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  1. #1
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    Default Moving and selling house questions

    So if you had read some of my other threads you will already know Ed have decided to move interstate. But we are trying to work out some more of the details at the moment. If we sell our house do we sell and then move once the house has been sold? I'm scared that we Wong find jobs and a rental house in 30 days. I'm the type of person that freaks out without job/ financial security . Or we could rent our house out and then of we like where we end up living up living and decide to stay then sell our house in Canberra . But I have no idea what real estate fees are for property management ( planning on calling a real estate tomorrow) and have heard that they take the first few weeks rent as fees, which I'm not sure we can pay full mortgage and rent.


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    Managing agents in Canberra are fairly dear, they tend to want 10% plus GST (so 11%) of the weekly rent to manage your property and charge a week's rent as a letting fee (every time the property turns over).

    However, you can negotiate that fee and I strongly suggest if you decide to rent that you do. We have four rentals in the ACT. PM me if you would like me tell you who manages ours and who we used to use and had a bad experience with.

    Canberra has a really strong rental market and we have never had more than a couple of days vacancy.

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    Quote Originally Posted by jez View Post
    and have heard that they take the first few weeks rent as fees, which I'm not sure we can pay full mortgage and rent.


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    The initial fees are based on other things - not just simply the first few weeks rent. There are inspection fees, property condition reports, advertising etc. This can get quite pricey, but are essential if you are getting proper, professional management to cover any unexpected things down the track. Also make sure you have landlord's insurance.

    You can always rent the house yourself, do your own property condition report etc (assuming that you're happy to live with the work you've done should things go wrong) then pass onto a manager who will take a percentage of the rent each week plus inspection fees etc, which may be cheaper.

    In saying that - if you can't afford to pay the mortgage on an investment property as well as living expenses for yourself it's probably not a good idea to rent out your house (and I'm no financial planner, so not trying to give advice on your situation). There may be times where you have a 'bad' tenant who does not pay rent, or the hot water system dies etc etc, and you will not be paid a regular amount each month that you can bank on.

    Apologies if this is negative, but in my experience you can't bank on the tenant paying your mortgage for you.

    Best of luck to you with your shift.

  4. #4
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    Quote Originally Posted by Hulahoop View Post
    The initial fees are based on other things - not just simply the first few weeks rent. There are inspection fees, property condition reports, advertising etc. This can get quite pricey, but are essential if you are getting proper, professional management to cover any unexpected things down the track. Also make sure you have landlord's insurance.

    You can always rent the house yourself, do your own property condition report etc (assuming that you're happy to live with the work you've done should things go wrong) then pass onto a manager who will take a percentage of the rent each week plus inspection fees etc, which may be cheaper.

    In saying that - if you can't afford to pay the mortgage on an investment property as well as living expenses for yourself it's probably not a good idea to rent out your house (and I'm no financial planner, so not trying to give advice on your situation). There may be times where you have a 'bad' tenant who does not pay rent, or the hot water system dies etc etc, and you will not be paid a regular amount each month that you can bank on.

    Apologies if this is negative, but in my experience you can't bank on the tenant paying your mortgage for you.

    Best of luck to you with your shift.
    I appreciate your post and have thought of some of these things. I'm thinking we are betting off selling and putting what's left after the mortgage is paid into a term deposit until we are ready to buy again later on. But wanted to explore all our options first as the rental market strong and rentals are in such demand in Canberra .


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