Before deciding to rent a property there are a few rules and regulations that you need to take into
A lease should include information such as:
- Location of the property
- Total rent
- Amount of the bond
- Commencement and end date of your tenancy
- The landlords' name
Lease/tenancy agreements differ between states, so please make sure you have the documentation from your appropriate state.
Tip! Never sign a blank form, if you do not understand something, then contact the correct establishments and ask for advice.
Know your responsibilities when renting
When renting, little problems can turn into big problems if you are not aware of who is responsible for taking care of the issues that may arise.
As a tenant you are obliged to do the following:
- Keep the property clean
- Not cause damage to the premises
- Inform the landlord asap if any damage is done
- Ask for the landlord's permission to install fixtures or make alterations, renovations etc
- Avoid causing a nuisance to the landlord or neighbours
- Do not participate in anything illegal on the property
The landlord is obliged to:
- Keep the premises in good repair
- Ensure the security of the property by making sure all doors have locks and windows are secure
- Immediately provide the tenant with a key after changing any locks
- Avoid disturbing the tenant unnecessarily
Once you have signed a lease / tenancy agreement and paid a bond you should be provided with a Condition Report. This report records the condition of the property. Check this report carefully and immediately discuss any issues you may have with the landlord.
Must Have Property Investment Checklist
If you are investing in property as a long term strategy to take advantage of capital growth, rental income and any tax benefits that may apply, it makes sense to be well-prepared and take a measured approach. Ideally, your investment property will tick off these items:
- Close to amenities
- In a suburb where there is a high demand for rental properties
- Steady capital growth in the area the property is in
- Good to excellent condition inside and out
- Affordable for you as a landlord ongoing
- Rental yield is likely to be satisfactory
Also, have these key people on your side:
- Your accountant or financial advisor
- Your conveyancer or solicitor
- Your mortgage lender
Research is key when it comes to finding the right investment property for you. Local real estate agents, online searches and your own knowledge of an area are your best sources of information.
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