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Investing in your Future

Investment in property has always been a popular way to grow wealth. There is a reason for the saying, “As safe as houses.” The down side to real estate investment does not lie in the investment itself but in the administration of rentals and in dealing with the actual tenants. In theory, a rental agreement is fairly simple – you both sign a lease and the tenant pays over the money every month.

In reality, however, things are slightly more complex – there are legal issues to comply with and collecting the money from tenants can prove to be bothersome. In addition there are issues regarding the maintenance of the property and repairs that may need to be conducted. It can also be difficult to find the ideal tenants from the outset – as a private person; you do not have access to the credit checks, etc. that a professional real estate management company would have. Read more

What to do before Renting

The first thing to do before you rent a home is to ensure the location is convenient for you by way of transport, schools and shopping. When you have settled on a suitable area and premises, make your way to the agency which has it listed. Once you express an interest you will be given a key to inspect the inside of the home to ensure that it really is suitable for your needs. If you re happy with its condition and the rental fee charged, then it is time to check out the lease.

Before signing, ensure you read it carefully and are aware of any extra fees that may be listed to be paid by you. These could include yard maintenance if the owner prefers to have it taken care of, and also water usage charges. If you are not happy with something and the owner is not willing to negotiate then simply do not sign. If you do choose to go ahead with the rental and sign the lease, you will be required to pay a bond and at least two weeks rent ahead. Ensure you obtain a receipt for both transactions and that the bond has been lodged within the specified time frame. They must be given to you immediately by the landlord or his property managers Brisbane. You will then have a receipt from the Rental Bond Authority mailed to you as well in acknowledgement of the bond having been lodged.

Having paid the bond, along with the keys you will be given a Condition Report form by the landlord or his Brisbane property managers on which you should list any damages or defects you notice before you actually move in. You then return it to the agency which will provide you with a copy. Be thorough in your search so that you won’t be charged for something you are not responsible for and keep your copy safe for future reference. Also be aware of your obligations to the landlord during your tenancy and ensure the premises are always clean and free of vermin and the outdoors neat and well maintained. As well as your obligations you should be clearly aware of your rights as well.

Your landlord is required by law to list extra fees on the lease before signing, to have working smoke alarms installed, and to give adequate notice when he intends to enter the property when it is necessary. One example of necessary entry is when he has to make repairs on defective fixtures within the home such as hot water systems, stoves and fans. You must allow regular property checks to be carried out by the landlord or his management. If all obligations are carried out there will be no problems during the tenancy.

A Tenant’s Needs Should be Important Too

In a rental agreement you might be thinking that the person with the decisions to make is really the lessor, or landlord, however as a tenant it is important to recognize that you have a say in the property that you rent too. When searching through Brisbane real estate for a home, unit or apartment to rent you have to be certain that the location you have found is realistically going to offer you all the amenities that you need to feel comfortable and call it a home.

You want to be certain, before you sign a lease agreement, that this location has the amount of space you need, offers the in-home amenities you need to live, is in a good location and is safe. For a family, it is rather impractical to seek out a one bedroom apartment or home, or if it is a single individual then too much room can be considered a waste of space. If you need your rental home to have a washer and dryer, refrigerator, dishwasher etc., those are also considerations that need to be made before you decide that this is the place for you.

When determining whether or not the location of a rental property is right for you it is important to consider the places that you frequent the most, are they within a ten minute radius from this location? Are you comfortable with the distance that they are from your home? You should also consider the part of town that the apartment you are interested in is at. If you are in a community that has higher crime rates, which can be typically found online from your local police department, then perhaps you should reconsider your decision.

Another important consideration to assess in your decision to rent a property are the requirements of the property managers Brisbane, you want to ensure that you can meet all their provisions for living in their home. Part of this entails that you read through the leasing agreement thoroughly, from the first to the last page, to ensure that you understand all their requirements and the penalties for non-compliance. Your property managers Brisbane can further explain to you what he or she allows and does not allow on the property, for instance some will not allow you to garden or will not allow you to paint your walls.

As a new tenant you should be certain that your potential new home is clean and to your standards of living. If for some instance it is not don’t be afraid to thank your Brisbane real estate professional and ask to see the next
property. You have a say in your next home too!

Fixtures and Inclusions in Rentals

Tenants have the right to go about their daily lives in rental properties as they choose, provided it is within the law and not offensive to the other residents around them. This does not mean however that they may make changes to the property however they see fit without first getting permission from the owner. Even though the changes may improve their quality of life whilst residing at the premises, the owner still needs to have given absolute permission. Fixtures and inclusions are included in this law and should be abided by.

What is regarded as fixtures and inclusions?

When it comes to Brisbane real estate, a fixture and inclusion is something that is already attached to the premises. Curtain rods, plants and picture hooks are considered fixtures, as are light fittings and appliances such as ovens and dishwashers. A good rule of thumb would be that if you were to remove it and there is a mark left behind where it used to be, then it’s likely to be considered a fixture. Fixtures and inclusions are widely considered to make up part of the property and should be treated in the manner that rental laws instruct.

What are the laws for fixtures and inclusions?

No matter the fixture or inclusion, if there is a wish to add one, the tenant needs to have written permission from the owner or their Brisbane property management. By obtaining written permission the tenant is protected against issues later down the track regarding whether or not they have done the right thing. If the tenant gains permission to add a fixture then it needs to be specific to the item that will be added and should also state in the agreement if it will be left on the premises or not when their lease expires. It is usually expected that the fixture will remain on the property so if the tenant would like to take it, this needs to be specified. If the tenant fails to get written permission before going ahead with the changes then they are in breach of contract, alternatively, if the owner refuses and the tenant feels the decision is incorrect then both matters may be taken to the RTA’s

Dispute Resolution Service

To avoid any disputes regarding fixtures and inclusions, both the tenant and the owner should consult with their property manager. They will be able to guide each party in the steps they need to take in making changes to the rental property in the right manner.

