Have recently purchased an investment property in Blackburn South. Settlement is 19/11.It needs work before it is rented. Should I be concerned about finding a tenant so close to Christmas. I dont imagine there will be a long que of tenants about. John
John Groeneveld
Hi John,
Yep they are all busy wrapping and opening Xmas presents, planning Xmas holidays and stocking up for new year.
You may find that a tenant will put up with the reno anyway if you are reasonable with the rent and if the work is not invasive. Alternatively do the work minus tenant and if the renovation is suitable you will make up for lost rent with an increased rent return when the work is finished.
Be wary of over-capitalising.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
Hello John,
Christmas is months away yet!!!. I understand that your property is yet to be settled, and as such I would not be too perturbed with its vacancy at this point. However, I would suggest that you consider getting tenants into the premises before you take on any of the repairs needed.
Some of the work we spoke about recently, can be left until a tenant has moved in, and for that reason, I feel it would be more feasible to wait until the premises is occupied.
Feel free to call me again, should you wish to; I am always happy to help.
Cheers, [biggrin]
Jo
Settlement of our property was on the 19/11, too, last year, then was delayed a week on the vendor’s request. It needed some work such as painting as well.
We had about 5 applicants checking out the house while painting was in progress.Tenants (who signed a year’s lease) moved into our property a few days before Christmas (I think the 21st) as they wanted to celebrate xmas with their kids in their new house.
So, in some cases it happens that people want to spend their time off over Christmas moving house.
Sheesh, moving house just before Xmas wouldn’t be my choice[upsidedown], but I guess some (or actually- most) people are much more organised than I am, having all pressies ready long before Xmas! [party]
Good luck!Celivia
Hi John
Any chance of getting access earlier, prior to settlement ?
In my experience there is a very reduced supply of tenants around close to Xmas. Better to sign up one now. Can you advertise it now ?
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
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I agree wiht Celivia.
One of our porperties was advertised to let just a week and half weeks before Christmas and I had a choice of tenants, it didn’t affect letting it out at all.
PK
I reckon you are better off, fixing and doing renovations prior to a tenant. Once the tenant is in you can set and forget for a while.
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