With borders opening back up on the horizon and the world once again at our fingertips, we have been contacted by a number of homeowners looking to get out of the country for a few years and rent out their home for the very first time. Many homeowners are not aware of the regulations now needed to rent out your home. It is no longer simply a matter of popping it online and having many potential residents come through the door.
Your property must stand out in the current market in order to attract the right type of resident, especially as we head into winter as the market will slow down. If you must rent out your home during this time here is a list of questions that we encourage you to ask yourself before renting their property:
Does the property comply?
It is important to know that as of 1 July 2021 all properties must comply with the Healthy Homes Standards within 90 days of the tenancy being renewed. These standards cover heating, ventilation, draught stopping, and moisture ingress. It is vital you get a Healthy Homes assessment carried out prior to even thinking about renting your home as many people looking to rent often ask for the current compliance status prior to applying. You need to be aware of the potential upfront investment required to make the property compliant and factor this into your calculations.
Has the property been well maintained?
The property should be well maintained. This includes things such as freshly painted walls every 4-7 years, a clean exterior, and a tidy interior. It is important to note that residents will be more likely to look after a property that has been given to them in a clean and tidy condition. Before the tenancy is the perfect time to get a full house wash, section tidy and fix or replace any outdated and broken chattels.
How can I attract the best resident?
When you are considering renting out a property, you must consider your ideal resident. Things such as a fully fenced backyard, proximity to public transport, and a tidy kitchen and bathroom are all factors considered by potential residents. Check out our blog on selecting the best resident for your home to find out more.
What chattels are included in the property?
If you are including items such as whiteware, linen or if your property is fully furnished, it is important to make sure that all chattels are in good condition and working order. These chattels must be itemised for your own records. Also ensure all appliances are cleaned and fully serviced to ensure minimum disruption for residents as they move in.
Are you adequately insured?
It is important to consider landlord insurance to cover you in the event of rent arrears or accidental damage to the property during tenancy. We recommend consulting a professional to check that both you and your asset are sufficiently covered. In most cases it is highly beneficial to ensure you have the equivalent of a landlord extension which covers you in the event of malicious damages, arrears and much more.
Do I know my legal obligations and rights?
As an owner of a rental property, there are many responsibilities you take on to make sure that your property is fit for tenancy. You need to ensure that you are familiar with your obligations as a landlord
including sound knowledge the Residential Tenancy Act, Privacy Act, Building Act, Healthy Homes Act, local council bylaws and many more.
First impressions really do count, ensure that you have the house presented well. Professional photography is an area that should aways be prioritised. Photos can usually be used for a few years, so it is wise to invest in some professional ones to make the home stand out online amongst the competition. Also ensure that the property is looking great from the street, and there is no obvious outstanding maintenance.
Do I need a property manager?
All of these things can seem overwhelming. At Tommy’s Property Management, it’s our job to ensure that we take care of all these factors for you, making sure that you achieve maximum return on your investment. By choosing to work with us, you get access to our entire team of marketers, tradespeople, and sales agents. We can make sure that the hassle and stress of renting an investment property is minimised.
Call us today to arrange an no-obligation free market rental appraisal on 04 381 8604. We would love to help!