Getting Started With A Rental Property

Investing in property by buying a home is often one of the best ways to create a dependable source of income, and there is unlikely to be a better time to do so than right now. In most cities across Australia, the value of homes continues to climb, with no sign of slowing down.

So how can you get started with a rental property? There are a few things to consider before signing the paperwork on a new home. With the price of houses going up, there are likely going to be a significant number of new investors.

What to know about tenants

Tenants are the lifeblood of a rental property. After all, a rental home without tenants isn’t going to be of much use to anyone.

Attracting suitable tenants will likely be the biggest challenge, as dealing with people leaving half way through a tenancy can be an annoyance. Consider planning a number of advertisements for the home, online and in print.

It’s also important to set an appropriate weekly rent to attract tenants.

Understanding discrimination

As an owner of a rental property, it’s important to be aware of discrimination, especially when it comes to additions to a home. The Equal Opportunity Act 2010 made it unlawful for anyone to discriminate against another person based on factors like race and sex, but disability is the key factor here.

While it may seem that having a tenant construct additions is unreasonable, people with disabilities can make reasonable alterations to a home if they feel they are required. These could be things such as ramps and handrails.

Property owners can facilitate such additions if the alterations won’t impact the premises of another occupier, things can be restored to normal and the tenant agrees to carry out the restorations.

Consider property management

Once you’ve purchased a home etc, there are many tasks that need taking care of. Rent needs to be collected, issues with the home need to be addressed etc. This is when hiring a property manager could help.

Rental property management means having professionals available that work with tenants to manage the home, and relay any issues to you that require your attention. Essentially, it’s a third party that makes running a rental property a non-issue.

As always, it’s a good idea to speak with the experts before getting started with a rental property. These are the experts that can give you valuable advice, and even help you sell a home when the time is right.