Discover what its like to buy a tenanted rental property from first hand experience.
A Belvoir Peterborough customer gives their feedback on the process of buying tenanted rental property.
Belvoir are one of the leading agencies in Peterborough for the resale of
tenanted rental properties. Since launching our sales department in 2013 we have successfully sold over 40 occupied rental properties on behalf of landlords.
We believe this is one of the most straightforward ways of selling, from which all involved parties benefit.
This week our marketing assistant spoke to one of our customers about the process of purchasing a tenanted property. Natasha has just completed on a property in Cardea which was marketed with tenants in situ.
GH: Natasha I understand you have recently purchased a property on Elena Road. What first attracted you to the property?
NL: As soon as I saw the property on Rightmove I knew I wanted to buy it as we own the property next door! It was a really easy decision for us, we already know there is plenty of demand in that area and the property we own next door makes a good yield.
GH: Did the fact the property was being sold with tenants in situ affect your decision to buy it?
NL: We had already decided we wanted to buy the property so we didn’t mind if it was tenanted or not. The fact it was being sold with tenants was good as we knew we would be keeping it for the same purpose.
GH: What do you find are the benefits of buying occupied property?
NL: there are both benefits and drawbacks. The biggest concern from an investor point of view is what is the tenant like that they are inheriting when they buy the property; for example are they guaranteed to pay the rent? Do they look after the property?
The good thing is if tenants are already in the property you buy it as a readymade investment. You can also assume that the tenant is happy with the property.
GH: And how did you find the sales process overall? What was the service like from Belvoir?
NL: the sale got off to a slow start as there were a few problems with viewing the property. After that though, it was a really smooth transaction. We dealt with Lottie who was brilliant; she kept us informed and was a good advocate between the solicitor and ourselves.
GH: And finally, do you have any advice to other investors who are considering buying a property with tenants in situ?
NL: I would say to definitely view the property as you can tell what sort of tenant you are going to have from the way they treat the property.