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What Do I need to do before renting out my property?

Wednesday, 11 February 2015 -

A common Frequently Asked Question (FAQ) we receive is, What Do I Need To Do Before Renting Out My Property? Our CEO, Melanie McFarlane was recently interviewed on Business Trends TV to answer this FAQ.

Interview Transcript:

Ryan (Interviewer): Ryan here with Business Trends TV and today Ion the line with have Melanie with MCM Property Services in Baulkham Hills  and one of the questions that our viewers have was what will I need to do  before renting out my property?

Melanie: Yes so look there are a few things that we need to do just to set some things up. Of course at MCM we can take care of everything for you. but just to give you a little bit of an idea the first thing you'd need to think about is a few compliance things so with legislation in New South Wales all residential properties have got to have working smoke alarms so the first thing we would look at is do you have smoke alarms and also what is the age and when were they last tested. We can organise then for them to be professionally tested for you and then we get a compliance certificate. The other key thing is when you’ve got a house or a town house, or anything where you’ve got the water separately metred, so what that means is we can actually see on a water rates notice what the water usage is for that particular property. If that’s the case then we need to get the property tested for water efficiency and that enable the landlord to then pass on the water usage charged to the tenant and then they get reimbursed for that part of the deal. The other thing is that really important to look at is insurance so as a landlord you really need to think about making sure that you have adequate insurance on your property and in particular investigate things like landlord insurance. so we can put you in touch with a dew different insurance companies and indeed organise some policies for you, obviously shop around and have a look but really when you’re looking at insurance policies, particular landlord insurance really look at the exclusion policies because some of the cheaper policers may not actually cove you for all, worst case sceneries if you like that might happen with a tenancy so at the end of the day if you going spend the money for insurance you want to make sure it does cover you for everything that might happen. The other key which is really feeding into more of you gaining the most investment potential out of your property and obviously talk to your accountant about this but you may want to think about getting a deprecation schedule done for your property. So what that means is you actually get a report from a quantities surveyor and they'll go through your property and they'll look at the  age of everything and the value and they will put together a deprecation value which you can use for your tax return, so maximising your return in tax. We have really contract  companies that can come in do all of these checks for you and offer these serves and at MCM we can take care of all of that so just explaining what you might need but certainly as a landlord you you don’t have to go ahead and sort all that out, we can that for you. So if you’re looking at renting out your property and you want any more information, talk to us, or have us come and have a look at your property by all means please us a call on 1300309700 or you can always send me an email through the website at MCMpropertyservices.com.au