Who pays?

Investment rentals have been an area where disputes have popped up fairly frequently during past years. Much of this was because there were no clear set rules governing many of the disputed areas, and both sides thought they were in the right. The Residential Tenancies Authority saw the end of these problems with clear cut guides to all areas of rental procedure, making for a better relationship between landlord or management and the tenants.

Procedures for rental bond lodgement, excess charges for water and rental payments are made easy to understand for all parties involved.

Nowadays before a rental agreement is signed, all relevant issues must be stated in the agreement, read and understood by the tenant, then agreed to after which the signing takes place. This prevents any problems developing further down the line and makes each party aware of their obligations to the other. Tenants are obligated to pay their rental fees on time and in full, keep the property tidy and clean and in good condition. They are obligated to ensure the fire alarms batteries are working throughout their lease and are well maintained, not only for their safety but to protect the landlord’s investment. They are obliged to give notice if leaving once their lease is ended allowing the landlord to make arrangements to have his Brisbane real estate home tenanted again.

The landlord or his management are obliged to make necessary repairs to fittings in the home, such as stoves and hot water systems when they are needed. He is also obliged to list on the lease agreement any extra charges the tenants are expected to pay over and above the rental fee and to make the prospective tenant aware of them before they agree to sign the lease, as well as lodging the rental bond in a Water consumption charges are one of the areas high on the list of extra fees, and where some landlords or their Brisbane property management only charge excess water usage fees, they are allowed to charge for the full amount of water usage under certain conditions.

If the rental is in a country area where tank water is the only supply and the tank needs to be refilled during the tenancy, the costs can be charged to the tenant. If the home has been certified to be water efficient and the tenants are overusing the water supply, they can be charged for the full amount. Otherwise, if the tenancy agreement states that the water consumption charges are to be met by the tenants and they accept this fact and sign the agreement, the charges must be paid by them.

Insuring Your Investment Home Gives Peace of Mind

Many people toy with the idea of buying an investment property. If the property is wisely chosen it can become a very valuable asset. With proper management and good tenants the property has the potential to earn you a steady income, with minimal fuss after the initial setup. Of course becoming a successful landlord means being aware of the pitfalls and having doing some research, and of course protecting your investment and the income it provides. One of the easiest ways to do this is through Landlord Insurance. So what is it and why is it necessary?

Brisbane Property Managers can assist you to sort through the pros and cons of insurances. But the majority will encourage you to have landlord insurance. This insurance is designed to protect investors in a number of situations that are unique to the investment home owner. Although most people have positive experiences, there are things that can go wrong and without insurance, can cost the landlord lots of dollars. Landlord insurance can cover loss of income due to absconding tenants, malicious damage to the property, rent loss due to the property becoming uninhabitable from storm or other damage, and can even cover legal costs in the event of debt recovery or damages or other legal action.

When choosing the right insurance, you may have a preferred insurer. If not it can help to talk to a property management Brisbane agent. They will be able to help you by referring you to some companies they, or other clients, deal through. Some insurance companies will even cover you for tax audits, give building insurance and cover you for short term stays in the event that you invest in a holiday home, which you let out for shorter periods to a variety of holiday makers. It is also important to make sure you are covered for legal liability in the event of injury or death of a tenant, or visitor to the property. Costs of this nature can be very damaging.

As with any insurance, you may never need it, but not having it could cost you lots in the event that your property gets wilfully damaged, tenants disappear or even in the event a sole tenancy client passes away. When you consider the considerable money you have invested in your rental property, it makes very sound sense to insure it to insure it for any unforseen occurrences. Once you know you are adequately covered and prepared for any scenario, you can sit back and enjoy all the benefits being a landlord can bring!

New Pool Safety Laws

The summer months are a fantastic time of year. It is a time of lazy afternoon BBQs, warm summer sun, and of course, swimming. For those lucky enough to have swimming pools, there is a great responsibility with such a luxury. Too many lives are lost through swimming areas not being properly fenced especially where young lives are concerned. The new pool laws are set at aiming to reduce these needless injuries and deaths whilst making swimming pools a safer place to be around for everyone. Here’s what the new laws mean for pool owners and properties with pools.

Safety checks and registering.

Current pool safety certificates need to be obtained before a real estate Brisbane can be leased to a new tenant or sold to a new owner. This means if you own a rental property or wish to sell a property, you need to take affirmative action to your pool complying with the new safety laws. If you don’t do this then you are not legally able to sell or rent your property. Where a body corporate is in place for units and townhouses the body corporate manager needs to organize a pool safety inspection.

All properties that receive a pool safety certificate are then added to the pool safety register. This register is essential to the new pool safety laws and is in place to implement the compliance of pool owners. Property owners who believe they should already be on the list can check to ensure this is correct. If they find their property is not listed there is a risk being fined an amount up to $2000.00. It is strongly recommended that all pool owners check compliance and registration as soon as possible and rectify any issues quickly.

Know you’re right.

It is very important to be familiar with the new pool safety laws so you don’t get caught out. It is not just outdoor pools that the new laws relate to and not just swimming pools. Indoor pools as well as outdoor and indoor spas are also required to meet the terms of the new laws. In fact, any swimming or bathing set up that is deeper than 300mm needs to be enclosed with approved safety fences and gates. Appropriate signage needs to be present and fences need to be free of anything that can aid in climbing.

You can access more comprehensive information from your property management Brisbane on the new pool laws. Be sure you can enjoy your swimming pool without the drama and get your pool safety checked today.