Do you live abroad or in another state and have just started investing in residential property in Australia? One of your biggest concerns might be that your property could get ruined while you are away. Discover our tips on how to ensure your home stays in top condition while you are living overseas.
1. Ensure that your house appeals to an ideal tenant
A well-maintained house attracts ideal tenants. If your home features a swimming pool, make sure it has good pool safety fences for the protection of any children and pets but also to keep intruders and pests out. In a hot climate, install air conditioning. If the house fits a busy single professional, install a dishwasher. Tenants generally stay longer in appealing houses that cater to their needs, and thus don’t mind paying higher rent.
2. Try not to rent out your property to friends and family
Though well-meaning, friends and family can sometimes be lax when it comes to honouring the rental agreement properly unless you use a property manager to handle the agreement. If possible, avoid letting friends and family use your home because it can cause issues in your relationship if they fail to pay on time or cause damage. Even with a property manager running the property, not all of them will fully abide by the given regulations like other tenants would, thinking that you might be more lenient.
3. Collect a bond
According to tenancy laws in Australia, a landlord can collect a bond from the tenant before they move in. Generally, the amount is around 4 weeks' rent. Use the bond to cover any unpaid rent or damage that may occur during the terms of the lease. Note that premium property rules differ from state to state.
4. Get a property manager for routine inspections and more
While you are living overseas, let a property manager protect the value of your house. This includes doing regular inspections every 3 or 4 months. With that peace of mind, you will be able to address any problem with your property in a timely manner and before it becomes a bigger (and costlier) issue.
If you would like to keep your home in order while you are living abroad, email or call our property management team at House Estate Agents. We are a top-notch service with the exceptional professionals you need to look after your home reliably.