While the majority of landlords continue to enjoy an incredibly healthy return on their investment property and are happy to remain in the sector, there will always be circumstances that lead to a small number deciding to sell up.
If your time as a landlord has come to an end, you will already be aware of how important it is to find an estate agent that can help you sell a property quickly and for an amount you are happy with.
While your agent should be able to offer all the support and advice you require, there are still some steps you can take to enjoy a head start when it comes to putting a house on the market.
Here are our top five tips to help you ensure your property is received favourably by prospective buyers and a sale is agreed as quickly as possible.
1) Kerb appeal
Whether you like it or not, your property will be judged before a viewer steps inside the front door. It is crucial it looks as attractive as possible and sets a positive first impression.
So concentrate your efforts on the features that catch the eye. Does the front door need a new coat of paint? Could the garden be tidied and shrubs trimmed? Are there any unsightly items you could remove?
2) Avoid renovating entire rooms
It might be tempting to invest thousands in renovating a room. After all, a new bathroom, kitchen or bedroom will look great when you open your door for viewings. But from a financial perspective, the numbers often fail to add up.
Spending a significant sum on your home does not necessarily mean its value will be increased by the same amount or more and with such strong demand from buyers at the moment it should not be necessary.
So make smaller, cheaper touches that will make your home more appealing without breaking the bank. New mirrors, doorknobs and taps are great additions, particularly if yours are dated, and a fresh coat of paint can work wonders if your property has been rented out for a long time and is looking a little tired.
3) Use furniture to illustrate purpose
Often, properties for sale are opened to viewers without furniture in place. Of course, there may be a good reason for this, particularly if there is currently no permanent resident. But you should avoid this at all costs, as it implies the purpose of a room is unclear.
Instead, even if there is nobody living in a home, invest in several items of furniture that clearly define the purpose of each room - such as a sofa in the living area, a bed in the bedroom and a desk in the study.
Having the wrong lighting in place can make a property feel dark and drab, as well as horribly out of date. Splashing out on bright, modern lights to help it seem cheerful, stylish and bright is a wise move - and it is sure to impress buyers.
5) Work with existing tenants
In many cases, you will have a tenant in place when your property is put up for sale. In such scenarios, it is important you get your tenant on side early in the process. This should ensure they are flexible when it comes to allowing viewings to take place and can be trusted to keep the home clean and tidy.
Talking to your tenant before the property enters the market is a must, as the consequences of failing to do so could be difficult. You may also want to consider the option of selling with a tenant in situ, which can be attractive to many buyers.
If you would like to find out how much your property could be worth on the current market, why not click here to find out?