Buying a brand new home and owning one would perhaps be one of the things you've written down in your wish list. However, it is not that easy to buy and own your own house, especially if you are still starting with your career. That is why some individuals would settle with owning a tenanted property or a property which was first used by some tenants. This way of doing things is indeed much cheaper than owning a brand new house, and it would even yield an extra amount if used wisely. Now here below are some things you need to know before you proceed with this kind of transaction
Lease Contract
You need to know and you have the right to know what was the contract which the tenant had signed together with the owner. By doing so you are making yourself aware on how long should you wait or you may wait before the current tenant would leave the place that you are going to buy. You cannot simply instruct the tenant to move immediately, for the tenant and the landlord had an agreement even before you came in.
Payment Method
And if by chance you suddenly decide that you would continue the leasing of the place but under your landlordship, you should discuss with the current tenant the payment method and other rules you would like to set. You can choose to continue what was already in place or you may also make your own agreement with the tenant.
Seek Expert Advice
Whatever would your decision be, you should also seek for some legal advice regarding the situation. It would be wise that you consult as well a property consultant to guide you during the transition. There are many things which you may do with the newly purchased property, but it would be better to have some detailed knowledge before making some changes in order to avoid headaches later on.
