In conversations with owners new to property investment, and with people who have chosen never to invest in property, we often hear this sentence: "What if the tenants trash the place?".
The feeling of apprehension and nervousness is understandable. No one wants to risk having something of value handed over to someone who will cause damage and disappointment. However, while the feeling is understandable, it is usually not justified.
The Federal and State Governments have recently announced the HomeBuilder grant, which offers eligible owner-occupiers (including first home buyers) a grant of $25,000 to build a new home or substantially renovate an existing home. The objective of HomeBuilder is to assist the residential construction industry to bounce back following the Coronavirus crisis.
While the grant is not available for use for renovation of an investment property, there are potential future benefits for investors who may choose to renovate their principal place of residence now.
Like so many other industries, property management has been given a good shake up over the past few months as COVID-19 has taken its toll.
Fortunately, over the past week or two as restrictions have begun to ease, there is a noticeable return closer to normality than we have been for some time. Open inspections are now once again permitted (with social distancing and hygiene still very top of mind), and prospective renters are returning to the market after a significant downturn in recent times as people “laid low” and rode out the beginnings of an uncertain period.
More than a week on from the NSW Government announcement outlining rental assistance measures due to COVID-19, we take a look at the current rental landscape and cover several frequently-discussed topics from conversations we’ve had with investors over the past few weeks.
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.
In news announced yesterday, it is now illegal in NSW for anyone to leave their home to stay in Airbnb or similar short-term accommodation without a lawful reason for doing so.
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.
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.