This week’s question comes from Joe:
I am about to settle on a property with an existing tenancy. Should I let the tenants stay?
Barfoot & Thompson Property Manager Max Cameron shares his view:
‘Itsa bit of a complicated question, as it depends largely on the type of the property and what the current tenants are like. Chat with
the current owner or Property Manager to ascertain whether the tenant is someone that should be kept and whether rent is paid on time and the house
looked after.
In some ways, it is better, in my opinion, to start ‘fresh’ as it gives you an opportunity to do some work on the property such as Healthy
Home requirements or renovations. It also means you will have the opportunity to look at the market rent and whether you could find a new tenant
at a different rent level. You would also have an opportunity to select the tenant.
If you take over an existing tenant, you do take over some of history and ‘baggage’. Although I would say, if you do have a fully compliant property
and its clear the tenant is good, then I would feel comfortable keeping them on. It really is a case by case situation.’
and its clear the tenant is good, then I would feel comfortable keeping them on. It really is a case by case situation.’
When’s the last time you’ve had your rents market assessed? Click here to get a free rental appraisal by Max.
Do you have any tenancy related questions? Write to us at [email protected] or hit us up on our social channels here and here.
Add Comment