Top Tips for First-Time Landlords

Our team often receives inquiries from individuals embarking on their journey as landlords.

Questions like “Where do I begin?” and “What should I know?” are common concerns.

To simplify this process, we’ve compiled our top tips for new landlords:

• Partner with a licensed property manager. They’re well-versed in the Residential Tenancies Act, and will stay updated of any changes, so you don’t have to.
• Present your property in optimal condition at the start of tenancy, as the initial standard sets expectations for the end of the tenancy. However, remember to consider fair wear and tear.
• Professional photography is key to attracting quality tenants, and remember, marketing expenses are also tax-deductible.
• Understand that the costs of managing your property are tax-deductible, and you can claim depreciation annually.
• Prepare yourself financially for unexpected maintenance emergencies.
• Address maintenance requests promptly to avoid potentially costly long-term issues.
• Budget for periodic property updates to maintain its appeal and attract quality tenants, ultimately minimising vacancies.
• Consider allowing pets on the property and this can significantly expand your potential tenant pool. Additionally, anticipated NSW legislation may require landlords to accept tenants with pets in the future.

 

If you have any questions about becoming a landlord, don’t hesitate to contact us on (02) 4228 8400 or citybeachproperties.com