A common topic of conversation with our investors is whether they should offer their property furnished or unfurnished. There are several factors which contribute to determining what is best in each particular instance, as we will cover below.
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:
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.
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.
When an applicant is interested in securing a rental property and moving ahead with tenancy, the real estate agent will often request payment of a holding deposit.
The holding deposit removes the ability for the landlord or agent to enter into a lease agreement for that property with any other person within 7 days of the holding deposit being paid (or for a further period as may be agreed with the tenant).
However, there are some circumstances in which an applicant may have paid a holding deposit but after paying the deposit, finds that they are no longer able to or willing to proceed with tenancy. The applicant may have had a relationship breakdown with a potential co-tenant, an alternative property may have become available which is more preferable to them, etc.
In these cases the question arises - is the rental holding deposit refundable?
Investors of course want to minimise vacancy in their rental properties. However many investors tend to wish to hold out for a higher rental return rather than fill their property (and start receiving income!) more quickly.
In this post we'll run through a real example of the outcome of holding out for higher rent, based on a property in the Newcastle area which we had proposed to manage. Details of circumstances are contained in the text, but if you want to cut to the chase, you can scroll to the table at the end of the post.
There are many ways to increase the value of a home through renovation, as countless property renovation and styling experts have shown us on television!
While bathroom overhauls, kitchen replacements and improving "street appeal" can improve sale and rental value of a home, often investors are seeking to make relatively low-cost improvements to increase their rental return.
In this post we'll take a look at some great ideas to improve the rent you could ask for your property, in ways which generally cost in the hundreds rather than thousands of dollars.
Carnelian Property Management Newcastle NSW
We are a family-owned and run Charlestown real estate agent offering expert property management across Newcastle and Lake Macquarie.