Are you considering purchasing a tenanted property? If so it’s essential that you find out important information to mitigate any ongoing potential risk eg.
How much is the current rent?
Is rent being paid on time?
Is there a bond held?
How long have tenants been in the property & how many approved?
Have pets been approved & how many approved?
Have any breaches been issued?
Terms of the current Tenancy Agreement.
If the agreement between the tenant and landlord is a fixed term agreement, it is transferred to the new owner at settlement. Fixed term agreements cannot be terminated prior to the end date without the consent of the tenant so it is important to know what you are getting into and if those terms suit your own purposes and situation.
Taking on tenants can be both good and bad -depending on their current situation and how well the tenancy is being managed.
If you are considering buying an investment property, speaking with one of our friendly and experienced property management team members would be very beneficial.