Have you ever thought about the method of rent while selling your property while you are going through the process of selling it?
Rent while selling timeframes
A typical timeframe from marketing to completion can be anywhere from 4-6 months. So this is the timescale you have to work with. Many factors can greatly delay and slow the selling of your property down. You have variable market conditions. This can take on the form of anything from issues in the area such as floods, stock market crashes or other houses in the same street being sold for less or more.
Maybe there is an international factory outlet that is a big employer of the community that goes out of business. Or even a new multi-billion pound corporation being a big employer in a nearby area opening its doors. These are all marketing factors that can influence the price and timeframe of the sale of your property.
How long can it take to exchange contracts when you have received an offer that you are prepared to accept? It can take anywhere from 4 – 6 months on average. This can also be greatly affected if you are in a chain and your buyer is waiting to exchange contracts on their own property.
The Cost of the Sale
When selling your property you have to carefully take into consideration all of the costs you will incur. Estate agent fees average between 1–2 %. Then you have the solicitors’ fees and searches. You can either pay a percentage of your properties value or in some cases a fixed fee. You will also have to pay removal costs and these can vary from company to company and also depend on how much stuff you need removing. How far away it needs to be relocated or even being put into storage will be calculated.
Rent While Selling Factors
There are some good and bad points about renting your property whilst it’s on the market. There are a few very important scenarios to take into consideration.
Maybe you are a landlord and have been renting out your property long term and you still have tenants living there? This is most definitely the worst scenario as it is far easier to sell a vacant property. If you cannot terminate the tenancy before the sale goes through there are things to consider. Serving notice on a tenant is currently 2 months via an s21 Notice. This can be very risky and drawn out especially if your tenants refuse to leave. With this you don’t have the flexibility to sell and vacate the property quickly.
Alternatively, you could attempt to sell the property with tenants in-situ. But again this is a very risky move. It could result in the sale taking longer, being less attractive to a buyer, and reducing your offers to buyers looking for investment purposes only.
The other scenario is offering a short term let during the sale process. This is a much better scenario. You can still arrange viewings to be coordinated with your estate agent. You will also benefit from far greater yields. It will be much easier to have the property vacated when necessary.
Nestify rents your property short term while it’s on the selling market
Our team here at Nestify has the perfect answer. We will fully manage the whole process and look after the whole short-term rental of your property while it is on the market.
Additionally, we have vast experience in short lets during a sale and can work in conjunction with an estate agent. The major benefit is you will be able to generate a greater income of up to 50% more. This is from renting short term the whole way through the selling process, potentially covering all costs from your solicitor. Also being short term, there will be no tenants overstaying before the completion of the sale.
We will employ professional cleaners and manage everything from marketing, linen, guest communication and maintenance of your property. Making your house look attractive and clean for potential buyers. In turn making it easier to sell.
Check-out how our landlady from Bristol made money throughout the entire sale of her house: Click here