According to the latest data from Zillow, the cost of rent is continuously rising. As of October 2019, rent rates grew 2.3 percent year-over-year, bringing the median cost of rent in the U.S. to $1,600. This would be good news for landlords, if not for the fact that in 2018, the number of renter households fell for the second consecutive year.
If you’re a landlord, this situation might make you think about selling your North Carolina rental property or home. Of course, you may also be thinking of selling for other reasons, such as you wanting to move or to cash in on your property’s appreciation value.
But, what if you want to sell now but you still have tenants whose lease won’t expire for a few more months? Can you even sell your rental property in this situation?
The short answer is, yes, you can. Generally, it can go two ways: you wait until your tenants’ leases are up or you sell while they’re still there. But, with more people and independent parties involved, the process is more complicated than a regular property sale.
Waiting until Your Tenants’ Leases are Up
The easiest solution to selling your rental property in North Carolina is to wait until you don’t have tenants to worry about anymore. This is ideal if your need to sell isn’t too urgent and if your tenants only have a month or two left before the end of their leases.
As long as you do your due diligence as a lessor and you give your tenants proper notice of at least a couple of months before that you’re selling the property once their leases are up, you should be good to go. This will help them prepare and find a new property, if ever they do need to vacate the premises after the deal has been done.
Selling Your Property with Tenants In-Situ
If your need is urgent, you can sell your North Carolina property even before the end of your tenants’ leases to the property. Do your part though – Make sure to explain what you’re about to do clearly and respect their rights as tenants.
Their cooperation is vital in the success of the property’s sale because they will need to consent for you to show the property to potential buyers. To persuade them, you might want to offer an incentive, such as lower rent or giving them a proper place to stay when they have to move out during showings.
It can be a challenging task to sell your rental property if you still have tenants residing in it. With more people involved in the selling process, the more issues and concerns may appear. However, with proper planning and thoughtful actions, it’s not an impossible task.
If you’re thinking of selling your North Carolina property soon, reach out to Offer Hut or give us a call through our number: 919-514-1001. We buy NC properties in cash and make the entire process easy on you.