You may be expecting a post about knowing your income and expenses - your financial figures - but we're going to take a different path in this article.
Just as important as knowing the financial numbers for your investment is knowing the other essentials - the important numbers which dictate how and when you can take certain actions with your investment property. For example, knowing how many days notice you need to provide should you wish to ask your tenants to vacate the property, how many days notice are required to increase the rent in your property, how many routine inspections can be held per year, and more.
Think of this post as your "cheat sheet" of must-know, non-financial numbers for the success of your property. Let's get started!
In light of the recent heightened COVID-19 case numbers throughout NSW, new temporary measures have been put in place to support both tenants and landlords who are financially impacted as a result of COVID-19.
Specifically, these measures have been introduced to prevent financially impacted residential tenants from being evicted and to assist landlords who agree to renegotiate rent.
The latest information related to these residential tenancy support packages is found on the NSW Fair Trading website, while a summary is as follows.
In the current market we've seen an increase in the number of tenants wishing to end a tenancy before the end of a fixed term lease. This is often due to the tenants finalising purchase of a property to live in, a relationship breakdown, or some other change in circumstances.
In this article we discuss the misconception many tenants have around break fees, and our response to tenant requests to have the break fee waived.
In recent times we have seen an increase in online searches for information regarding whether a tenant is permitted to install security cameras in a rental property in NSW.
For all the of "less than clear" areas of NSW rental legislation, this particular question has actually been specifically addressed, although there are a number of conditions and a little research is required to see where!
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.
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.