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Leasing a property? How to get it rental-ready

So, you’re thinking of leasing a property? Getting it ready for new tenants is not as straightforward as simply moving out and advertising the property. A properly prepared property may not only fetch a higher weekly rent, but can help attract quality tenants on a longer lease who will, in turn, take better care of your investment.

From regulations to repairs to landlord insurance, there’s a lot to consider. Here, we share seven tips for how to get your home rental-ready.

1. Check where you can add value

Start by thinking about where you can add value to the property. A property that presents well – for example, walls that have a fresh lick of paint, new taps or doorknobs, and new appliances – can make a big difference to the amount of rent you can charge, not to mention save you the headache of repairing or replacing items down the track. Upgrades take time, however, so if you’re hoping to be leasing a property out sooner rather than later you should get started on the renovations straight away. 

2. See that everything is in working order 

Some of a landlord’s critical responsibilities include ensuring utilities such as electricity, gas, heating and aircon are all in order and that there are no health-related causes for concern in the home, like mould or rising damp. Gas and electric hot-water heaters typically last 10 years or so, while taps last 15 to 20 years; if yours are roughly that old they may need replacing. You’ll also want to check the fire and smoke alarms on your property are working properly. 

3. Tend to general house maintenance

Much like making sure everything is in working order, you should also address any general house maintenance. In addition to tending to the garden and the exterior of the property, you’ll also need to fix anything that’s broken inside – things you may have grown used to living with. To make sure you don’t overlook anything, go through and inspect each room thoroughly, checking for anything that needs replacing or repairing, for example mouldy bathroom grout, dripping taps, broken tiles or chipped paint.

4. Know the regulations

Before leasing a property, a landlord needs to ensure the property adheres to certain regulations and safety guidelines. If you’re leasing a property through a property manager, they should be able to talk you through the guidelines and tell you whether your property is compliant. If not, you’ll need to do your own research. Areas that typically come up include pool fencing, safety rails on balconies, blind cords being safely stored and locks being installed for every window.

5. Deep clean every room

The property will need to be deep cleaned, particularly after a long tenancy. The carpets will likely need to be shampooed, any grease build-up in the kitchen will need to be removed and the bathroom will need to be disinfected. While you can do it yourself, ot could be worth investing in professional cleaning services as they’ll have the proper cleaning equipment and products to do it right. Remember, you want to set the tone for how you expect your tenants to treat your property.

6. Change any locks

If you’re in between tenants, order new keys for the existing locks or replace them. You should also use this time to ensure you have spare keys made for you or your property manager for all entry doors, window locks and letterboxes. Alternatively, for entry doors, you might consider installing an electronic keypunch lock, which can be reprogrammed before the next set of tenants and save you the effort of having to cut new keys each time.

7. Get insured

The last, and important, step is to buy landlord insurance. This type of insurance covers you against potential damages or financial losses caused by tenants, their guests, and pets. Whether you’re leasing a property yourself or using an agent, landlord insurance offers a level of financial protection for out-of-pocket expenses, such as paying for unforeseen repairs. 

 

While getting your property ready to rent takes time and effort, it’s worth it in the long run. You’ll not only be able to rent your property faster, but you’ll also hopefully have peace of mind that your investment is being well looked after. And that alone makes it a no-brainer.

 

 

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To learn more about insurance for a rental property, browse our landlord insurance here.


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What you need to know about Landlord Insurance

If you're an investor and looking for ways to protect your property, Landlord Insurance may be a good choice. It can not only help put your mind at ease, cover for both your investment property and contents that you lease out to tenants from loss or damage caused by flood, fire, storm, theft and any potential damages or financial losses that may be incurred by tenants.

 

Landlord insurance discounts, premiums, and more

Your premium is made up of the amount you pay for your cover plus any applicable government charges and GST, which are shown separately on your policy schedule. Government charges differ in each state and may include stamp duty, a Fire Services Levy, and a State Emergency Service Levy.

 

Things you should know

The information contained in this article is general information only and is not specific to any product.  

It does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness, having regard to your personal objectives, financial situation and needs to these factors before acting on it.

Terms, conditions and exclusions apply to any insurance product. Please read the disclosure documents for your selected product or service, including the Terms and Conditions or Product Disclosure Statement, before deciding.

^ Premiums payable by instalments may be subject to minor adjustments due to rounding, and financial institution transaction fees may apply.

1 A Landlord Extras claim will only be paid if you’re able to provide certain documents and evidence such as:
•    A written rental agreement
•    A documented booking confirmation (for casually-let properties)
•    Documented property inspection reports.
The rental agreement should state the term of the lease, the amount of rent and bond payable by the tenant/s.

Landlord Insurance is issued by Allianz Australia General Insurance Limited ABN 99 003 719 319, which is a corporate authorised representative of Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL 234708 (Allianz Insurance). Westpac Banking Corporation ABN 33 007 457 141 AFSL 233714 arranges the insurance under a distribution arrangement with Allianz Insurance, but does not guarantee the insurance. This information does not take into account your personal circumstances. Read the Product Disclosure Statement to see if this insurance is right for you.

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