Advertisement

Short term leases

By 12 February 2014 6

I am starting to do some research on how to sell my house and buy another and was wondering if anyone has any tips on how to bridge the time between settlements on your old home and the new one in Canberra? If you have done this – and could not move in with family or friends – did you find temporary accommodation easily? Our situation is made harder by having a cat and a dog…

Please login to post your comments
6 Responses to
Short term leases
Leo61 1:18 pm
12 Feb 14
#1

There are 6 current listings in All Homes for short term and pet friendlly.

watto23 2:01 pm
12 Feb 14
#2

That is probably why a lot of people take the risk at buying first and selling second. Saves moving twice and paying rent, which is generally quite high and will be higher for short term leases. On the other hand if you don’t sell you have 2 mortgages to pay.

Tootza 5:26 pm
12 Feb 14
#3

Lease your property off the new owners? Longer than usual settlement?

Watson 12:15 pm
13 Feb 14
#4

Tootza said :

Lease your property off the new owners? Longer than usual settlement?

Interesting idea, but I think it is way more likely the new owners would be owner/occupants than investors, so there’s be nothing in it for them?

I did look at those short term leases. It is an option, but quite a bit more expensive than my current (and probably future) mortgage repayments. I was hoping there would be less luxurious options for less money. I don’t care much about the quality of the accommodation at all.

Buying before selling is too risky to my liking. Plus, I’d have to borrow the deposit for the new house.

itsallme 2:12 pm
13 Feb 14
#5

When you find the house you want, make sure it is already vacant, and make it a condition of your offer that the seller must give you occupation before settlement. You may pay rent but if so take occupation for only 1-2 weeks before settlement, enough time to move.

Oh and simultaneous sale and purchase is a good idea. Use a deposit bond instead of borrowing it. A bond might cost you a few hundred.

Sandman 4:10 pm
13 Feb 14
#6

While the “simultaneous sell and buy” and the “buy a vacant property you can rent” theories sound great in ones head, they’re hardly practical solutions in the real world without a whole heap of compromise. Given the OP already owns a house one assumes they are looking to upgrade to something specific, not just move for the sake of moving.

A short term lease in an investment property might not be easy to do but you might try a housesitting type arrangement or renting an empty property where the owner is overseas or away. Privately rented Granny flats or second houses on a rural property might be another option.

Follow
Follow The RiotACT
Get Premium Membership
Advertisement
The-RiotACT.com Newsletter Sign Up

Images of Canberra

Advertisement
Sponsors
RiotACT Proudly Supports
Advertisement
Copyright © 2014 Riot ACT Holdings Pty Ltd. All rights reserved.