Length of lease
Where I come from in Europe, it is normal for tenants to enter into a lease for at least five or ten years. Why can't I insist on a lease of at least this period?
You can; however, it may not actually represent the best decision in the long term. The standard lease periods in Australia are 6 and 12 months. The number of tenants wanting to commit for much longer periods of time is limited and vacancy periods may be longer for you. Most importantly, the property market in Australia has changed significantly in the last five years, particularly with regard to low vacancy rates and rental increases. To be committed now to a lease that was signed five years ago would most likely not see you effectively maximising your return now. Your LJ Hooker agent can take you through the differing advantages of each scenario and will faithfully follow your instructions for a longer lease term if remains your preference.
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