TENANCY RENEWALS & SELLING YOUR PROPERTY

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If you are considering selling your investment property now or in the near future the term of the tenancy agreement being offered to your tenants needs careful consideration. There are a few options to look at if your current tenancy agreement is due to expire and you may be selling your property now or in the near future.

1) Fixed term tenancy 6 or 12 mths – this option gives security to you by knowing you have a set income for this period of time, but often is a deterrent to an owner occupier looking to purchase, therefore limiting your market.

2) Short term fixed tenancy 3 mths – this option can sometimes be desirable whilst a property is for sale, it gives security albeit for a shorter period, but also allows an owner occupier the opportunity to purchase and move in without a long wait.

3) Periodic tenancy – this type of tenancy gives the most flexibility when a property is for sale but also gives the least security, whilst under this type of agreement a tenant can vacate giving 2 wks notice at any time, but the advantage is that if the property goes under contract the landlord is only required to give one months notice to vacate, therefore attracting investors or owner occupiers.

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