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{"id":6844,"date":"2023-01-05T07:41:40","date_gmt":"2023-01-04T20:41:40","guid":{"rendered":"https:\/\/finance-matters.info\/?post_type=prso_synd_toolkit&p=6844"},"modified":"2023-10-23T03:39:03","modified_gmt":"2023-10-23T03:39:03","slug":"buying-a-house-with-tenants","status":"publish","type":"post","link":"https:\/\/devarticles.soho.com.au\/?p=6844","title":{"rendered":"Buying a House With Tenants – What You Need to Know"},"content":{"rendered":"\n

Buying a rental property is a popular way to invest. But what if you’re buying a house with tenants? We\u2019ll fill you in on what you need to know.<\/strong><\/p>\n\n\n\n

So you\u2019re primed to expand your financial portfolio and want to buy an investment property?<\/p>\n\n\n\n

2023 may provide promise, with double-digit percentage gains<\/a> for rental returns predicted in 11 out of the 14 major Australian residential markets.<\/p>\n\n\n\n

But what happens if the property you want to buy already has tenants<\/strong>?<\/p>\n\n\n\n

Depending on your plans, this could be a major bonus<\/strong>. With tenants in place, the rental income can roll in from day one!<\/p>\n\n\n\n

But if you want to make changes to the property or the tenancy agreement<\/strong> \u2026 things get more complex.<\/p>\n\n\n\n

So without further ado, here are the ins and outs of buying a tenanted investment property.<\/p>\n\n\n\n

Get to know your tenants<\/h2>\n\n\n\n
\"\"<\/figure>\n\n\n\n

When you\u2019re buying a house with tenants, you want to learn more about who’s occupying the residence.<\/p>\n\n\n\n

If the rental history shows you\u2019ve got reliable tenants, that\u2019s super!<\/p>\n\n\n\n

You can have rent coming in<\/strong> as soon as you acquire the property – all without the need to spend money on advertising or sifting through applications.<\/p>\n\n\n\n

But if the rental history is a worrying read, you can\u2019t<\/strong> just evict the tenants to find new ones. <\/p>\n\n\n\n

As the landlord, you\u2019re obligated<\/strong> to honour<\/strong> the existing lease. There is state and territory government legislation<\/strong> you\u2019ll need to adhere to as an owner, with certain processes and procedures to follow if you want to go down the road of ending a tenancy.<\/p>\n\n\n\n

Is the property in good condition?<\/h2>\n\n\n\n
\"Buying<\/figure>\n\n\n\n

Be thorough in investigating the condition of the property and ask if there are outstanding maintenance requests<\/strong>. This can help you avoid unexpected<\/strong> costs.<\/p>\n\n\n\n

As the owner, you\u2019re financially responsible<\/strong> for most repairs. You need to ensure the property is maintained<\/strong> in a timely fashion as per the tenancy contract.<\/p>\n\n\n\n

So if there\u2019s a laundry list of things to be fixed, you\u2018ll want to budget<\/strong> for it.<\/p>\n\n\n\n

What if I want to make changes to the tenanted property?<\/h2>\n\n\n\n

You\u2019re obligated<\/strong> to honour the term of the existing lease. That means if you want to make changes to the tenancy agreement (like increasing the rent amount), you\u2019ll need to wait.<\/strong><\/p>\n\n\n\n

Or, for instance, you want to make non-routine renovations<\/strong> to your property during the lease period – that\u2019s possible, but you\u2019ll have to negotiate with your tenants.<\/strong><\/p>\n\n\n\n

Extensive renovations<\/a> could affect the liveability<\/strong> of the property, which may mean they reject<\/strong> your request to carry out the works and you have to wait<\/strong> until their lease expires.<\/p>\n\n\n\n

Ultimately, the only way you can make changes while the lease is in place is through mutual<\/strong> agreement with your tenants.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Hire a property management professional<\/h2>\n\n\n\n

A good property manager will fill you in on your obligations <\/strong>and maintain the smooth<\/strong> running of the tenancy.<\/p>\n\n\n\n

If you like the way things have been handled, you can choose to stick with the existing<\/strong> manager.<\/p>\n\n\n\n

But if you want to change your property manager, you can. You\u2019ll most likely have to provide a period of notice<\/strong> to the property manager. The duration depends<\/strong> on which state or territory your property is located in.<\/p>\n\n\n\n

Alternatively, you can manage the tenancy yourself<\/strong>. Just be sure you\u2019re across all the legislation.<\/p>\n\n\n\n

Property management can be a demanding<\/strong> job, so make sure you know what you\u2019re getting yourself into before taking it on!<\/p>\n\n\n\n

Get in touch with Soho Home Loans<\/h2>\n\n\n\n

Ready to jump into property investment? Give Soho Home Loans<\/a> a call today!<\/p>\n\n\n\n

We can help you navigate<\/strong> the process by finding suitable loans, unlocking existing equity and working out your borrowing power.<\/p>\n\n\n\n

Set up your profile on Soho to find properties for sale<\/a> and properties for rent<\/a> in your favourite suburbs. But don\u2019t just stop there, download our app<\/a> to get access to more features. Just remember to shortlist or swipe left<\/strong> on our listings so we can send you others that better match what you\u2019re looking for.<\/p>\n","protected":false},"excerpt":{"rendered":"

Buying a rental property is a good way to invest. But what if you’re buying a house with tenants? We\u2019ll fill you in on what you need to know.<\/p>\n","protected":false},"author":1,"featured_media":29889,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19,20],"tags":[28],"class_list":["post-6844","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing","category-renting","tag-post"],"yoast_head":"\nBuying a House With Tenants - What You Need to Know - WordPress-Staging<\/title>\n<meta name=\"description\" content=\"Buying a rental property is a good way to invest. But what if you're buying a house with tenants? 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