NSW Process for renting out our property.

Hi All,

I am thinking of moving out from our PPOR home and put it out to rent.

We have already started the below things:
1. Start repairing the small things which needs repairing.
2. Servicing the Dishwasher, ACs
3. Working on the garden atm.
4. Checking all whitegoods are working as expected.

From your experience, what key things shall I keep in mind ?

 

Get a valuation done.
Learn about the 6 year rule to see if it can be used.

 

Depending on where the property is located, a dishwasher is sometimes sought after and will assist the property to get rented faster.

White goods other than a dryer could be a hinderance as a lot of people have their own fridges and washing machines.

Find a good property manager so that they can guide you and also recommend trades to service air-con etc. Have a look at the current market in similar dwellings so you can get a feel for the market and whether there is a lot of supply or things get rented quickly. It all depends on the location and type of property as the Sydney rental market is quite variable at the moment.

 

A great proactive post, good to see.
To have a quality property start off, your incoming tenants will more likely be a higher standard a well.
- keep all manuals and convert to soft copy
- consider having gardening as a regular occurence and either a special condition or in-built with the rent to ensure it doesnt 'get out of hand'
- tenants in the last 2-3 years are especially picky due to high supply (in a few area anwyay), so any little factors that you mention will only help reduce vacancy and enhance your return.

Also condsider this will all be part of a tax depreciation schedule which you should certainly consider and please consider landlords insurance ! Many more tips, happy to assist.

 

- Get smoke alarms sorted as per your state's tenancy laws and state government laws.
- Set up a folder for all IP related matters.
- Read your state's tenancy/landlord's guide front to cover and save the website link to your computer files. Check the tenancy booklet as required and again update it every year as there may be changes.
- Check the local council's website for any local laws that may be relevant.
- If you haven't done this recently, have all tap washers replaced at once to the long-lasting type, and update water-saving devices if required.