Know your obligations when renting your property
Choosing to rent your property may seem straightforward in that you find a tenant, sign a lease agreement, and collect the rent. However, there are legislative requirements and obligations that are required as a landlord and depending on the state in which your property is located will determine the rules.
Employing a qualified property manager can reduce potential stress around the management of the property and they can advise you of the rules that are required.
Provide a property fit for habitation
In recent years there has been an expansion of the requirements on what is required to maintain a property that is fit for habitation. As a landlord, the property must be in a safe and habitable condition. This may mean that it is free from conditions like mould, that the structures are safe and that electrical and gas points are working effectively.
Failure to maintain any of these areas may result in the tenant being released from their lease agreement without penalty which can prove costly in repairs and finding a new tenant for the property.
Maintain compliance of key safety areas
As an Owner, you are responsible for ensuring that the key safety areas of the property are maintained on a regular basis. These include items like smoke alarms, electrical safety switches, window locks, blind cords and dependent on the state, water efficiency devices.
Your property manager can assist with third-party companies who will take care of these items on an annual basis for a nominal fee which can then be claimed at tax time. This will ensure that your property is safe, and compliant and reduce potential stress for you around the safety and security of the home.
Attend to repairs and maintenance
Throughout the life of the tenancy, repairs will need to be carried out and when budgeting for an investment property, there should also be a buffer for standard repairs and maintenance.
Urgent repairs may be needed, like hot water systems, air conditioners or cooking appliances and electricity or non-urgent repairs like loose door handles, curtains and blinds or pool cleaning.
Our property management team have excellent contacts with relevant trades who are licensed and insured to attend to the property and complete repairs that are safe and compliant.
Right to quiet enjoyment
The tenant has a right to quiet enjoyment throughout the course of the tenancy and this means permissible use of the premises without unnecessary interruption to their living.
Depending on your state, routine inspections can be carried out a certain number of times a year and this provides an opportunity to check the condition of the property including assessing the need for repairs and planning for future maintenance.
If you would like to know more about what obligations are required or would like to have your property managed, contact our property management team to talk about options to remove the stress of managing your investment.