It has been a long and difficult wait for landlords, tenants and real estate businesses alike over the past weeks as the economy has deteriorated significantly and many Government assistance measures have been announced.
Until recently, there had been next to no mention of how landlords, tenants, and real estate agencies should navigate this challenging time. Finally, clarity has been delivered via a media release from the NSW Government on Easter Monday 13th April.
Among many residential tenancy law changes being introduced from 23 March 2020 in NSW, there are changes to mandatory break fees i.e. the compensation the tenant agrees to pay if they move out before the end of a fixed term lease agreement.
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.
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.
Quality tenant selection in the first instance and a professional property management approach will do much to avoid the need to even consider how to remove a tenant from your property. However, it is still possible that at some stage in your property investment journey you will be faced with the challenge of how to remove a difficult tenant.
In this article we cover how a termination notice must be issued to a tenant, the amount of notice required to terminate the tenancy, and what happens if the tenant doesn't leave as ordered.
Most investors and tenants have heard of people being put on a tenancy database or placed on a "blacklist". Often there is little understanding around how these lists work, the circumstances under which a tenant can be added to the list, and how someone can be removed from the list.
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.