Real estate: Top tips for property investing
Real estate investing is one of Australia’s most popular strategies for growing wealth, but there are many factors to consider when investing.
June 8, 2021
If you have made the decision to sell your residential investment property, it is important to consider whether the property should be vacant or tenanted before committing to the sale.
The first factor in making this decision is establishing how the property is presented while your renter is in occupation, and whether this will appeal to prospective buyers.
If there are certain works that you wish to implement on the property to improve its presentation, access to the property may be restricted if you choose to sell it tenanted.
If your decision is to offer the property vacant, it will be necessary to issue the renter with a 60-day notice to vacate. The expiry date of this notice cannot be before the end of a fixed term rental agreement.
In order to give a notice to vacate at the end of a rental agreement on the grounds that your investment property is to be sold, you are required to provide evidence to the renter with one of the following documents:
This evidence must be included with the notice to vacate. If the evidence is not supplied, the notice becomes invalid.
Should you decide to sell the property with the renter in place, there are rules pertaining to access to the property. An example might be if you require photography for advertising purposes or need to arrange viewings by prospective buyers.
There is also mandatory compensation payable to the renter during the selling period.
It is therefore imperative to seek professional property management advice if you are considering the sale of your investment property, to ensure that the tenancy is managed correctly before, during, and after the sale.
The experienced real estate team at LDB provides vendor advocacy services, which includes expert guidance in optimising the appeal and value of your property, as well as managing existing tenancies. These services also include:
We provide our clients with professional support, advice, and recommendations throughout the entire sale process, ensuring you achieve the best result for your investment property.
Our wider range of property services include property management, owners corporation management, lease and tenancy negotiations, and project management.
For strategic property investment advice, give us a call on (03) 9875 2900 or send us details via the contact form below.
Real estate investing is one of Australia’s most popular strategies for growing wealth, but there are many factors to consider when investing.