Tips for Buying a Tenanted House
When it comes to buying real estate, people often wonder whether or not they can buy a tenanted property and live in it right away.
Real estate agent Nick Bevan of Harcourts Gawler, weighs in on the topic, stressing the fact that buying a tenanted property is far more complex than buying a vacant property, especially if the buyer wants to move in.
According to him, tenants have the right to stay in the property until their lease expires, regardless of who the owner of the property is. The benefit of this, of course, is that the buyer would receive rental payments to help with the mortgage.
Anyone purchasing a tenanted property would also have to immediately become a landlord, so they should make any necessary arrangements in order to manage the property. The real estate agent should be able to help buyers in this situation.
Buyers won’t be able to move into their new property until the tenancy lease ends. Of course, buyers can also try to negotiate with the tenants to see if they would agree to move out earlier. This will probably require the buyer giving the tenant some kind of incentive.