If you find yourself about to buy a new home and decide to rent the old one there are suddenly many decisions to make. Of course we are biased but when it comes to property management, having your property professionally managed is strongly advised. There are many aspects to consider when preparing your home for rent. we’ve covered some of these below.
Getting ready to rent
Considering a clean break, what will you need to think about?
General home maintenance
Was your home kept well maintained? If not make a list of repairs needed. There are often little things you have gotten used to that tenants will complain about in the first week. The foibles and quirks you have taken for granted for years won’t be overlooked by tenants. They want everything in perfect working order. The door you need to jiggle to lock, the slider that needs a new track wheel… all of these little home maintenance jobs need to be taken care of prior to renting.
Will you let tenants do this or have someone take care of garden maintenance for you? Consider including garden maintenance in the rental. If you’re a gardener you’ll perhaps have special memories with plants that have been gifted and carefully tended over the years. Decide what to leave and which plants can be relocated when you move.
Compliance and Safety for Rentals
Smoke alarms, pool fencing and compliance items such as gas certificates for appliances will need to be ticked off prior to renting.
Safety issues and pool fencing must take priority as it will be illegal to rent your property without these up to scratch.
If you have a pool we recommend getting a monthly service included in the rental. The pools in rental properties that have maintenance included can often end up spending less on repairs and maintenance because issues are picked up before they start damaging equipment or the pool. Tenants might not know about pool care enough to notice issues the way you would as an owner.
If you want to oncharge your water bills then water saving tapware and fixtures need to be installed. Bathroom leaks and paintwork need to be up to scratch to avoid costly water damage. Tenants need to be able to use the bathroom with out worrying about splashes or cracks in tiles etc.
Insurance on rental properties
Owner-occupied will changed to tenanted insurance so you will need to talk to your current insurer and also get quotes from a specialist rental property insurance company ready for when your home becomes a rental.
Landlord insurance providers prefer you to have a property manager and this can sometimes amount to lower premiums as well. Always check with your insurer.
In Brisbane there is a different rate category for tenanted homes as opposed to owner-occupied – so this will likely increase your rates bill.
Property management and maintenance
Having your property professionally managed is strongly advised.
Property managers have over time created relationships with and access to qualified and insured tradespeople who work to a high standard in a timely manner with competitive pricing.
Routine maintenance and inspection reports are invaluable for avoiding unnecessary repair costs.
A property manager will be far better placed to deal with whatever situation arises. Professional property managers select suitable tenants based on credit and background checks and past history which includes checking other national databases for tenancy default and other issues.
Tenants are very well educated these days and there are many advocacy groups serving them. For this reason it’s wise to ensure you’re across all the legalities of managing and maintaining your property to avoid situations such as illegal tenants; unpaid rent; excessive damage to the property.
A property manager will be across the latest information on legal issues that affect your rental property.
If you have any questions about renting your family home please contact us. We’re happy to assist.