We have just bought another property in which we will be renting out for 3yrs until we move into it. It's been about 5yrs since we had a rental. Is there any advice regarding insurances to have these days or recommendations re contracts, clauses etc?
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18-06-2013 14:12 #1
18-06-2013 14:21 #2
Landlords insurance is a must, even friends have really screwed me over. I would recommend getting an agent to handle it if its only for a short time or if you have no rental experience. Interpreting legislation can be quite tricky. You can negotiate their % rates too so don't be shy to shop around!
18-06-2013 14:42 #3
Insurances - landlord, building, public liability etc ( your insurance co should recommend investment property insurance packages)
Accountant - organise your tax, negative gearing etc
Agent - the tenancy laws have changed a lot in 5 years so an agent is a must but please don't choose your agent on fee , choose them on recommendation and experience , a few extra dollars a week is nothing when a bad agent could cost you thousands if the home is not managed properly! Make sure you check how often they do inspections and how thorough they are ( do they take photos ) and I would make sure you go to at least the first inspection ( we recommend landlords go at least once a year )
Repairs - I would do a thorough check of all major appliances ( oven, hot water, dishwasher etc) before your tenant moves in plus window locks, security locks, fix any damage and just in general make sure the house is clean and gardens are done
18-06-2013 19:26 #4
Thanks, some handy info there.
The house is everything we want in a house so we hope that it will be looked after, it's in an elite part of a large town and the rent is expensive so hope the right tenant goes in there. We are aiming at corporate clients such as bank managers, horizon power, Telstra etc so here's hoping... We have done the research re the agent so we are happy with her but will certainly be onto the frequency of the rent inspections and how thorough they are. We couldnt and wouldnt manage it on our own, we live 3hrs away from where the house is. We had crap tenants in our last rental and not so good real estate agent. We were out of pocket a fair bit. My dh is planning on going there once a month to do a good cleanup re the gardens as the gardens are a lot to look after. We very much look forward to moving into it when we relocate in a few years. It's exciting yet daunting at the same time!
18-06-2013 21:59 #5
Check on the details of the insurance, some will only cover you if you're in a current lease and are void if you've just got a continuing agreement. Also check if the insurance is void if the property is left empty for a certain amount of time, and what the maximum loss of rent is that they will pay out if the tenant defaults.
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