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.
Management of investment property can certainly be complicated. With or without a property manager, you need to navigate a world of legislative requirements, insurances, and for many starting out their investment journey, you need to chart a course through the unknown.
At the same time, finding quick answers to complex questions can be hard, just as it can be hard finding the time to research the questions you have!
So, we've developed a simple resource to help: PropertySnacks.
We often speak with property owners who are planning to travel and are investigating options of how to manage their home while they are away.
For significant periods of travel, some people consider actually selling the home and "starting fresh" when they return, however for most the plan is to return to the property.
In the current climate, as well as temporary relocations for work placements, we are fielding enquiries from people itching to explore domestic travel given the reduction in overseas holiday options due to the impacts of COVID-19.
Rental Property Insurance, more commonly referred to as Landlord Insurance, is an essential in the property investor's toolkit. In this article we discuss what landlord insurance is, the approximate cost, and an indication of the most common types of landlord insurance claims.
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.
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.