All Topics / Help Needed! / Re-advertise property for rent but for 10-month lease only

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  • Profile photo of FrenchChineseManFrenchChineseMan
    Participant
    @frenchchineseman
    Join Date: 2012
    Post Count: 20
    March 28, 2014 - 6:42 am

    Hi all,

    I'm after some advices as I'm in the following situation:

    I'm currently working overseas and I've been leasing my property while being outside Australia.

    I've just received a notification that current tenants will vacate in one month time. My issue is that I'm planning to come back to Australia in February next year and move back in the property, and therefore can't propose a 1-year lease to whoever would like to rent the property now.

    While proposing a less-than-1-year lease is quite common, I'm wondering if tenants-to-be will not feel that they will likely be asked to vacate after the end of the x-months lease (which will be the case!). In this case, it might be more difficult to lease the property.

    Should I advertise it at market rent or maybe a bit lower for to ensure I will still have tenants even if they know they will have to move out in less than a year?

    Thanks for your feedbacks.

    Cheers

    Eric

     

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856
    March 28, 2014 - 8:57 am

    Put it out there with the agent to negotiate the lease term – ie you don;t want the expiry to hit the Christmas period so you want to offer more than 6 months but less than 12 months.

    Profile photo of Jacqui MiddletonJacqui Middleton
    Participant
    @jacm
    Join Date: 2009
    Post Count: 2,539
    March 28, 2014 - 11:06 am

    Hi Eric 

    If you think it will be difficult to lease the property out for only 10mths, a couple of options are:

    – Look into whether you can stay with friends/relatives for the first 2mths of your return while waiting for a 12mth tenancy to end.

    or

    – Look into the $ you expect to "lose" waiting for a 10mth tenant compared to the $ it would cost you to stay in paid accommodation for 2mths while waiting for a 12mth tenancy to end

    or

    – Go with Scott's suggestion :)

    Jacqui Middleton | Middleton Buyers Advocates
    http://www.middletonbuyersadvocates.com.au
    Email Me | Phone Me

    VIC Buyers' Agents for investors, home buyers & SMSFs.

Viewing 3 posts - 1 through 3 (of 3 total)

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