Owning a rental property can be a great thing for your financial portfolio. If the property has proper management then you can enjoy a passive income to help pay the mortgage for this home. If you are a landlord then make yourself familiar with the legal rights of both yourself and your tenants. Whilst the tenants in place have a few obligations to fulfill when renting your property, you also have an obligation to your tenants regarding your rental. It’s an important safeguard for yourself to know exactly what is expected of each party so you don’t get any nasty shocks down the track.
Happy tenant, happy landlord.
The Residential Tenancies Act 1987 and Residential Tenancies Regulation 2006 are put in place to protect both tenants and landlords. This way, it is harder for each party to dispute who is responsible for certain items and any problems are fixed with minimal fuss. Renting a real estate in Sydney is made simpler thanks to this. If you take care of your tenants needs as required, then you should enjoy your property being rented to people who do the right thing by you.
Some advice on your role as a landlord.
As a landlord you will probably utilise the services of an estate agent to manage the property for you. Whilst all care is taken by the real estate to ensure smooth sailing on your rental, you still have a few items to take care of. Making sure the property to be rented is tidy and suitable for living in should be top of your list. Taking into consideration of course the age of the property you should ensure that any repairs required have been taken care of prior to tenants moving in. Fumigation for pest control needs to be done also. Urgent and non-urgent repairs are your responsibility too. Once you have received notice of repairs required you must act on this accordingly. If you don’t respond in the case of an urgent repair or have been uncontactable then the tenant has permission to have repairs done. You then are expected to pay for costs, within reason, up to $1000 within 14 days of their notice, providing certain criteria has been met to make the claim.
Renting your home through property management professionals in Sydney will help have your rental property run to it’s full potential. A fair and honest landlord is more likely to reap the rewards from having an investment property, and in most cases, good tenants. If you are ever unsure of the legalities, your property manager will be happy to answer any questions.