Hi, not sure which forum this belongs in so please do let me know if I need to post elsewhere.
I, located in QLD, in June 2022, purchased my first investment property site unseen; a 2 story property in TAS - House upstairs, Flat downstairs. (Rates also has it listed like this). The selling real estate agent knew I was out of state and unable to view prior to purchase and most communication, although limited, was via email. One conversation led me to believe it could be rented on two separate leases. A rental appraisal was provided. The appraisal pdf only mentions rent on one lease but the email advises the extra rent return if on two leases. This was a major factor in my purchasing decision. At no time during the purchase process was I informed that works were required to enable leasing as a house and flat separately.
It wasn't until the property purchase was unconditional and I was put in contact with the property management side of the real estate company, that I was made aware that the electricity and water meters would need to be split in order to lease the house and flat separately (July 2022).
At the time I thought this was unfair and I was misled but was so overwhelmed in the process I didn't know what I could do/assumed I had made a stupid decision.
After speaking to an independent realtor recently about listing the property for sale, this topic of conversation came up and they advised they had suspicions about being misled during the property purchase.
Thoughts? Advice?
Every time I thought I had a clear runway to commence service split, other costly works were required.
This has really limited my rental return over the past 2 years and cuts off a significant portion of my market to offload the investment.
I, located in QLD, in June 2022, purchased my first investment property site unseen; a 2 story property in TAS - House upstairs, Flat downstairs. (Rates also has it listed like this). The selling real estate agent knew I was out of state and unable to view prior to purchase and most communication, although limited, was via email. One conversation led me to believe it could be rented on two separate leases. A rental appraisal was provided. The appraisal pdf only mentions rent on one lease but the email advises the extra rent return if on two leases. This was a major factor in my purchasing decision. At no time during the purchase process was I informed that works were required to enable leasing as a house and flat separately.
It wasn't until the property purchase was unconditional and I was put in contact with the property management side of the real estate company, that I was made aware that the electricity and water meters would need to be split in order to lease the house and flat separately (July 2022).
At the time I thought this was unfair and I was misled but was so overwhelmed in the process I didn't know what I could do/assumed I had made a stupid decision.
After speaking to an independent realtor recently about listing the property for sale, this topic of conversation came up and they advised they had suspicions about being misled during the property purchase.
Thoughts? Advice?
Every time I thought I had a clear runway to commence service split, other costly works were required.
This has really limited my rental return over the past 2 years and cuts off a significant portion of my market to offload the investment.