How to Sell Your House as a Landlord
If you’ve been renting out a house to tenants but have decided to sell the property for whatever reason, there are many things to consider. You may be moving away or simply want to retire from being a landlord, and much of the same advice for other homeowners applies. For those who want to know how to sell a house, Andrews can aide making life easy for you, whether you want to sell one, two or more properties. These are some other tips for selling a house as a landlord.
Clean and Repair
Hopefully your tenants will have left the property in a clean, clear and perfectly liveable state and it won’t take long or cost much to get it in a sellable condition. It is important to focus on the many little elements that potential buyers may notice but you could miss, including:
- Washing both the in and outside of windows
- Clean cobwebs
- Spray down garden paths
- Dust furniture
- Replace old and damaged rugs
- Clean tables, worktops and floors
Making the house sparkle should encourage viewers to buy. Other techniques include hanging out clean, fresh smelling towels, baking bread and lighting candles to create an enticing aroma.
Update the Property
Depending on how long you have been renting out the property, it may need updating if it has been a few years since the last tenants moved in. Furnishings, decorations and appliances can soon go out of date and the majority of house buyers will be after modern looking properties.
Consider replacing carpets, rugs and wallpaper if it seems especially dated. This can cost a bit but will be worth it by adding extra value to the property. When it comes to appliances such as cookers, fridges and furniture, even if they’re not included with the sale of the house they need to look modern to give potential buyers a good idea of how the house will look if they move in. Therefore, it could be worth renting such items especially for viewings.
Prepare for Taxes
There are some financial differences when selling ex-rental properties, which as a landlord you will need to be prepared for. This includes the fact that ex-rental properties will incur capital gains tax when sold. You need to ensure you have a good financial balance between what is being paid for your new house and other costs, along with what you are getting for the sale.
These steps should help you sell a house if you are a landlord.