So you’re moving town or have bought another property and it’s just not the right time to sell so you’re going to rent your house out…… OMG!
You don’t know what to do, how it all works and have no idea how to prepare your home for rent?
We know how you feel and don’t stress, every potential landlord goes through exactly what you’re going through right now so we’ve written a blog to explain HOW to prepare your home for rent.
Choose a Property Management Company
I have found that many landlords think they could ‘save’ money by managing their investment property themselves, however, if you don’t know what you’re doing and don’t understand the legislation the saving of a couple of thousand per year can turn into tens of thousands in lost income or damage.
A professional property manager will not only maximise your returns, help maintain your property, act as a buffer between you and your tenants and so on but most of all, the right property manager can take a lot of the stress out of owning an investment property.
Need some tips on how to pick the right property manager for you? Too easy, we’ve written a blog about that too, just click HERE!
Ensure Your Property is Well Maintained and Well Presentable
Your property will look after all of your marketing and advertising, viewings etc, however, you need to make sure they can rent your property for the highest price, in the shortest time and to the right tenant.
If things need to be updated – DO THEM NOW! We’ve all walked into a rental property that looks like a ‘rental property’ (ie: stains in the carpet, marks on the walls, outdated appliances, taps dripping and the list goes on).
If something is broken – fix it. If something is outdated and doesn’t present well – upgrade it. As a result, you will find that you get a better quality of tenant and a higher rental return.
Compliance is a MUST
Now that you’re renting out your property, compliance is now going to be a law you must follow so before you hand your property over to a tenant, ensure you have done the following:
Smoke Alarms – The smoke alarms need to be checked and tested prior to your new tenant moving in and the legislation is due to change in 2020 so this may be a good time to upgrade your smoke alarms. For more information about the new legislation – CLICK HERE.
Gas Compliance – If your property has gas, in order for your tenant to create a gas account and have gas delivered they will need a Gas Compliance Certificate. A licensed gas fitter can attend your property to inspect the gas system and provide a compliance certificate.
Pool Fencing – If you have a pool, you will also need a Pool Compliance Certificate. These can be done by most Pool Service and Supply Companies and last for 3 years.
Hand the Property Over the Way You Want to Get It Back
In Queensland, we are governed by the Residential Tenancies Act which stipulates that when a tenant vacates a rental property, they must return it in the same condition it was when they moved in, excluding fair wear and tear. For example, if you DO NOT have your carpets or curtain professionally cleaned when the tenant moves in, you CANNOT make them do it when they vacate.
Therefore, make sure you have the property fully cleaned to a professional bond cleaning standard and any necessary cleaning done. That way, when each tenant vacates, you or your property manager can ensure the property is returned in the right condition.
Get GOOD Landlords Insurance
You wouldn’t drive your car uninsured even if you were in a remote area where you’re less likely to have an accident. The same applies to your property and keep in mind, your property is most likely worth more then 10 times what your car is so it is even more crucial.
Not all landlords insurance policies will give you the best level of cover. For more information about how having the right landlords insurance could save you thousands, CLICK HERE.