Looking to sell (Adelaide)

It would depend on the type of property – is it focused more towards owner occupiers or investors? The market there isn’t moving very strongly as there’s continual supply, so I would want to go more towards keeping the tenant on – perhaps on periodic so they can vacate if an owner occupier wants to move in.

dtrain28 wrote:

Just wanting some advice regarding selling it.Should I try and sell it currently tenanted? or wait till the lease is up do some touch ups and then put in on the market? my worry is how long it would potentially sit on the market & therefore not be bringing in any rent.
Cheers,

I can’t comment on the local market over there but generally speaking I would prefer to vacate the tenant, do a Reno and thus increase the sale price. If the property won’t sell relatively quickly, then I would consider putting a tenant in on a month to month basis.

Hope this helps?

Cheers,
Ethan

dtrain28 wrote:

Can I evict the tenant prior to this or at least let them know my intentions and give them the option to move if they can find another property before the lease expires?

Hiya

You need to give tenant 14 days notice of your intention to list the property for sale.

You can not evict them if they’re on a lease. If you want to let them go via mutual agreement you can, but they may want compensation for having to go early.

The new buyer inherits the tenant and the lease as is, but does not inherit the property management agreement.

Also need to give the tenant appropriate notice for when photographer, home opens / potential buyers and the valuer needs to go through the property.

I’ve written lots on this topic on other sites.

Cheers
Dave