Hi everyone,
A few quick questions... I am considering selling my revenue property (30 yr. old SFD) just outside of Edmonton next spring to take advantage of what is generally an annual upswing in activity and prices.
First, the house is currently rented with tenants who signed a new 1-yr. lease that expires June 30, 2010. Assuming that I want to list earlier in the spring (April/May) am I better off providing the tenants their 3-months notice on, say, January 31, 2010, that they need to be out on April 30th and then list on May 1st in order to have a vacant property hit the market... OR, should I leave the tenants in and try to sell with tenants in place, which will either potentially hinder a sale - if someone is buying a house for themselves it is unlikely they will want to wait 3 months to move in, OR potentially enhance a sale where the purchaser is an investor and sees a property that already has a tenant.
I have been in this dilemna once before and tried to sell with tenants in place, which was very challenging. They made life difficult on a few occasions (took 1+month to get them to allow my realtor to take photos of the interior for the listing, refused entry for my realtor for a showing when they said they hadn`t called for an appointment, when in fact he had, etc...)
I certainly understand that this is frustrating for a tenant who sees their potential living space being pulled out from underneath them, that said, that`s the nature of living in a property that someone else owns.
Secondly.... just to confirm, is it legal to give tenants 3-month notice solely for the purpose of being able to sell the property in a vacant state?
Obviously removing the tenants is risky from a financial standpoint as I have to carry the costs from their date of departure until the house sells, but it just seems to me that selling vacant will be quicker and easier.
Finally, what is th best time to hit the market..... April 1st, May 1st, June 1st....?
Suggestions?
A few quick questions... I am considering selling my revenue property (30 yr. old SFD) just outside of Edmonton next spring to take advantage of what is generally an annual upswing in activity and prices.
First, the house is currently rented with tenants who signed a new 1-yr. lease that expires June 30, 2010. Assuming that I want to list earlier in the spring (April/May) am I better off providing the tenants their 3-months notice on, say, January 31, 2010, that they need to be out on April 30th and then list on May 1st in order to have a vacant property hit the market... OR, should I leave the tenants in and try to sell with tenants in place, which will either potentially hinder a sale - if someone is buying a house for themselves it is unlikely they will want to wait 3 months to move in, OR potentially enhance a sale where the purchaser is an investor and sees a property that already has a tenant.
I have been in this dilemna once before and tried to sell with tenants in place, which was very challenging. They made life difficult on a few occasions (took 1+month to get them to allow my realtor to take photos of the interior for the listing, refused entry for my realtor for a showing when they said they hadn`t called for an appointment, when in fact he had, etc...)
I certainly understand that this is frustrating for a tenant who sees their potential living space being pulled out from underneath them, that said, that`s the nature of living in a property that someone else owns.
Secondly.... just to confirm, is it legal to give tenants 3-month notice solely for the purpose of being able to sell the property in a vacant state?
Obviously removing the tenants is risky from a financial standpoint as I have to carry the costs from their date of departure until the house sells, but it just seems to me that selling vacant will be quicker and easier.
Finally, what is th best time to hit the market..... April 1st, May 1st, June 1st....?
Suggestions?
