What to do when your Revelstoke landlord decides to sell

To rent or not to rent a home that is listed for sale? Good question!

There are definitely some pros and cons to be taken into consideration for both the owners and tenants of a home that is being listed for sale.

Being fair to both sides can prove tricky for all involved so whether you’re a home owner looking to sell your rented property or a tenant living in a home that’s listed for sale, here are a few things to keep in mind for your own protection and for good karma.

If you are the seller / home owner:

• You may want to keep costs covered and therefore continue to rent.

• Know the details of the rental tenancy you have in place as it will need to be honoured or dissolved in writing by both parties. There are many different scenarios here depending on the type of agreement entered into, fixed term, month to month or a combo of both.

• Keep an open line of communication going and be honest about the situation. All things really do come to an end at some point, but the parting of ways does not need to be agonizing.

• Ask your real estate agent for advice. Depending on the situation, we may be able to help find a happy balance having likely dealt with similar situations in the past.

If you are a tenant:

• You may have already been quite comfortable in the home for some time when you get the shocking news, your home is being listed for sale! Immediately fear of the unknown strikes. It did for me three times as a renter in Revelstoke.

• Keep calm and carry on. Change is the only constant and it can be good if you let it. Purge your stuff, discover a wonderful new corner of Revelstoke to call home, maybe even think about buying. The sudden jolt of reality wanes as exciting new possibilities become apparent.

• As a tenant it’s your right to quiet enjoyment while renting a property and are therefore given a minimum of 24 hours notice for showings. Your realtor will work with you to group them together and make the least impact possible.

• We always want to respect your privacy and know that as professional realtors we will do all we can to ensure everything goes smoothly.

Knowing your rights and responsibilities as a landlord or tenant ahead of time can save a lot of heart ache and potentially money. This link gives a ton of information for both sides.

Again, be clear on the details of your rental tenancy and when in doubt, ask for advice!