What is a tenanted investment property?

What is a tenanted investment property?

Have you seen some property details which say the flat or house is tenanted. The tenants will be renting the property on a 6 or 12 month contract. If you are purchasing the property as a buy-to-let you might even want to consider keeping them.

Is it good to buy house with tenants?

The big benefit of taking on or buying a property with sitting tenants is that you’ll receive rent from day one. You might also be able to take a personal income from property if the rent is higher than the costs associated with owning and maintaining the property. These costs would include: any mortgage payments.

What’s the average time it takes to settle a property in NSW?

If the buyer is also flexible, then chances are that they will agree on 30, 60 or 90 days. A 60 day settlement is most common (except in NSW which is usually 42 days).

What happens when you buy a property and you are a tenant?

“When the new owner has settled they then take the rent. The agreement between the tenant and the new owner is documented on the lease agreement to reflect this.” From settlement, the tenant’s rental payments will be paid to the new property owner.

When to give 60 days notice of settlement?

If the tenant is on a fixed lease that expires before the settlement date then 60 days notice can be given, however the date cannot be before the lease has expired. If the tenant is on a fixed lease that expires after the settlement date then the tenant has every right to stay until the end of their lease agreement.

What happens when you see a house before settlement?

The agent will usually arrange a pre-settlement inspection to allow the buyer to see the property before finalising the payment. This is when issues that could delay the settlement may arise. As a vendor, it’s important to make sure the house is looking as it did (or better) than when the buyer last saw it.

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