FORWARD THINKING!
Christmas time is the worst time of the year for your investment property to be empty. Are you doing all you can to ensure this is not the case for you? With some forward thinking you can make sure that you are protected and generating income.
Is your tenant on a fixed term lease or a periodic lease? A periodic lease can leave it open for a tenant to vacate at the most inopportune times with minimal notice. A fixed term lease will ensure that you are protected and even if the tenant vacates, that they are responsible for ‘break lease’ costs. A fixed term lease does not have to be 6 or 12 months! Have you considered fixing a lease for an 11 or 13 month period? Look to when the lease is due to expire, if it falls due at Christmas time or during other difficult leasing periods, fix the lease for a slightly shorter or longer period allowing you to re-advertise and tenant the property in plenty of time before this period or after the holiday or down season.
This is not only a safe guard for you as the landlord, but also for the tenant knowing that they will not be asked to vacate at a time when difficult to find alternative accommodation.
