Renting Out Your House - Here Are the Basics

Author
YNM Real Estate
Date
17 December 2021
Category
News

Owning a rental property is a great way to earn extra money - but it does come with quite a lot of responsibilities. There are some blindspots that you need to be aware of before taking the plunge into the land of renting. The easiest way to navigate a rental property is to make use of property management services - such as the ones our team at YNM offers. Here are the basics behind renting out your property.

Documentation is key

From having the right rental agreement and lease contract, to keeping a record of the condition of the property at the start of lease (or a property inspection report), it’s always good practice to properly document anything that relates to your rental property.

Insurance is always a good idea

Rental properties are a higher risk - and general homeowners insurance won’t cover everything. Specialised landlord insurance policies are available to protect you from financial loss and damages.

Screening tenants carefully - without discrimination

It’s difficult to judge how good a potential tenant will be without properly screening them. Eviction can be stressful - make sure to find out beforehand if the rental applicant has a good rental history, if they are able to pay rent on time etc. Property managers are skilled in properly screening applicants and are on hand to answer any questions.

Aus­tralian law offers pro­tec­tion from dis­crim­in­a­tion or har­ass­ment due to:

  • Race
  • Sex (male/female)
  • Pregnancy
  • Marital status
  • Disability
  • Sexuality
  • Age
  • Transgender
  • Property management make things a breeze

    Renting out a property is a big task - it’s easily a full time job! Having a property manager on board will make things a lot easier and take away many - if not all - of the tasks involved in effectively running your rental property.

    Property maintenance and repairs should not be ignored

    It’s important to stay on top of maintenance and repair issues - especially if a fault in your property could lead to someone getting injured or hurt.

    Need help with property management services in Sydney? Give us a call today!

    YNM Pty Ltd T/AS YNM Real Estate © 2020

    ABN 99 605 376 449

    Corp Licence Number 10034936

    Authorised Credit Representative Number 478307

    1300 588 855
    1300 552 782
    4/221-233 O'Riordan Street, Mascot NSW 2020
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