Did you buy a property at the peak of the market? Maybe you’ve since moved for work, bought another home, or were using the property as an Airbnb and no longer have that as an option.

Now you’re sitting on a vacant property wondering, “What am I supposed to do with it?”

You may have unintentionally become an “accidental landlord.”

➤ So, what are your options?

1. Rent the property

Renting can help offset your carrying costs while you continue to own the property. Depending on the property and tenancy, renting may also help you avoid Speculation and Vacancy Tax and/or Empty Homes Tax.

2. Sell the property

Sometimes, holding onto a property simply doesn’t make financial sense, particularly if the ongoing costs outweigh the potential rental income. Selling at a loss may not be the ideal outcome but it can sometimes be the right decision when considering the full financial picture.

3. Rent it while it’s listed for sale

While this may seem like the best of both worlds, this is an option we generally caution against.

If selling is the ultimate goal, a vacant or owner-occupied property often presents better and is easier to arrange showings that work best for a buyer.

Note: a new tenant generally cannot be given notice for landlord or purchaser occupancy during the first 12 months of their tenancy. This can limit your buyer pool to those willing to assume the tenancy, rather than buyers looking to occupy the property themselves.

➤ You have options.

If you’re looking to rent it out but don’t have the time to handle the day-to-day responsibilities, let us help.

If you’re looking to sell, we’d be happy to walk you through that option as well.

We’re here to support you with whatever option works best for your scenario

➤ Send us a message for more info!