Currently, for a landlord to be able to pass on water usage charges to a tenant, the residential property must be separately metered, the charges must not exceed the amount payable by the landlord (according to the water supplier’s bill or other evidence), and the property must meet water efficiency measures.
A rental property is only considered water efficient prior to 23 March 2020 if it meets the following standards:
As detailed in our post "What Are The Changes To Residential Tenancy Laws In NSW Which Start on 23 March 2020?", there are significant changes to NSW residential tenancy laws which come into effect from 23 March 2020.
One such change is that tenants will have improved clarity around their ability to make alterations, additions or renovations during their tenancy.
After significant development, which we first wrote about back in November 2018, NSW Fair Trading has now announced changes to NSW residential tenancy laws which will commence from 23 March 2020.
The changes have been developed primarily to improve the experience of tenants when renting, and to ensure landlords can more effectively manage their properties. The updates aim to reduce disputes over repairs and maintenance and clarify the rights and responsibilities of both landlords and tenants.
Each of the changes are covered below, including new smoke alarm obligations, allowance for tenants to make changes of a minor nature, changes to break fees and more as sourced from information published on the NSW Fair Trading website. The changes are effective from 23 March 2020.
When budgeting for the costs of holding a rental property, most investors factor in the regular, repeatable expenses such as council rates, water service charges, building and landlord insurance, property management fees and strata fees (where applicable).
From time to time there are additional expenses every investor is likely to incur - the trick is that the timing and extent of these expenses tends to be unpredictable. Due to their unpredictability, they can be more difficult to budget for and are sometimes neglected completely.
Following is not an exhaustive list by any means, however should help as a reminder to new and seasoned investors alike of the importance to allow for a savings buffer to ensure any untimely surprise expenses are little more than an inconvenience.
Whenever we meet a new landlord, part of our conversation around preparing the property for the rental market includes a discussion of smoke alarm compliance and testing. Often, landlords may be unaware of their obligations, while others have a limited understanding of what appropriate smoke alarm testing and compliance entails.
In this post we discuss the primary elements of smoke alarm law in NSW as it impacts landlords, and address the question of whether landlords should feel satisfied with testing smoke alarms themselves.
We have written previously about the benefits for a landlord of having a tenant on a fixed term lease rather than a rolling or periodic arrangement. Several of the main advantages include:
As a landlord who has engaged a real estate agent to manage your rental property, you would expect that the property manager would monitor the lease terms for each property and begin certain processes when ever a lease was approaching expiry. Unfortunately this is not always the case.
The Australian Tax Office (ATO) has announced they will be doubling the number of audits scrutinising rental deductions for the 2018-19 financial year.
According to the ATO, in the 2017–18 financial year, more than $47 billion in deductions were made by over 2.2 million Australians. As a result, Assistant Commissioner Gavin Siebert has said that this year rental deductions will be a top priority for auditing.
Carnelian Property Management Newcastle NSW
We are a family-owned and run Newcastle real estate agent offering expert property management across Newcastle and Lake Macquarie.