1. Don’t renovate without first fixing faults. If the house needs re-stumping, re-wiring or re-roofing do this first. Putting time and money into cosmetic improvements without first making sure the building is sound is like putting lipstick on a gorilla. Continue reading 5 Renovation Blunders to Avoid
The central bank kept its cash rate at 4.75 per cent where it’s sat since Melbourne Cup Day last year.
The RBA’s decision was widely expected as the central bank attempts to weigh the threat of higher inflation from a rekindled mining boom against weaker growth for much of the rest of the economy. Turmoil on financial markets – which has knocked about 15 per cent off local share values in the past three months alone – was also not enough to prompt a rate reduction. Continue reading RBA extends interest rate pause
Income is one of the biggest factors influencing and often preventing hopeful property investors in making their foray into the market. But as Your Investment Property explains, there are strategies to bring down the walls and start investing even when you’re not flush with cash. Continue reading Investing on a low income
Wear and tear happens — but that doesn’t mean owners have to lose out.
Bathroom tiles chip and crack, hot-water systems break down and carpet can acquire indelible stains. Just a few signs of the wear and tear of everyday living that come with owning a house or apartment. But if maintenance issues are annoying for owner-occupiers, they can be doubly so for property investors. Continue reading Claim depreciation or miss out on deductions
If you are managing your own rental property, there are things you can do to ensure a tenant meets your expectations. If you have engaged an estate agent, communicate these tips with them.
Provide the guide
You must give your tenant a copy of the New Tenant Checklist on or before the day they move in. This guide, available on the NSW Fair Trading website, informs your tenant of their rights and responsibilities.
Respond immediately to urgent repairs
Repairs are your responsibility – but the onus is on your tenant to notify you about any repairs before further damage occurs. You must respond immediately to your tenant’s request for urgent repairs.
When your tenant moves in, give them an urgent repair contact available to answer calls at any time. You should also consider providing the direct number of your electrician or plumber.
To prevent the need for repairs, create a manual for your property (similar to those found in hotel rooms) containing clear instructions on using the various amenities such as heaters, cooking appliances, and spa or swimming pool equipment.
Conduct regular inspections
Exercise your right to conduct regular inspections of your property, so you can identify problems and address them before it’s too late.
General inspections of premises (no more than 4 times per year) require at least 7 days written notice; or at a date and time agreed with your tenant.
Your tenant must keep your property reasonably clean, not cause any damage or nuisance, and not use it for illegal purposes. If you find your tenant is not meeting these requirements, send them a written notice to fix the problem.
Conducting regular inspections of your rental property can save you time and money.
Consumer Affairs Victoria recently inspected a property a tenant had vacated – 74 old tyres had been left behind in the back yard. The landlord had to pay $30 per tyre to have them removed. Had he exercised his rights to inspect the property earlier, he may have discovered what was happening long before the situation got out of hand.
Maintain smoke alarms
The residential tenancy agreement states that the landlord will install and maintain smoke alarms according to the standards in the Environmental Planning and Assessment Regulation 2000.
You should change the smoke alarm batteries at least once a year; it’s a good idea to co-ordinate this with your inspection of the property. For more information, visit changeyourbattery.com.au
How NSW Fair Trading can help
Find out more about the rights and responsibilities for you as landlord, and your tenant, plus all the forms you will need, at fairtrading.nsw.gov.au/Tenants_and_home_owners.html.
You can also contact them on 133 220.
To all the savers in the house: my tips probably won’t reveal anything you didn’t know before, but they may refresh your memory.
To all the spenders in the house: read closely, follow my lead and you will get a lot closer to owning a house. Continue reading 6 killer tips to save up for a first home deposit
A year and a half after Google launches its Real Estate Search, the feature is laid to rest. Google’s Real Estate Search mapping tool allowed real estate agents to publish their listings for free and the public to browse listings through Google Maps.
Read the official announcement by Google here: http://google-latlong.blogspot.com/2011/01/retiring-real-estate-on-google-maps.html
By performing some simple cosmetic alterations you can vastly increase your property’s appeal to buyers. Take some of these tips on board and ride out the autumn sales boom in style. Continue reading Preparing your property for sale this autumn