Posted by
kimmy
16 yrs ago
We've been trying to sell our flat for a few months now but no offers have come yet. As we're fairly eager to move to a new place, do you guys think it would make more sense to rent it out instead? (which I think will be easier.. this area high in demand for renters)
But my question is this. If we rent our place out but decide to sell it a few yrs later, how does it work - how can we get potential buyers to visit the flat when we will have tenants living here? Please let me know what you think, all you property experts out there! Thanks so much.
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Could you let me know the details of your flat
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"how can we get potential buyers to visit the flat when we will have tenants living here? "
legally you cannot! hence flats with a tenant inside tend to attract a discount to the normal price (except if the rental is very high offering a super-yield)
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I just took a heap of photos at every angle the day my tenants moved in. Gives me proof of the condition of the apartment when the tenants moved in and you can also post pics to potential buyers. You could always ask your tenants if they didnt mind, but I would make sure the person is serious to buy and not just interested in having a look around.
I have had my place on the market for a while now too (18 months) and I found that agents were always calling, as my apartment was one of a few available to view, and so the majority of the time the people coming around to view the flat were not serious buyers. In the end I got sick of it and closed my door to agents and I rented it out.
If you are like me, rent it out, and just hold out till you get the price you want.
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kimmy, why dont you post your property on AsiaXpat, and we can all see if theres any other takers :-)
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by law the tennant(s)/lease goes with the sale until their contract expires, then it is up to the new owner if they renew or not. You cannot stop them from showing providing the agent has given the tennant the required notice as set out in the lease contract.
I would rent, whilst property prices have increased recently, I still think they have a way to go.
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kimmy
16 yrs ago
Thanks for all your replies!! Very informative.
Sunmoon, I will send you a PM in a few mins.
I think I will post our flat here indeed, how come I hadn't thought of that!
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You can sell with tenancy - especially for those investors.
They can adject the rental with the tenant after transaction.
If you are really keen on moving to a new apt, I think you shall consider to list your apartment for both lease & sale.
www.proway.com.hk
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Interestingly, we've had just the opposite happening to us. We've been trying to rent out our flat but keep getting offers to buy instead! Not sure if it's because agents tend to push for sales vs rentals (higher commissions) or because there are more potential buyers than tenants in the market right now?
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