Preparing a property for other people to rent is not a simple process. It can also be quite stressful. What’s important though is that your property is looking in tip top shape so you can attract the best tenant possible to look after your investment as though it was their own home.
An aspiring, aesthetically pleasing property will also ensure a higher weekly rent is attained and alleviate any costly repairs in the future. A properly prepared home ready to rent out also provides peace of mind to you – that you have everything in working order for a renter giving you a clear benchmark to work from. After all, there are lots of repairs renters should not have to worry about.
We asked a leading property manager in Melbourne for a checklist that first time landlord’s could use or refer to before renting their property out to tenants. Here’s their recommended checklist to help you be a good landlord – hope it helps!
Triple Check The Safety Standards
Cross check if any aspect of your property does not meet current regulations or safety standards. This could include; pool fences, stairs, railings, balconies, glass and windows. Does your property meet all electrical and water efficiency standards under your local residential tenancies act too? Landlords are also usually required to provide the minimal amount of smoke detectors in the property. Check the laws relevant to your property with your property manager or real estate agent.
Fix It If It’s Not In Good, Safe Working Order!
From the front door to the back fence or garage and everything in between, carry out any repairs ensuring your home is in full working order. This also applies to anything minor that you may have got used to living with if you were living in the property before renting it out – such as mould in the bathroom, a noisy air conditioner, a gate that does not close properly, dripping taps, broken tiles or walls that could do with a paint. A small repair cost or minimal maintenance now will more than likely save you from further damage and unwanted costs in the future.
Make Like Sadie The Cleaning Lady And Clean
Think of yourself as a tenant and have your property cleaned to a level of cleanliness that you would be more than satisfied moving into. Don’t just do the basics or a surface clean either, implement a proper spring clean out including:
- walls and ceilings
- curtains and blinds;
- garbage bins;
- garage and more
Prospective tenants a
re no different to prospective buyers. Do you remember what you were like when looking at properties when you were in market to buy? People are more attracted to well-presented properties. That doesn’t mean getting property stylists in LOL, just ensure your property is looking schmick for all advertising photos used and that it is extremely tidy and just as impressive in real life for each viewing.
Don’t Ignore The Exterior
What condition is the garden in? Do you need to mow, sweep, rake, weed, prune and have the garden looking presentable? Do the weatherboards need a gerni? Is the letterbox in need of repair? Have the gutters been cleaned? Is the fence falling down in one section? Are there any pests or insects you need to get fumigated?
Mini Make Over
New paint, carpet and light fittings are cheap ways to update a property. Installing heating and cooling systems such as reverse cycle air conditioning can potentially add value to a rental property too. So can a new bathroom or kitchen if the old one is outdated but do your own cost analysis first to ascertain how long it will take to recoup any initial outlay.
You’ll need to let your insurance company know you’re no longer living in the property (if you were) and arrange landlords insurance!! That’s a must have!
So first time landlords, there’s no need to panic if you follow some of these handy hints in our “first-time landlord” checklist. Happy landlording!