In today’s economy, some people own multiple homes, while others (especially young people) only afford to live in rent. If you are among the lucky ones who have at least one other property, then you should consider putting it up for rent. Putting up your house for rent Brisbane is a great way of earning a stable yet passive income. Also, it’s a good use of space.
With Queensland being one of the most sought after areas to live in, renting out your property is ideal for earning a steady and even significant income. But before you put your property up for rent, you need to do the following first:
1. File a Rental Bond
Rental bond is the deposit you get before your tenant moves in. This deposit is returned to the tenant. They may get it in full provided that they do not owe rent or have incurred damages to the property. In addition, as a property owner, you need to give the bond receipt. Failure to do so is an offense.
2. Specify a payment system
Always define the method of payment. Cash may still be a good thing, but it doesn’t always offer security, especially if you don’t have an on-hand receipt. Transparency is crucial for both you and your tenant, so having your client pay in the bank or via bank transfers are sure ways of having a clear financial trail for all rental transactions.
3. Entry Condition Report
Always have a report on the condition of your property before a new tenant moves in. This is essential, especially when your tenant processes his or her bond refund.
4. Payment for utilities
Usually, the owner files for the utility services like water, electricity, and internet. Beyond that, the tenant is, often, the one paying each of them. However, there are cases where utility bills are shared, and the computation of bills payments should be computed or agreed upon before the tenant moves in.
5. Get a Property Insurance
You will never go wrong in getting property insurance. In cases of natural disasters and even tenant property damage, you need money to fix any of the destruction caused on your property. Before having your house for rent Brisbane, you should find the right insurance agency.
6. Hire a Property manager
When you own multiple properties all for rent, you should get a property manager to fully cater to the needs of your tenants as well as ensure you’re getting the rent on time.
If you’re looking for a way to have your house put up for rent or a property manager to care for your property, call Karalis Real Estate anytime! We offer professional services that will guarantee smooth transactions on all your real estate needs. Just dial 1300 573 753 or email us at [email protected].