What you need to know when leasing a property

So, you’re considering trying your hand at property investment?

Recognized as one of the most stable business ventures in the world, renting out a property just might help you make that extra profit to allow you to enjoy the little luxuries of life.

But there are a few things that aren’t quite as obvious when you start out down the road to a bigger and brighter financial life. – that’s where YNM Real Estate can help you navigate better investment portfolio decisions as well as take the load off through their property management services.

 

Find out what you need to know when leasing a property:

Steam Cleaning the Carpet Might be your Job

Getting a steam clean service to clean out those carpets on a regular basis might be a little expensive which is why a lot of tenants and landlords find themselves fussing over whose responsibility this actually is.

The fact of the matter is, steam cleaning the carpets could be either one’s job, depending on the circumstances surrounding the situation. If your tenant had a pet while they stayed in your property, they will be required to have the carpets steam cleaned before they effectively move out.

If they didn’t have a pet, steam cleaning would be your job.

What is important to remember is to be clued up when it comes to these finer details and to make sure that it is communicated between you and your tenant.

Honesty is Mandated by the Law

If and when you decide to put your property up for rent or lease, you have to disclose material facts to your real estate agent that will give them a better idea of the conditions surrounding your property.

These facts include whether or not the property has ever been involved in fires or floods, if there are certain health risks in the area that could potentially harm the next owners or tenants, if the driveway or walkway is a shared commodity, or if there has ever been a crime committed in or around the property.

Small Alterations Need to be approved

Of course, it would be natural for your tenants to want to decorate their rental according to their preferences, but they first need to ask your consent. Even if they’re just planning on installing an extra picture frame hook here or there, making any alterations to the space should be first approved by the landlord.

This is enforced by your contract because there might be some minor changes that could affect the value or quality of your property all together. Plus, minor changes you and your tenant’s definition of minor changes might not be exactly the same. It’s best to discuss things first before they decide to make any instalments, additions, or omissions.

YNM Real Estate

1300 588 855

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