Hi we are about to rent out our first investment house in Chinchilla. The tenants have agreed to pay $400 a week we just have to sort out 12 month or 6 month they originaly said they would do 12 but are having second thought as to do 6 month. They are coming over from WA and will eventually buy in the area should we go with the 6 month which will run out beginning of Jan or try and get them to sign for 12 months up to beginning of July. Given it is a town that is expected to boom so which is the best option.
Any help would be appreciated
I wouldn't want a lease that expires around the xmas / new year period. Perhaps a happy medium – ask them about a 7 (or even better; month lease
Thanks JacM I will be speaking to our property manager soon so yes I will ask her to put that to them 8 months would take us to March 9th or thereabouts sonds good. Also gives the tenant time to settle into a new area and decide if they want to build new or buy
Yes they do but only young a baby and a toddler, he is about to start work for one of the mining company's in Chinchilla so school hols shouldn't be a problem. Asked the property manager about maybe doing 8 months so she is going to ask them and get back to me on it. If not we will settle for the 6 months which will take us to Jan 9th or around about. School hols so may get lucky again if they don't continue on.KateMelbMember@katemelbJoin Date: 2010Post Count: 71
Why not offer them 12 months on the basis that you will increase the rent after 6 months if they only take a 6 month lease but stay on afterwards without a lease?
Thanks JacM and Kate,
PM phoned just before they have just signed for the full 12 months so very happy with that, Its a good start to our first Investment Property
Thankyou for your Advice
It ultimately costs you money each time a tenant leaves – there'll be cleaning costs, costs associated with the agent re-advertising the property etc etc…. so ideally you don't have tenants shifting in and out too often!
Yes we are pretty happy with the outcome plus they may sign for a further 6 months after the 12 months are up. The best thing is we know how much we will have coming in for the next 12 months.
Thanks for taking the time to advise us.