Though buying a Boston Beacon Hill condo and renting them out can be a good investment, there may come a time when you decide to sell a property. Unfortunately, this can be difficult if you have a tenant who is in the middle of a lease. It is possible to sell a Boston condo without violating a tenant’s rights, but you may need to use one of these 5 tips.
1. Check Your Lease
This should be your first step when trying to sell a Boston condo that is also a rental property. If the lease is month by month, all you have to do is give the tenant proper notification before terminating it. You can also terminate a lease if your tenant is violating any of the terms.
2. Provide Tenant Incentives
You can help speed the selling process along if you can show the property while the tenant is still living there. If the lease allows this approach, you may want to consider offering a rent discount to the tenant to keep the house tidy and cooperate during showings.
3. Market the Property to Renting Investors
You can sell the property without terminating the lease if you sell it to someone else who wants to rent your Boston condo. As long as the new owner agrees to honor the old lease, you can sell it while the tenant still lives there.
4. Try Selling to the Tenant
If your tenant is so firmly against leaving the property, consider offering to sell it to him or her. This can be a great way to let the tenant stay while allowing you to move on from owning the property.
5. Pay the Tenant to Leave
This option can be pricey, but sometimes it is the only way. You may need to offer several months of rent, moving costs, and security deposits at a new place to convince the tenant to move out.
For additional tips on selling a property while a tenant still occupies it, reach out to the real estate experts at Ford Realty. We provide listings for many different types of residential real estate in Boston Beacon Hill Call us today at 617-72-5454.
