BUYING PROPERTY WITH TENANTS? HERE IS WHAT YOU NEED TO KNOW

Alright, so you have found your dream home in Perth.

Alright, so you have found your dream home in Perth.

The property is idyllic, the location is superb and the home is fitted with the most renowned features and fittings. However, it has been brought to your attention that tenants are currently occupying the space.

Depending on your intentions for the Perth property, this circumstance can be advantageous or, to some extent, inconvenient. Routinely, when purchasing a tenanted property, you will have to accommodate for the existing rental agreement. It is beneficial to expand your understanding in such area, so you’re fully prepared for the entente you are embarking on.

Buying a tenanted home

Often, an advertisement will state whether the property’s present circumstances include a vacant possession status. However, if you are uncertain, it is definitely an equitable question to ask. At this point is where you will be able to obtain imperative information on the terms and conditions of the rental agreement. It is valuable to grasp details such as the agreed upon weekly rate, conditions of the lease and, of course, the stipulated end date.

Honouring the tenant’s lease

Depending on the confines of their signed agreement, the lease must be honoured. Whether it is period or on a fixed term will dictate what notice is required should you wish to acquire occupancy. There are certain circumstances where the tenant proposes to negotiate the terms to vacate prior to the settled end date.  

Responsibilities to consider

It’s more than likely there will already be a property manager overseeing the procedures of the unit, in which case, you may decide to proceed with the existing or select another. From settlement, they will work with you to make sure the process is uncomplicated and prevent disturbance to the leaseholder.  

It’s a win-win situation

You are in a prime position if you are pursuing this property for investment opportunity. On condition that the current tenants are mannerly and reliable, the convenience should be extremely gratifying. This situation would save you the time, money and hassle of the customary proceedings.

Partnering with Thought Leaders Real Estate

Thought Leaders Real Estate is an exclusive property management company that provides an all-in-one service for property management.  Thought Leaders Real Estate was founded out of a desire to improve and go beyond the services landlords and investors receive when dealing with major real estate companies.

We assist homeowners and investors throughout Perth who is looking for better returns, less stress, asset protection, and lower risk. We specialise in property management, and we are here to help. Thought Leaders Real Estate offers property management that blends expert knowledge and personal touch.

Are you looking to purchase a property in Perth, that offers investment value? Or maybe you are looking to sell a home that is currently tenanted. Regardless of the situation, we can help you navigate this terrain of real estate in Perth. Chat to our property managers and real estate agents today.