Founder and CEO - YohoStay
Ready to rent out your investment property?
Do not wait, nationally, dwelling rents have increased to 9.4% in the year 2021, which is set to further increase throughout 2022. So, rent and make a profit off your investment property that you always dreamed of. Nevertheless, it is not as simple as just putting a “For Lease” sign in front of your property. Here is our list of 7 things you should consider before renting your house.
Complete urgent repairs immediately, non-urgent repairs can be undertaken within 14 days of the tenant’s request. Anything on this list is defined as an urgent repair:
You want to let your rental property as quickly as possible and get the good tenants. Present your property in the best condition and set the high standards for the tenants. Before you rent out your property give it a good spring clean and make sure it’s sparkling including:
The minimum standards apply to rental agreements that started after 29 March 2021. The minimum standards are divided into different categories, make sure your rental property meet the standards for each category.
As a landlord you will need specific landlord insurance, in addition to your standard home insurance. You will need a policy that covers you for things such as tenant damage and rental default, which general home and contents insurance won’t.
As an investor, you have certain tax benefits in comparison to the owner occupiers. This includes property depreciation, where you can claim deductions for wear and tear to the property and its contents over time.
Further, you conduct the rental process in a legal manner. This includes everything from the tenancy agreement to inspections, rent collection and terminations. It’s a good practice to familiarise yourself with the Residential Tenancy Act.
Whether opting for self-manage or hire an agent, both approaches have their benefits and cons. You can have a peace of mind by letting someone professional to manage your investment property however, you can save some money by self-managing. Choose what is the best fits for you and your family.
It is important to get the right tenants for your investment. It is a good practice to do a background check using the tenant database check such as the National Tenancy Database and/or TICA. This is the easiest way to select a dependable and trustworthy tenant. You need to know if someone has been evicted before, if he’s not telling you about any court records and if he can afford what you are charging for rent. Thumb rule is that the tenant’s monthly income should be at least three times the amount of rent.
You can use YohoStay rental applications portal that has all the checks inbuilt!
Founder and CEO - YohoStay