Renting Out Property

Once you have found a tenant to move into your rental property, the next step is to make the transition as smooth as possible. To make the process easy, both for your tenant and you, and to minimise the possibility of any complaints, misunderstandings or litigation later, check off these points on your list of “to-dos”.

Check for health and safety issue

Go over your property with a fine tooth comb and check for anything that needs repairs. It might be something significant as repairs to the foundation or minor like changing the window lock. There are also health and safety issues that need to be looked into. Safety issues include verifying that there are two exits from the unit and that all smoke and carbon monoxide detectors are in working condition. Health issues necessitate checking for any signs of mould formation and that no lead-based paints hazards exist on your property. Carrying out maintenance work will ensure that your property passes any statutory inspections before the tenant moves in.

Have the property cleaned

Have the property cleaned. It is especially important after the previous tenant has left and you are preparing to receive a new tenant. Special focus should be given to the stove, refrigerator, tub and toilet. Even if the property is new and you are renting it out for the first time, you should still vacuum the premises to remove any dirt and debris. Get the property exterminated once, even though there might not be any visible signs of pest or termite attacks.

Bathroom renovation

For comparatively new rental properties, it is not necessary to carry out any major bathroom renovations apart from some cosmetic changes. But if your rental property is more than 20 years old and you have not done any major make-over, now is the time to do so. Once your new tenant moves in, you might not get the opportunity again for many years to come.

First, fix a specific budget for the renovation and then decide on the fixtures and fittings. For example, a standalone tub or one fitted with a Jacuzzi will be expensive but not a simple recessed tub. Again, a waterfall showerhead might set you back substantially but not a simple hand-held one. However, the more classy fittings you add, the higher will be the curb value of your property and more the rental amount. For a wide range of top of the line bathroom fittings and fixtures, visit MiddletonsBW.Com.Au.

When you are renovating your bathroom, keep in mind that changing the plumbing can be prohibitively expensive. Instead, keep the existing network of pipes and install new fixtures for an aesthetically pleasing look.

Ensure utilities are in working condition

Before the tenant moves in, you should make sure that all utilities are working well. This is regardless of whether you are responsible for paying the bills or the tenant. Ensure that all the rooms are evenly heated and cooled and that there are no blocks in the plumbing. All electrical outlets should be in good condition and all overhead lights in every room should be operational. All these issues are critical as it will help the tenant to maintain a good quality of life.

Have the lease signed and collect the security deposit

Go over the lease agreement clause by clause with the tenant and ensure that all the points are fully understood. Clear all doubts of the tenant and then have the lease signed and date stamped. Once this is done, collect the first month’s rent and the entire security deposit before the tenant moves in. The only exception to this will be when the tenant receives any assistance from Government agencies for rent payment and the cheque will come directly to you from them.

Change locks

Always change the locks of doors before a new tenant moves in. This should be done for the tenant’s safety and to protect you from any future liability. An old tenant should not have the keys to a new tenant’s apartment. The nominal few dollars you spend here will pay you back in the long run.

Once all these points have been ticked off in your list, you are ready to hand over your rental property to a new tenant.