Property is tenant damaged – can’t afford to fix it. This is an all too common occurrence for landlord’s in the UK at the moment. For some reason a minority of tenants deem it acceptable to cause thousands of pounds worth of damage to a property then leave without paying for it and sometimes not paying the last months rent either. This can leave some landlords unable to afford to fix the problems and are therefore unable to rent the property out again and can often no afford to sell because the damage has devalued the property too much.
Look at this example.
Jimmy has a property in Essex worth £125,000 after the slump in house prices. It is a 3 bed property that rents for £600 per month which he bought for £140,000 in 2007. His mortgage is £125,000.
Jimmy had a tenant for 18 months who seemed lovely. Paid their rent on time every month and the property was always kept tidy whenever Jimmy went round. He was very comfortable with them and only went to the property when they reported a maintenance problem.
In Decmber last year, the rent was late for the first time. Jimmy tired to make contact with the tenant without fail. When he went to the house he couldnt believe what he found. The property was in a terrible condition. Some of the bathroom fixtures had been damaged, the carpet was heavily stained throughout, the kitchen work top had been severely burnt in a number of places and the sink had been leaking for some time ruining the cupboard underneath. The property also needed painting throughout. There was no sign of the tenant and no sign of the rent.
- Jimmy’s property is tenant damaged
- Jimmy can’t afford to fix it
- Jimmy did not receive the last months rents
- Jimmy’s mortgage is as much as the value of the property
- Jimmy cannot sell or rent the property
- Jimmy is stuck.
Need To Sell House Fast specialise in helping those whose property is tenant damaged and can’t afford to fix it. We are able to provide a solution that takes away the headache of not being able to rent or sell the property. For more information and to discuss our services in more depth simply fill in the contact form on right hand side of the home page and we will be in touch.
From the Team at Need to Sell Home Fast