The NSW Government First Home Owner Grant (FHOG) has provided a great incentive for many to build their new home.
One of the well-known eligibility criteria for receiving the grant was that the owner must "occupy your first home as your principal place of residence within 12 months of the construction or purchase of your home and the minimum period of occupancy is six continuous months."
Many would-be property investors noted the six month criteria carefully, understanding that to be eligible for the First Home Owner Grant they needed to live in the property themselves for 6 months once it was built. Astute first-time investors saw a future opportunity to turn their new home into a rental property after their required six months of occupancy had finished.
Now, some time on from the grant first being introduced, many owners who took advantage of the First Home Owner Grant are approaching the end of their six months and wondering what happens next. How do they turn the place they currently live in into a rental property?
How To Turn Your First Home Owner Grant Property Into A Rental Investment Property
We are experts in this transition and have worked with many first time investors (many who claimed the FHOG) in realising this opportunity! It's an exciting time, it's new for many, but for us, it's what we do every day.
After the initial six months of occupancy, the steps to transitioning your property into a rental property are the same, regardless of whether you bought using the FHOG or not. Our approach in managing this transition is as follows:
1. Getting To Know You And Your Property
2. Preparing To Find A Great Tenant
3. Selecting A Great Tenant
4. Preparing For Tenancy
5. Early Stages Of Tenancy
6. Ongoing Management Of Your Property
7. Approaching Lease Renewal
Are You Preparing To Turn Your First Home Into An Investment Property?
We can help. We speak to first time investors in this situation all the time and can certainly help you through the unknown.
If you'd like help transitioning your first home into a rental, contact us today. We'd love to help you on your investment journey.
Carnelian Property Management Newcastle NSW
We are a family-owned and run Charlestown real estate agent offering expert property management across Newcastle and Lake Macquarie.