You may be among many homeowners who have decided to rent their property rather than sell in this current market. This is a decision not to be taken lightly as becoming an investment property owner comes with much responsibility.
With this in mind, it is a wise idea to create a small checklist for yourself before you rent your property, to ensure that you have covered everything that needs to be taken into consideration. Here are a few things you might like to add.
Choosing the right property manager
Experienced property management is necessary in the current market. The professionals at Position One Property will expertly manage your property, ensuring everything is taken care of at all times and they will advise on the appropriate rent and when it can be increased.
With many years of experience in property management and real estate, Position One Property guarantees to take the stress out of owning a rental property by doing all the hard work for you. They will keep you up to date with what is happening with your investment whilst you carry on with your life as usual.
Checking the condition of the property
Tenants have a right to live in a home that is safe and functional. If you have any repairs that you have been putting off, appliances that need replacing or smoke detectors that need changing, now is the time to complete these tasks.
The friendly team at Position One Property can help you ascertain what urgently needs changing on the property and what can be done over time. They can go over the premises with you and help you create a ‘to do’ list so you know that the property is fit for renting.
Insurance and bank details
Naturally, where a mortgage is in place you will need to contact the bank and advise that the status of the home is changing, that is, that it will now be an investment and not owner occupied. This may incur fees or changes to the loan but it is something that cannot and should not be avoided.
Likewise, you will need to contact your insurance company. Where before you may have had home and contents insurance it’s a good idea to get this changed to landlord insurance. Though not mandatory, landlord insurance is highly advised, as you will then be covered in the event of damages and unpaid rent. Each insurer is different though, so you should always double check what is covered.
For more informative advice on preparing your home for rent, visit Position One Property online at https://www.positionone.com.au/.