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Should I accept that offer?
March 24th, 2010
It is sometimes difficult for a less experienced landlord to know whether they should accept an offer that’s been made for their Durham house or apartment. This week and next, I will be discussing the factors which we believe are important for a landlord to consider in making that decision.
How much are the prospective tenants offering? This is the first and most obvious question and is pretty simple to understand. Are you being offered the rent that you were hoping to get? This is obviously a very important factor, but inexperienced landlords sometimes place too much emphasis on it. More seasoned owners know there are other things that matter too………….
How quickly do they want to move in? If your Durham property is already vacant, then a tenant who wants to move in next week is always preferable to one who wants to move in next month. So long as your agent is efficient enough to move them in that quickly (which we are) then get the rent coming in as quickly as you can. Earning an extra £600 at the front of the tenancy is always better than getting that last £25 per month!
How much wear and tear am I likely to suffer? It hardly needs stating that a single retired person is likely to cause less wear and tear than a family with five kids and three dogs. This certainly does not mean you should exclude the larger family, but it does mean that the single person may be a more attractive proposition because the wear and tear will be less, with lower redecorating costs etc. In either case, any damage beyond fair wear and tear should of course be covered by the security deposit or bond.
In my next article I’ll be looking at questions of time: what is the best length for a tenancy and what times of year tenancies should ideally finish.
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