All Topics / Help Needed! / Reno done by the Tenant

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  • Profile photo of TveiaTveia
    Participant
    @tveia
    Join Date: 2005
    Post Count: 25

    Hi everyoneI just got an investment a property in Brisbane with the idea to be bulldozed down in the near future maximum 3 years and develop the land. In the mid time it will be rented out. The house is immaculate and in very good conditions. We been approached by some people that will like to rent for long term, but they are asking for few things that they will like to change in the house. All the rooms have new carpets except the living room.Rip the carpet in living room and put tails. Take the bar out and put cubits for televisionChange the back dor with a new oneThe laundry doesn’t have a dor; also they would like to put one. We know this people, but that’s it we just know them.With everything they would like to do is not much importance to me because I told them that I would not spend any money, but I don’t like if they live for any reasons to take the things with them and live me with repairs or holes I would like them to live the house the way they founded of course the tails not gone be ripped of. They are asking for long term 1 year or 3 years. Now with the rents going up I don’t like to make it any longer than 6 month, but because we kow them and we also know that they are reliable and very clean we don’t really know haw to go about it and also don’t really like to louse them as a tenant’s. We did not talked yet much, but we been told by them all of the above. I need to give them the answer. What should I do? Put the rent at the advertised price for 6 months or lift the rent up if I go for long term. What do you suggest please with all of the above?
    Rgds Steve

    Profile photo of mackarmackar
    Member
    @mackar
    Join Date: 2006
    Post Count: 106

    I'd stick to my guns & my game plan for the property… I wouldn't want to spend any more
    than is necessary to acquire a good tenant. lso i wouldn' t tell them you plans to demolish either 
    in case they then don't respect the existing structure & trash it…. who knows things may change & you
    may decide to rent out  for an extended time than you now expect….or even sell later to get in on a better opportunity
    could be tricky renting to people you know also

    good luck

    M

    Profile photo of XeniaXenia
    Member
    @xenia
    Join Date: 2002
    Post Count: 1,231

    I would never allow a tenant to do any repairs to a property! Are they a licensed trades person with public liability insurance? If not you are taking a risk! Not worth it!

    Profile photo of Tysonboss1Tysonboss1
    Participant
    @tysonboss1
    Join Date: 2007
    Post Count: 306

    Any longterm lease should have slightly higher rent (even $5 a week), with an annual rental increase built into it,.

    I have a lease on one property where I have written into the lease that there is an annual rent increase of Cpi the previous year + 1.5%

Viewing 4 posts - 1 through 4 (of 4 total)

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