Deciding whether to rent or sell your property is often a lengthy process that involves much effort and deliberation. This usually allows you, as the owner, to face a great deal of time in which to find your perfect tenant or the perfect selling price, but time isn’t always at the leisure of everyone.
Often, many landlords will find themselves in the situation where they don’t have a choice other than renting or selling the property, not to mention doing it fast. Being under a strict timeframe is often considered a drawback when renting or selling, as it forces the owner to accept a lower value for their property than they might otherwise achieve after proper research and preparation for a few months on the market – however, this doesn’t have to be your case.
Regardless if you have a 100% ownership or you’re using a buy to let mortgage, here are a few guidelines and tips that you should follow to ensure you get your property ready for a fast let or sale without compromising its value.
Make sure you use a good agent
While going for it yourself may sound attractive, a fixed time span will make it harder for you to find a suitable buyer or tenant when compared to an experienced property agent who has extensive knowledge and contacts. Pricing is one of the most important factors of securing an immediate house sale or let, as a price point too high will result in a property that sits on the market for too long.
Clean, clean and clean more
The appeal of a clean home should go without saying, yet it is still overlooked by many landlords and owners as being a non-essential factor when trying to market their property. Having a clean house is even more important when trying to secure a fast sale or let because the potential tenant or buyer will be looking at moving into the place almost immediately, and so will want it to be in as good a condition as possible. While some landlords may try to carry tenancy cleaning on their own, truth is, the fastest way to achieve a sufficient level of hygiene is by hiring professional end of tenancy cleaners. While costs are often considered a downside, the fact that professional cleaners use high-end gear and detergents is undisputable.
Fast sales and fast lets are unlikely to be from people looking to refurbish or revamp a property for future sale. They are usually people looking to secure immediate occupation and so the ‘readiness’ of your property with a clear inventory is of utmost importance.
Touch-up and fix any minor issues
Following on from the theme of getting your property move-in ready, fixing any broken taps, windows or basically any other minor problem will ensure your home is ready to be inhabited. Small issues such as a leaky tap or faulty geezer will likely put off anyone looking for immediate occupation.
A fresh coat of paint where it is needed can make your property look almost-new and will create the impression of a new home for any potential buyer or letters.
Remove any personal artefacts and belongings
Your home is understandably a very personal space, but when you are trying to sell or let it fast, it needs to be free from any personal items so that viewers can imagine the space as being their own.
Free space tends to be more appealing than areas cluttered with your own belongings, so if you remove all personal items out of sight, you can create the impression of a blank canvas on which the future tenants or owners can paint their own ideas.
Finally, when looking to rent out or sell your property, you should make yourself aware of all rules and regulations and what implications they may have on your tax rate. Claiming back on ‘wear and tear’ when renting furnished and you may also face additional stamp duty tax when buying a home while your previous one is being rented out.