QLD Advice for first time Landlord

Hi everyone,

Currently living in Holland Park of Brisbane and need to move to Sydney for a job in early Jan 2021. I am after some practical tips to find rental property agent, then plan to rent out our family house (low set brick home, 2 Bedrooms with big Study, decent size back and front yards, and 6*4m shed). Things that come to mind:

• Find an agent or should I do it my self? I prefer the Agent option. What to consider when looking for one. What negative signs should I be careful about? What pitfalls to avoid?
  
• Furnished or Unfurnished? If unfurnished, we will have to sell half the furniture as we will move to a unit in Sydney
• Most likely not all personal items can be sold and need to store things that will be taken to Sydney. Can I use my own shed for that purpose fully or partially? or should I get storage space rented?
• My back yard and fruit trees are so beautiful, are the tenants expected to maintain them, guess not? Aside from Wear and Tear, What are the expected damages to a property?
• Is the property expected to be polished up before renting (e.g. internal paint)

Any comment from experience is appreciated and will help us make fewer mistakes.

We don't want to be complicated landlords, but it is our first home in Australia and don't know anything about renting rules

Thanks for reading and commenting!

 

1. Get an agent (check out the property management threads for selecting an agent).
2. Put your stuff in storage (it doesn't need to be in the most expensive location - if you can find a secure & weatherproof or dry garage it may much cheaper than self storage places.
3. Read up on all of the tenancy information on the Fair Trading websites (Qld as a landlord & NSW for you as a tenant)
4. If you don't want your yard wrecked, consider including lawn/garden maintenance (more than monthly service)
5. Make sure that the yard is kid safe
6. Get the smoke detectors up to the new Qld standard
7. Get a water efficiency certificate if you're going to charge water usage
8. Pool fencing compliance certificate
9. Register for land tax (you may or may not need it)

 

That's a good area for rentals,the property management company we use i think will cover your upmarket area try the link below ..We have used that company for over 25 years ..
Property Management Brisbane | Matthews Real Estate
I think Scott No Mates covered all the important on the list,the only one to be careful with is insurance and what the policy covers,and also install a clause in the rental contract that the Tenants look after the gardens as Matthews will help complete all the above..good luck..imho

Renting | Residential Tenancies Authority..

 

Good points above, particular about getting the gardens maintained.
Most tenants (myself included) wont have the desire or know-how to keep them at the standard you seem to have got them to.

I wouldn't rent it out furnished. It suits short term rentals but if you want a 'regular' tenant then they will have thier own furniture anyway and for most prosepective tenants his will just create a hindrance they cant be bothered with.

It's not expected to be polished up to the point you would if selling. Clean and tidy is all that is expected.

 

Don't even consider DIY for managing the property, especially interstate. @Scott No Mates has covered most things. I'd also suggest you get LL insurance.

 

Also get a current market appraisal or better still, a professional valuation. You may require this later if you sell. Nobody above has mentioned a depreciation schedule; this is also worth getting if you are going to be renting out the house for more than just a year.