Finding a REALTOR® with experience is a huge part of buying and selling tenanted properties. The Residential Tenancy Act is complicated and must be followed properly when dealing with Tenanted properties.
For buying Tenanted properties, here are some things to consider:
- The tenants require 24 hours’ notice for all showings so the property may be difficult to view.
- The tenants are not invested in the sale of the home like the Seller is, therefore sometimes these types of homes may not show as well as owner occupied homes.
Tips for selling tenanted properties
For tenanted properties you must have specific reasons to remove the tenant and ensure vacant possession, such as a significant renovation or other family members moving into the home. If you decide to buy, the earliest you could have possession of the home is 60 days after the end of that rental period. The seller also has to pay the tenant one months’ rent. This is a big consideration if you have sold your home and need specific dates to match up with your sale. Due to the Tenancy Act this type of property may not work out.
Whether I am representing a Buyer or Seller in these types of properties, making my clients aware of all the legalities of tenanted properties is my goal for a successful outcome. If you are interested in selling tenanted properties I would be happy to speak with you!
RE/MAX Property Management
RE/MAX of Nanaimo Property Management services provide outstanding full service to their clients through attention to detail, comprehensive reporting, the use of current technology and traditional customer service. They offer full service property management for residential homes, duplexes, townhouses, condominiums, apartments and suites in the Nanaimo area. [su_divider size=”1″]
If you are in the market to purchase an investment property feel free to contact us. Call (250) 751-1223 and ask for the Parker Team.