Buying a property that’s previously been rented out can be a smart move — but there are a few things worth knowing before you take the plunge.
Why consider buying an ex-rental home?
Chain-free
Ex-rental properties are often sold with no onward chain, meaning the process can be quicker and less stressful. There’s no waiting for the seller to find their next place — they’re ready to move.
Competitively priced
Landlords selling their buy-to-let properties are usually keen for a straightforward sale, which can mean pricing them attractively to generate interest.
Well maintained
Rental regulations require landlords to service boilers, gas appliances and electrical systems regularly, so maintenance standards are often high. Many ex-rentals also come with relatively modern kitchens and bathrooms — though some may need a little TLC, offering good potential to add value.
Blank canvas
Because rentals are often kept neutral to appeal to tenants, they make it easy for new owners to put their own stamp on the décor.
What to check before buying an ex-rental
Tenancy status
If you plan to live in the property, confirm that it’s being sold with vacant possession. If tenants are still living there, they’ll likely have the right to remain until their tenancy ends.
Lending criteria
Mortgage lenders sometimes have restrictions on properties in blocks where a large proportion are rented. Always check with your lender or broker before making an offer.
What’s included?
Clarify exactly what’s part of the sale. Fixtures, fittings and appliances may belong to the landlord or to former tenants, so make sure everything is listed clearly in the contract.
Security
Once you’ve completed, change the locks and alarm codes. Over time, multiple tenants, agents and contractors may have had access to keys.
Beyond that, assess an ex-rental property just as you would any other. Does it fit your lifestyle, location and budget? Is there potential to improve and add value?
If you’re looking to buy in Thetford, get in touch with us. We can show you available properties — and if you also have a home to sell, we’ll help you get the best possible result.
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Article by Andrew Overman | Partner | Location Location East
