Are you ready to be a Landlord?
Interest rates are falling, so does the real estate prices. The combination of both makes it ideal to be a landlord nowadays. However, before you start finding your rental property it will be good to have an idea of your obligations as a landlord.Here are 10 of your obligations:Landlords ObligationsWhether done direct or via a property manager, the following basic actions and conditions must be done for a tenant at the beginning and during the term of tenancy:
- A signed copy of the lease agreement given to the tenant
- A signed copy of a Property Conditions Report given to the tenant
- The bond lodgement form signed and submitted on your behalf to the rental bond board or trust
- The provision of a clean, safe and secure property ready for immediate occupancy
- Provision of one set of all keys to each tenant on the lease
- The regular servicing and maintenance of all fixed appliances such as water and gas heaters
- Payment of water and sewerage rates
- The issue of detailed receipts for rental payments to the tenant
- The financial and resource preparedness to conduct necessary and urgent repairs when needed
- Respecting the right of the tenant to peaceful and quiet enjoyment of the premises, observing rules for notices for inspections and access.
Source: rent.com.auMost of these obligations can easily be fulfilled, if you work with a property manager. They can take charge of most of the tasks involved in return for a management fee, which you can claim as an expense.However, it is important to note that you should have some money to spare for regular servicing and maintenance issues in your investment property, especially for urgent repairs.Lastly, look for an ideal property that is low-risk to any possible tenant issues such as noise levels and safety.If you’re looking for an investment property, please check out our properties for sale at www. rkrealtygroup.com.au. Please do not hesitate to contact us for any questions or to set an appointment to view any of our listed properties.
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