When a tenant gives notice to vacate, we do understand that it can be a stressful time for property investors, as they consider the possible uncertain times of questioning:
- How long will it take to find a new tenant?
- What condition will the tenant leave the property?
- Will I have to top up the income during this period? and
- How much will the tenancy changeover cost me?
The changeover period is an important time during the management process of the property. Take the time to plan to minimise any potential income loss and utilise the time while the property is vacant to focus on scheduled maintenance, renovations/improvements to optimise the long-term capital growth value.
QUICK THOUGHT-PROVOKING TIPS
- At the commencement of a new tenancy, ‘start thinking with the end in mind ‘about potential renovations/improvements to the property that may be necessary and set up a budget to reduce financial pressures.
- Schedule into your calendar the agreement expiry date as a reminder.
- Allow a minimum three-day turnaround between tenants to factor in the final inspection, possible cleaning, and repairs that may be required.
- Utilise the tenancy changeover period to undertake any necessary repairs and more significant renovations/improvements, such as painting, replacing carpets, window coverings, rejuvenating gardens, etc.
- Be mindful that when a tenant vacates, legislation states that the property must be left in the same condition as the commencement taking into consideration fair wear and tear. In accordance with the possible formalities of ‘fair wear and tear,’ it may be necessary for the Investor to undertake a spot clean of the property before new tenants move in, depending on the circumstances.
At all times, our agency will keep you updated and informed on all tenancy matters. If you have any questions, we are always here to support and assist you.