8:58 AM, 7th July 2016, About 5 years ago 14
When I decided to move to Malta I also decided to sell some of my properties, not all of them, just a few every year.
Many of my tenants have been with me for many years so rather than serving them with notice I decided that I would sell my properties as and when they naturally become vacant.
I shared my plans with all of my tenants and gave them all first refusal to buy. None of them took me up on this.
In the last six months seven of my tenants have decided to move on. One has purchased her own property, the other six are renting elsewhere. Their reasons for moving were very common, e.g. job move, need something bigger, want something cheaper to reduce costs etc.
Three of the vacant properties are now sold subject to contract. I will be lucky if any of them complete within six months. This isn’t good for cashflow.
Interestingly, not one of the properties has sold to an investor. The yields are too low.
On the other hand, those I have advertised to re-let have resulted in 30+ enquiries for each property, all from people who want to rent rather than buy. In every single case I have re-let the property for more than the asking price and significantly more than the previous tenant had been paying.
Well many of the people looking to rent my properties are doing so because their existing landlords are looking to sell themselves. These prospective tenants are all saying the same thing “it is becoming increasingly difficult to find anything decent of the market to rent for a reasonable price”.
Now I wonder why that could be? !!!
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