Need to sell your Montreal home while tenants are still living there? This process can be far more complex than a regular sale. Find out more by reading this article!
Perhaps you have an investment property in Montreal that isn’t paying off. Maybe you’re tired of constantly having to find new tenants. Maybe you’re fed up with having to deal with disrespectful tenants, but don’t have the option of evicting them. There are many reasons to sell your Montreal home when there are tenants living in it. As you can imagine, convincing tenants that selling your home is a good idea is no easy task. To make sure you have their support, we suggest you keep them informed as soon as anything happens, and make sure the sale will benefit them too.
Offer an incentive
If you choose to advertise your Montreal home for sale with a real estate agent, you’ll need your tenants to cooperate. By offering an incentive to your tenants, you may be able to reduce any resentment they may feel about the sale. Remember, even if you’re the owner, it’s still their home. If you offer to pay their moving expenses or a discount on their first months’ rent elsewhere, they may agree to help you sell. You could also help them find a new home, and write them an excellent letter of recommendation if they need one. Asking them to clean up and leave while the house is being visited is a big deal, don’t forget. So make sure you compensate them so that everything runs smoothly.
If you’re planning to show the house while tenants are still living there, offer to hire a team of professional cleaners so they don’t have to do the dirty work. Buy movie tickets or restaurant gift certificates so they’ll have something to do while they’re visiting.
Wait until the lease expires
As a homeowner and landlord who wants to sell your Montreal home with a real estate agent, deciding to wait until the lease expires may be the best decision you can make. Dealing with renovations and viewings, as well as keeping the house in excellent condition, is a lot to handle for both landlords and tenants. Unfortunately, tenants often get in the way of a sale. If you’re able to wait until the lease is up before advertising your home for sale in the traditional way, it could be nicer for everyone.
End the lease
If your tenants have violated the lease conditions in any way, you can make use of the early termination clause written into the lease. Not that you want them to make mistakes, but if they repeatedly pay rent late or if you’ve received complaints from the neighborhood, you may be able to terminate the lease. When creating a rental contract, be sure to include as many details as possible about what could cause early termination of the contract.
Sell your home directly
To sell your Montreal home while tenants are living there, the easiest way is to opt for a direct sale with Vendre Maison Vite. Whether you have tenants or not, we’ll buy your home outright. Our purchase process will allow you to get rid of your property quickly and receive a good amount in exchange. More often than not, when the Vendre Maison Vite team buys a rented property, the lease is respected right up to the last day and the tenants are not disturbed. For them, the only thing that will change is who they pay each month.
Ask your tenants if they want to buy
If you want to sell your Montreal home while tenants are still living there, it might be a good idea to inform them first. They already live there, so if they buy, they won’t need to move. They certainly feel at home and have become accustomed to the area. If you think your tenants are happy where they are, they may want to buy the house. If the problem is that they would have trouble receiving financing and you don’t need all the money immediately to buy another property, finance your buyer yourself if you no longer have a mortgage to pay, at least until they manage to build up their credit record or accumulate the money they need to receive a mortgage.
Know your tenants’ rights
If you want to sell your Montreal home while tenants reside there, you’ll need to take your tenants’ rights into account. As long as no breach has been imposed on the lease, tenants have the right to remain in their apartment until the lease expires, whether or not the property is purchased.
