WeBuyAnyHome 'Alternative Route'

warwick2001

Mahsroh said:

Doozergirl said:

warwick2001 said:

Thanks everyone. This idea was mooted as they had accepted an offer, and fallen through twice, and they were pretty sick of the whole experience.

However, they have decided that they are going to rent the property out for a minimum of 12 months, and see what happens next year in regards inflation, cost of living etc etc.

Cost of living and inflation is a worry.  It's not going to turn itself around overnight. 

Surely the threat of that affecting consumer confidence and interest rates is a good reason NOT to rent it out? 

Trying to sell when you have a tenant is a different kind of nightmare altogether.  You've still not got any guarantees of your buyers completing, but then you've got the additional stress of whether a tenant will
actually leave without being forced by the courts. 

Nothing about that is a good idea, imho.  

Agree with this and I will add that I recently sold my house with a tenant in situ to an investor. The biggest problem I found (to quote your earlier comment on this thread) is that investors aren't invested. I had two pull out for seemingly no reason other than a change a mind, then my eventual buyer was slow to say the least. There is a reason why you don't see any BTL landlords on the "waiting to exchange" thread on here!

As a "residential" buyer I wouldn't even entertain a house that has a sitting tenant, irrespective of how many promises from the EA/Vendor that they'll leave in good time. 

OP, if the rental thing is genuinely going to be a long term thing and you / your parents are experienced landlords then fine, but if is going to be short term solution I have to agree that this is a bad idea. 

Also, not sure when the previous let that lasted 7 years ago was? But the legislation is changing all the time with more responsibilities on landlords. It's not as attractive now as it perhaps was a few years ago. 

Thanks for the comments.

I meant we have let a house for 7 years, not a 7 year let. We've had numerous tenants over that period. We started letting in 2014, and sold it last year