Renting Out Your House – Here Are the Basics

Renting out a home involves practical planning, lawful tenancy processes and a realistic budget. Before advertising, confirm the property is ready for occupation and organise the records that will support the tenancy.

Prepare the documents

Use the current NSW residential tenancy agreement and record the starting condition. Keep relevant disclosures, payment records and repair contacts together so owners, agents and tenants can refer to the same information.

Check insurance against the actual use

Cover varies by policy. Compare exclusions, excesses and vacancy conditions, and ask your insurer to confirm the cover appropriate to a rented property. Do not assume a policy protects you from every possible loss.

Assess applicants fairly

Use consistent, lawful criteria and ask for information relevant to assessing the application. NSW rules prohibit discrimination against prospective tenants on protected grounds. Collect and handle personal information carefully, and avoid judging reliability solely from assumptions about someone’s background or availability.

Plan the management

Owners can manage a rental themselves or appoint a property manager. Decide who will handle advertising, applications, records, repairs and tenant communication, and agree on the reporting and spending authorisations.

Budget for maintenance

Allow for repairs, vacancies and ongoing costs as well as loan repayments. Keep a clear reporting process for faults and assess urgent concerns promptly. Reliable records help you track both the property’s condition and the money being spent.