Today, many people especially those who consider themselves
as investors opt to buy a property and have it rented or lease out. This is
actually a very smart investment move. And a lot of people find this really effective
to grow their income. However, there are some things that you need to consider
when planning to rent out properties.
As a landlord, you also need to be a smart manager. You need
to learn important things that will keep your investments intact. Aside from
making sure you only accept responsible tenants to rent your property, you also
have to do certain things to ensure your investments are secured such as
getting a rental inspection.
Before you post your properties for rent and before you
allow your approved tenants to occupy the property, you need to have it checked
and inspection by a professional property inspector. A property inspector will
check the current physical state of the property such as the condition of the
roof, the walls, the doors, the furniture and other things included in the
rental contract. The inspector might even take pictures and include it in the
report just for added proofs.
Having these official documents helps everybody who is
concerned avoid conflicts with regard to the condition of the property before
and after rental. The reports do stand up in court should trouble ever reach
that venue. This is indeed a very important thing to take into consideration.
At the very least, it will be easy to determine just how much
of the bond the tenant deserves to get back and how much the landlord should
retain in order to carry out the necessary repairs. Such a practice keeps
things fair and square, ultimately benefiting both the landlord and the
tenant.
If you, as a landlord, do not actually make a move to secure
your properties and investments when renting out, you will surely lose
everything that you have worked hard for. You will not have a hold in case
there are major damages in your property and your tenant does not have any
plans to pay for it before he actually vacates the place.
Source: www.assetfocus.com.au/ - A website that provides property inspection services in Australia.
I agree. Getting your rental property inspected is really a smart move. It helps you monitor and manage your properties well.
ReplyDeleteI have three rental properties that I'm about to sell since I do not really know how to manage it well. Good thing I have come across your article. Now I know what right thing to do to make sure my investments are secured.
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ReplyDeleteIt is true that you really have to get property condition reports or inspections to make sure that you will not be spending your own money after your tenants leave.
ReplyDeleteRenting a property is somewhat similar with home buying. There is really a need to get home inspection prior to deciding if you really want to rent the property. This is a must in fact.
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