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To let or not to let
Many sellers are being disappointed that they cannot achieve a certain price for their house and then make the decision to rent out the property hoping for the market to improve.
Sometimes this works but very often they are horribly wrong and they suffer a severe loss, not through a drop in the market but because they have let to a bad tenant who has reduced the value of their asset.
Whilst it is possible to have an agreeable letting experience we have known tenants who refuse to pay reasonable rents, do not maintain the garden or the house, allow the pool to go green. On some occassions the tentant will refuse to vacate and when the owner decides to sell in exasperation they also refuse to allow agents or prospective buyers access. The house effectively becomes unsaleable except at a give away price. Evict the tenant I hear you say. Well its not that easy and many people have found this out to their cost. The draconian Rent Regulations and the inefficiency of our court system combined put every tenant of residential property in a very powerful position indeed. Far more powerful than the landlord.
The reason that most blocks of flats in Zimbabwe have been sold on an individual flat by flat basis is that the original owners found that the Rent Regulations had destroyed their investment, they were getting no return and they were the proud owners of a diminishing asset.
Consider your options carefully and do not let frivolously. Take the trouble to employ a registered agent who will vet your tenant. They will advise you to pay less attention to the rental income and more to the likelihood of a careful caring tenant who will look after and maintain your asset and co-operate with you when the time comes that you do need to sell.
Editorial by Marjorie Kennan
