Renting Out Your Old Home? Do These Things before You Move
All over the nation, Australians are investing in real estate to grow their income. Some of them move out of their current home and rent it out to others instead of selling it. Whether you plan to buy your next home or rent one, as a growing number of Aussie investors are doing, you need to do a few things before you move out to make room for your new tenant.
To make things go more smoothly for yourself and your tenants—especially if it’s your first time as a landlord—you need to avoid situations that might give rise to injuries, complaints, or broken equipment.
Inspect Your Old Home and Make Repairs
To ensure that your tenants will be safe in your home, check for any situation that might be a problem. Have your heating, air conditioning, plumbing, and electric systems inspected by professionals. If something’s broken or working poorly, fix it. Keep your tenants happy, and you’ll have a better chance to retain them longer.
Clear Out and Clean Your Old Home
Before your tenants arrive, you need a sparkling-clean place for them to spend their first few days. First impressions are everything when it comes to the rental market. Before you clean, it’s a good idea to move all your belongings out so you don’t miss a speck of dust. Pack everything into boxes and call the removalists. If you’re not ready to move into your new place yet, have your removalists store your belongings temporarily until you are. After you’ve cleared out everything, then clean.
Review Your Lease Agreement and Rules before Your Tenants Sign
Sit down with your tenants to review the lease agreement and any special rules you may have. Then, once they confirm that they understand everything, ask them to sign the lease agreement. Before they leave, provide your contact information to the new tenants.
Change the Locks
Before your tenants move in, change the locks on your old home. That way, anyone to whom you have given a duplicate key won’t be able to access your home after your tenants move in.
Collect Your Tenants’ Security Deposit and First Month’s Rent
Before you leave your home, make sure that you have your security deposit and first month’s rent in hand. Start off on the right foot, and your tenants will be motivated to pay on time every month in the future.
Move into Your New Home
If you haven’t done so yet, now’s the time to get your belongings out of storage and enjoy your new home—with some extra income to help you pay your mortgage or rent.