Why vacant possession is the best way to sell your investment
While the term “vacant possession” seems relatively straightforward when talking about properties, it is actually a property law concept. It refers to a legal obligation which requires the selling party to guarantee that the property is fit to be occupied at that time or any other point of time.
Basically, selling a property with “vacant possession” means that the new owners can move in straight away or gain access to the property without having to worry about repair work or waiting for people to move out of the property.
It should be seen that the benefits of vacant possession begin before the property is sold, notably during the viewing process. If you are a landlord selling your investment property, it may be that you have or have had tenants in your property. It is not uncommon for tenants to be present in a property during the sales process but this can complicate viewings.
Don’t be reliant on others to present your property
Landlords may request that the tenants are out of the premises for viewings or they may require that the tenants are present to allow viewers into the premises. There is also the fact that the landlord is relying on the tenant to maintain a good condition at the property, which is not something that every tenant can guarantee.
While there can be some positive reasons to have a tenant in place when presenting a property, the consistency and overall benefits that come with vacant possession are of interest to property sellers.
Be able to present your property to more people
Another very strong reason to consider vacant possession as the best way to sell an investment property is the fact that it opens up the property to a wider market. Having an empty home that can be moved into straight away is great news for many people. First time buyers who are not reliant on a sale to move will find this style of purchase to be of great benefit. People who currently have a home and are selling theirs may benefit from being able to move items into their new home in advance of the move. There is also the fact that vacant possession will open up a property to landlords who are looking to find property where they can move tenants into quickly.
A landlord with a property that isn’t filled by his tenants is costing them money so it is easy to see why a landlord would prefer to invest in a property that would allow them to move tenants in as quickly as possible. If a landlord or investor is considering a number of properties, providing a vacant possession property could be the factor that makes your property the more desirable option.
Selling property can be a challenge and the competition in the marketplace means you should be looking to use every advantage that you have. This is why opting for a vacant possession could make all the difference when it comes to selling your home in a crowded and competitive area.