with us using the contact form on our website or call 0800 058 8112. We will carefully estimate your property value and offer the best price for your home.
We will be in touch in 24 hours with a no-obligation, free house valuation and cash offer. Each offer is tailored to the home owner and their property.
Take your time to consider our offer and sales options. You can always turn down an offer if you are not happy with our price. We will never urge you to make a decision.
Sell your property for cash with webuyanyhouse.net. We will take care of the whole process and pay all legal fees. It’s fast, hassle-free and will not cost you a penny.