Better to sell vacant property

Hello,

I've never sold a property before, so I was wondering:

1. Is it preferable to sell a property vacant?
2. Preferable to sell with tenants.
3. Doesn't really matter.

Appreciate everyone's help.

 

Leased is generally better (commercial) for investors

 

+1 for me too, unless you have a great tenant and you are targeting an investor to sell to.

 

Vacant possession definitely.

 

One thing you can do (and it might depend on the area and demand) is Airbnb the property but keep it vacant on Friday nights to allow for Saturday opens.

That way it stays well presented (furnish it well) and it will also be collecting rent at the same time. Selling can be a long process taking many months. Your agent needs to plan the marketing campaign with photos and then start marketing. A sales campaign is rarely less than 4 weeks unless its a hot market then properties typically takes 6 weeks to settle as well. You will lose flexibility to open at any time, but I say most buyers look on a Saturday morning anyway, at least here in Sydney.

I'd suggest you have appropriate insurance in place for piece of mind.

 

I have heard it's better if it's tenanted if you're selling to an investor (who does not need to renovate), else definitely vacant to an owner occupier.

 

What type of property are you talking about ?
It is very hard to comment when we do not know the details

 

I'll second that. Provided you can meet the conditions required for a going concern, on get is payable by the purchaser. Otherwise it adversely impacts their cashflow (has to pay get then reclaim it only the next BAS) and increases the stamp duty payable.

 

I'm currently selling an investment property in QLD which is currently tenanted.

The tenant keeps the property very tidy and well presented but she is very hard to deal with to have open homes which makes me think it would be easier if vacant.

Having said that I'm currently earning rent and so I'm not desperate to sell, but if it was vacant I might be a bit more desperate for a sale

 

Thanks Guys .learned heaps from reading all this .I am planning on selling my IP once the plans and permits are endorsed for a second unit at the back .The plans should be endorsed in a few months.I plan to wait another year ,hopefully get an extension and sell before the permit expires .

I have tenants who have been there for over 10 years and want to stay (not sure once I break the bad news) .Selling without the tenants being there will be a good idea ,because I am opening it up to a wider market etc etc . If the permit expires in 5/2021 and i get an extension until 5/2022 .Will advertising it in 2/2022 be a good idea or 7/2021 be a better option ,considering the buyer will have more time to commence building the 2nd unit,if he wishes prior to the expiry in 5/2022.

 

If you're selling it as a development site, then you're not exactly needing to appeal to a wider market are you?

Maybe you should actually be looking to keep the tenant on a periodic lease and selling subject to vacant possession.

 

The rental laws coming in to effect in the nanny state of victoria from the 1/7/2020 restricts the rental provider (landlord ) very little flexibility when it comes to selling a property with a tenant in it . for eg I must pay the renter compensation for inspections and not more than a hour for a max of two visits and the list goes on.
No way Am i taking that risk . I want to stage it ,do some cosmic improvements etc and max the selling potential. A potential buyer can live in the front property and develop the rear ,hence the reason I applied for DA approval to add value . I have to get the timing right ,keeping in mind the DA expiry ,60 day NTV for the tenants ,days the property will be vacant and loss of rent etc

 

Selling a property in western Sydney imminently. Typical ex houso 3x1 fibro shack with an old kitchen and bathroom. Condition is one level below 'neat and tidy'. There are lots of minor issues that require touching up......very much a 'where do you stop' kind of reno.

It's not easy to work out who'll buy the property given FHB prefer new houses with nothing to do. But someone will at the right price as the market's warm.

Will be endeavouring to get the tenant out but given the type of property it is, would you recommend I renovate it (easily $20-30K and a few weeks work), sell it empty, pay to get it staged or sell it as is post spring clean?