Once you have made the decision to rent out your property, it is important to make sure you are prepared. This can maximise the chances of better rental income and calibre of tenant. You are more likely to get tenants who take care of the property if it is properly prepared and shows that it has been cared for. So how can you maximise the benefits of your rental property?
The first step is to ensure the property is clean and well maintained. It is important to fix anything that is needs repair or replacement. While you might be ok living with something that you plan to fix in the future, a tenant most likely will not be, unless perhaps there is a discount in the rent as a way to compensate them. Fixing any problems now can help avoid issues in the future. Making sure the property is thoroughly clean means the property is more attractive to the tenant. This includes outside areas. It is also worth considering if you will put garden maintenance as part of the rental agreement or if the tenant will be required to maintain it.
Make sure what is in the property is durable and will be able to withstand the wear and tear of the tenants. If you are leaving furniture or appliances in the property, make sure they are in good working order. And remember, if the property is rented out with these items and they breakdown, you will be required to fix or replace them.
While you should already have building insurance in place (either individual or body corporate) there are other insurances that it is wise to also put in place, particularly landlords insurance. Speak to an insurance professional to make sure you are covered here.
You will need to decide if you are going engage the services of a property manager, or try and manage the property yourself. Using a professional property manager has a number of advantages, including helping you make sure you are compliant with all legal requirements relating to the condition of the property, as well as the documentation and processes. They also offer the benefit of having access to a tenancy data base to weed out potentially bad tenants.
For more information on renting out your property and how we can help you contact us.