Five things every rental owner should know about their property
Owning a rental property is a bit like running a business. There is income, outgoing costs, and customer service is involved too with the rental occupier essentially your client.
So, as a business owner, you should remain fully abreast of what’s going on with your investment.
With that philosophy in mind, here are five things every rental owner should know about their property.
Regardless of what state or territory you live in, rental legislation changes over time. For example, Victoria has just undergone significant rental reform, while Queensland has introduced specific laws about things like smoke alarms.
As a rental owner, it is in your interests to stay abreast of the changing legislation. And that’s where a good property manager can be worth their weight in gold, alerting you to legislation changes and what they mean to you.
Every rental property has ongoing costs that range from maintenance to rates, mortgage repayments and emergency repairs.
As a rental owner, you need to budget for these expenses each year.
Meanwhile, the end of a rental agreement may involve additional costs such as advertising your property for rent, and the property being vacant during the rental occupier changeover period.
As we mentioned, required maintenance is something every rental owner should factor into their annual budget.
This maintenance can range from regular proactive maintenance like annual gutter cleans and pest treatments, to unexpected emergency repairs.
This needs to be budgeted for and factored into the annual expenses for your property. It also pays to keep track of maintenance and repairs over time, because many items can be claimed as a tax deduction against the property’s income.
We cannot stress enough just how important it is to have the right type of insurance for your property. This includes both building insurance to cover any damage to the property and landlord insurance which encompasses public liability.
As a rental owner, you should be fully aware of what insurance you have, what it covers and when it needs renewal.
Allowing pets in a rental property can make your investment more attractive to a wider range of rental occupiers.
But it pays to consider whether pets are actually allowed in your building under strata by-laws, or if your property is suited to animals.
If you own a freestanding property and want pets to be permitted, consider things like fencing and whether animals should be allowed inside the home.
How we can help
Our experienced property managers pride themselves on establishing great relationships with both rental occupiers and owners.
We manage every property as if it were our own and you can learn more about our property management services here.
Alternatively, if you are looking to rent a property, you can view the properties we currently have available here.