When acquiring a tenanted property, it is crucial to ensure all relevant contracts are reviewed, prior to you purchasing unconditionally.
What are the Pros and Cons to buying a property with existing tenants?
You won’t need to pay a letting fee or spend
money on advertising for a new tenant
You will save time not having to vet
applications and do bad tenant checks etc
Receive income immediately
Existing tenants may not meet your standards
Tenants may not appreciate your style of
Inadequate or unfavourable contract for you as
Tenant may see this as an opportunity to lodge a
list of maintenance requests
It pays to do your research on the tenant
by asking the landlord or current property manager and also, try to find out if
the previous owner and or Property Manager, was too complacent and did not hold
the tenant to account.
Don’t forget to use RealRenta to
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Monday, 12 August 2019