The decision to sell your investment property can be driven by market factors, personal circumstances or changes in your investment strategy.
When you are thinking of selling your investment property there are a number of things that need to be considered:
• Is the property tenanted?
• Will the current tenancy agreement impact the selling price?
• Will you be affected by capital gains tax if the property sells?
• What is the value in the current market?
• What are your price expectations?
• How will the sale of the investment property improve your life?
If your investment property is tenanted, you need to be aware of the legal obligations to your tenant when making a decision to put your property on the market for sale.
It is important for you to be mindful of the following provisions contained in the Residential Tenancies Act 2010 relating to the sale of your property:
1. If you have not disclosed to your tenant your intention to sell your property before they entered into their current Residential Tenancy Agreement with you, then Section 100 of the Residential Tenancies Act 2010 provides that your tenant may terminate their Tenancy Agreement by 14 days written notification without compensation to their landlord (you). This applies even if you had no intention to sell the property at the time the Tenancy Agreement was entered into, regardless of the date of the agreement.
2. We are required to notify your tenant on your behalf in writing when your property is listed for sale and we cannot start showing prospective buyers through until at least 14 days after this notice has been served.
Your tenant cannot unreasonably refuse to provide access for inspections by potential buyers however the tenant is not legally required to give access more than twice per week.
We want to make the selling process of your investment property as easy and stress free as possible, both for you and your tenant. There are various ways we can deal with your sale so as to try and maintain the occupancy of your tenant during the selling period and we can discuss these further with you in detail to offer a strategy to suit the individual circumstances of both you and your tenant.
Life circumstances influence every sale. The best course of action for one seller may not necessarily be the best for another. That’s why you need to consult an experienced agent that can demonstrate if and how the sale can improve your life.
We hope that this information will be of benefit to you. We are here to help you through the sale process so if you need any assistance, please do not hesitate to get in touch with a member of our team.