If you’re looking for some extra revenue after renting out a home for a while, you might be thinking of selling the rented house and wondering what you can get for it. There are a few loopholes to jump through, but with these tips, both you and your tenant will be happy with the outcome!
Check Your Landlord Rights
First of all, you should make sure you’ll be abiding by Florida state law regarding tenancy (which can be found here). Selling a home with tenants already occupying it can be a difficult process so you’ll want to be certain about your rights and ensure you’re protected in case you’re taken to court.
You must provide your tenant with at least 7 days’ notice before terminating a rental agreement if the tenant pays weekly, and 15 days if the rent is paid monthly. You should never remove your tenant without giving notice as you could face damage payments or legal action against you.
Discuss Terms With Your Tenant
It’s important to remember that your tenant(s) may react with shock and/or stress upon being given notice as this can shake up their house stability. Be sure to speak to them and go through the process to explain how you will be going about selling the home to give them plenty of time to find other arrangements.
Alternatively, you can also speak to your tenants about the chance of them purchasing the property from you. They may be already looking into and preparing to purchase their own home and may find it easier to simply purchase your home instead. It’s an avenue worth exploring if you haven’t already decided on a buyer.
Explaining the process to your tenants will go a long way in maintaining trust between you both. Tenants who aren’t ready to purchase a home yet may be wondering when your house showings will be when they’ll be asked to vacate the property, and if a new buyer would consider keeping them as tenants.
Tenants are always more likely to be understanding and respectable when you communicate effectively and keep them in the loop. Be sure to let them know when future showings will be so they can keep the house clean, and feel free to offer them the chance to cancel their lease before the original end date without fees or penalties. This can help a tenant search for a new home in plenty of time without being concerned about previous attachments and contracts.
Check Your Selling Options
There are multiple ways to go about selling rented property in Orlando. You can either go for the retail market route and find direct buyers, find real estate agents who are looking for that type of property or sell directly to a buyer such as The Local House Buyer.
Direct buyers can often buy homes that need repairs or renovations before the renovations actually take place, saving you time and money. Direct buyers can also purchase houses from landlords without the need for evicting tenants, which takes the weight off your shoulders and your current tenants!
Remember – It’s Your Property!
If all else fails with communication, remember that you own the property, not the tenant. If you’ve followed Florida state law to the letter and kept your tenants informed of every step you take but they still react by either taking you to a court or damaging your property, be sure to remember your rights and feel free to take your tenants to court for damages to repay you for your losses.
While selling a home can be nerve-wracking, selling a home with tenants can be doubly so since the tenants will be just as nervous! Clear that air of nerves by communicating effectively with your tenants and keeping them in the loop every step of the way, but also remember to educate yourself on Florida state law regarding tenancy agreements! Before you know it, you’ll be past the stressful moments and will have happily sold your property – possibly even to a buyer who’ll keep your tenants on!