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Should I accept that offer? (cont’d)
April 8th, 2010
Last week I started considering the factors to take into account when deciding whether to accept an offer on your property. This week I’m going to continue by looking at questions of tenancy length and finish date.
How long are the prospective tenants likely to stay? Every time a tenant moves out of your property, it costs you money. You have to pay agent’s fees and you may have a void period with no rent coming in and bills to pay. This means that as a general principle, longer tenancies are better. On the other hand, it is quite reasonable to be cautious about giving a long tenancy to a new tenant who you know very little about. Unless you are very confident about the calibre of your incoming tenant, you may prefer to insist on starting with a tenancy of just six or twelve months. If that goes well, then the second tenancy can be longer. Of course, just because there is no legal commitment to a longer tenancy doesn’t stop you preferring a tenant who looks like they will stay longer.
What’s the best time of year for a tenancy to finish? One of the good things about lettings is that there is no dead season. Having said that, there are of course times of year which have more prospective tenants looking for somewhere to live. Summer is the most popular time for renting in Durham. It can therefore be a good idea to think about trying to get a tenancy which will finish in the summer months, thus maximising your chance of finding a new tenant in a short time.
The factors I have listed last week and this are the key ones in deciding whether to accept an offer, but don’t get too hung up on any one of them. Take them all into account in making your decision and remember that our careful referencing process will confirm the quality (or otherwise!) of the tenant themselves.
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