What you need to know before purchasing a tenant in situ property – our experience
When things go surprisingly great
We took instructions from a client to manage their property with a ‘tenant in situ’ – someone who stays in the house upon completion. Now this was in one of the worst neighbourhoods in Sheffield, and we were worried. The neighbourhood was a state, but the house was great and the tenant was responsive.
Moral Never judge a book by its cover
When things don’t go so well
We took instructions from another client with a great property which was in a great part of Sheffield, again another ‘tenant in situ’. Now we were chuffed, great property with no problems – this would be a walk in the park! We were so wrong
The tenants did not engage, they refused to pay rent, and at one point slammed the door on us – we found out later the previous landlords had struggled with them, so they had sold the property off with them in.
Get to know both landlords and tenants before you purchase
Top 3 tips before purchasing a property with ‘tenant in situ’
1 – Get to know both the landlord and the tenant when you go to the viewing
2 – Ask to see a rent payment schedule
3 – Talk to us – we can view properties on your behalf and manage these properties so you get an all-round service