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Tenants have rights, so first and foremost, you’ll have to give them plenty of notice. If the tenants want to stay in the property, then it is possible to sell a Buy-to-Let property tenanted, but this means that the only market that would be interested in the property is landlords. But buying a Buy-to-Let property already tenanted is often perceived as a prime opportunity, with it cutting out the process of marketing the property and sourcing tenants.
However, if you’re selling a Buy-to-Let property empty, you’ll be able to target both landlords and the residential market. As well as widening the pool of prospective buyers, an empty Buy-to-Let property minimises any complications that come with viewings.
People are attracted to new-builds for a variety of reasons. This includes:
In a recent customer satisfaction survey by Home Builders’ Federation (HBF) and the National House Building Council (NHBC), nine out of ten new-build buyers said they would invest in one in the future. This shows an improving satisfaction rate, as people rated quality, design and layout as the top aspects of their new-builds.
Residential property is an excellent starting-point for first-time developers: it draws on your own home-buying and renovation experience without calling for specialist market knowledge in commercial property, storage units, offices or student accommodation.