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.
An investment property is a wealth creation vehicle. An investor of course wants to return the greatest revenue they can reasonably achieve while the property is in their possession, through capital growth and increases in equity to strong rental return and ideally a positive cash flow.
In conversations with landlords, we often here that their previous agent handled the rent collection just fine, made maintenance arrangements as needed, and found new tenants when required. However, once a tenant was signed on to the property, things seemed to go into automatic pilot, set-and-forget. This at times included neglected to monitor and action a potential rent increase from time to time.
In this article we discuss our approach to completing rent reviews and actioning increases in rent.
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.