So you finally secured your dream investment property. It may now feel like there is a lot to organise and remember. To make sure the rental process is simple from start to finish, here are some things you should do before renting out your place.
- Fix it
There are things the owner would be happy to live with, but a tenant wouldn’t and shouldn’t have to deal with. While your house is empty first step is to do a close inspection of the property.
- Make sure all windows are clean and can be easily opened and locked
- There are no leaking taps
- Bathroom is clean from mould and there are no cracked tiles
- Lights are working and fixtures are clean
- Blinds and curtains are clean and in good working order
- Any chipped paint is fixed
- Jammed locks repaired
Addressing and repairing any major or minor problems early will save you a lot of time and money in the long run and minimise number of maintenance call outs by your tenants.
- Clean it
To make sure the property is handed back to you in good condition, set initial benchmark high. If budget allows, get professional cleaners in to make sure the place is sparkling with no signs of previous tenants. Don’t just do the basics, pay attention to carpets, windows, curtains, garden beds, rubbish bin and more.
- Present it
Tenants will start forming opinion of your property even before they walk through your door. To attract the right tenant for your home, make sure you highlight all the unique features of your property. If your property appears well-maintained and looked after, it’s more likely to attract quality tenants.
- Add value
Quick, inexpensive updates like putting more plants, buying new light fittings or updating carpets can be an effective way to update your property. Is the spot for washing machine of unusual shape? Consider leaving some inclusion behind for the tenants to use. Your tenants will appreciate the convenience. But make sure that inclusions left behind are in good working order. No one wants to deal with old broken appliances.
- Make sure it’s compliant
Make sure you are aware of the Residential Tenancies Act rules and regulations. Your property needs to have smoke alarms installed and your tenancy agreements should disclose the state, location and type of insulation within your property. For more information visit Tenancy Services
- Insure It
Better be safe than sorry. Consider getting a landlord property insurance to cover yourself for tenant-related risks like loss of rental income, accidental and deliberate damage to your building or furnishings.
- Manage It
Managing your own property could be extremely satisfying. You get to keep your costs down and build a better relationship with your tenants. You can use myRent tools to keep the general day-to-day management run smoother, rent collected quicker and problems reported earlier.
The information contained in this article is exclusively for promotional purposes. It does not in any way constitute legal advice and should not be relied upon as the basis for any legal action or contractual dealings. The information is not, and does not attempt to be, a comprehensive account of the relevant law in New Zealand. If you require legal advice you should seek independent legal counsel. myRent.co.nz does not accept any liability that may arise from the use of this information.
