Making Your home Rental Ready

MAKING YOUR HOME RENTAL READY


Author: homesales.com.au    May 1, 2018

Although the idea of moving out of your home and having tenants move in may seem fairly straight forward, there are a few things you need to do to get your property rental ready.

Know the regulations

There are regulations and safety guidelines that must be adhered to before a property can be leased to tenants. 

If you’ve decided to use a property manager, they’ll be able to provide you with specific requirements that you’ll need to have in place before the property can be rented.  

This generally includes things such as pool fencing, safety rails on balconies and stairs, blinds and curtains, blind cords being safely stored, having working smoke detectors in place and specific safety regulations concerning glass and windows.

You’ll also need to ensure that your property meets electrical and water efficiency standards according to your local residential tenancies act. For example, water saving devices will likely need to be installed in older properties.


Do those repairs

Having lived in your home, you’ll know all those pesky little things that need repair which were likely placed on the ‘one day’ list.

When renting out your home, it’s important for many reasons to have all of these repairs completed.

For one, it gives you a great starting point to assess any damage made by the tenants, since you know that everything was in good working order when you left.

Secondly, a property in a great condition that is well looked after can help you attract higher quality tenants, who will in turn treat it with respect.


Leave it clean

Be sure to leave the home spotless.

This will create a nice first impression for potential tenants viewing the property.

While this should ultimately give you a greater number of high quality tenant applications to review, it also sets the tone for how you expect tenants to treat your property.

A dirty property to start with is likely to be treated the same way so do yourself a favour and scrub, scrub, scrub before you leave.

Tidy the yard

Keep the yard simple and neat.

If you’re a green thumb and have a multitude of plants that you can’t bear to see unloved, consider taking them with you or hiring a gardener to come in and take care of them on a regular basis.

There is no guarantee your tenants will have the green thumb you do and your much loved plants may become neglected.

Tenants are responsible for keeping the yard neat and tidy, but the care of tropical and temperamental plants does not usually go hand in hand with this.

Consider what may bring a higher rental price

You’ll know what these things are since you’ve more than likely had them on your own wish list for some time.

New carpet (although consider the colour choice carefully), air conditioning in the master bedroom and putting in a new toilet to replace that old one that just never stops running.

These are all examples of updates that are likely to not only add value to your property but increase the amount of rent you could charge for the property.

Once your property is a rental, you may have the added bonus of being able to claim some tax deductions such as depreciation on any new items you’ve added to the property.

Insurance

It’s important to let your insurance company know that you’ll no longer be living in the property as your primary place of residence.

This will ultimately change the coverage you need since you’ll want to have coverage for landlord related risks in the case of anything going wrong.