In the vast majority of instances, tenants are signed to a fixed-term lease of six or twelve months. However, circumstances can change during the lease in ways which are not anticipated at the start of the tenancy. This could be a relationship break up, change in work circumstances, disagreement between tenants, or any of a number of other reasons.
In this article we take a look at what happens when tenants wish to make changes to the names on the lease, and what happens where there is disagreement over who stays and who goes.
Recently the NSW Parliament passed the Residential Tenancies Amendment (Review) Bill 2018, which covers a number of amendments to the Residential Tenancies Act 2010.
The aim of the changes is to "increase protection and certainty for renters, while ensuring that landlords can protect their investment and effectively manage their properties" (sourced from NSW Fair Trading).
The amendments also aim to provide greater protection for victims of domestic violence, make it easier for tenants to make a rental property a home and reduce repair and maintenance disputes.
A fundamental aspect of owning an investment property is knowing when and how to appropriately increase the rent. There are many things to consider before deciding to raise the rent, including understanding your legal obligations and how to minimise the likelihood of losing the current tenant.
Following a real estate industry information session held by NSW Fair Trading in Newcastle on 12th July 2018, we strongly encourage all owners of pre-1980s homes in the Lake Macquarie, Newcastle, Cessnock, Port Stephens, and Maitland council areas to register for free testing for loose-fill asbestos (LFA) in their home.
There is a lot to consider when you first take the step to rent out a property you own. Whether you are looking to move out of the family home and offer it for rent, or whether you have purchased your first investment property specifically to find a great tenant - there is a lot to be done before it hits the market.
A conversation with an experienced rental property manager is of course a very good place to start. Additionally, the following points will provide a broad overview of what will need to be done and/or prepared in advance of finding a tenant for your home.
The level of cleanliness of a rental property is crucial for both landlord and tenant. As a landlord, ensuring your home is in top-top condition at the start of the rental period will help ensure this is the state the property is returned in. A beautifully prepared and presented home will also often achieve higher rental return and a greater number of high-quality applicants.
When a tenant is vacating a property at the end of their term, the condition of the home is required to be similar to the condition it was provided in at the start of the term - as documented on the ingoing condition report and accompanying photos. If not, the rental bond paid at the start of the tenancy can be withheld to recover costs of cleaning and repairs which may be required to return the property to its previous condition.
So, how can a landlord be sure that their investment property is as clean as it can be before a tenant moves in? And how can a tenant ensure they have covered everything when cleaning the home at the end of their lease term? Our detailed and downloadable cleaning checklist will help!
Did you know that there is a legal differentiation between urgent (emergency) repairs and those which are not urgent? The difference is important as it determines the action which can be taken by the tenant in the instance of repairs being required.
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.
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