As a landlord, maintaining your rental properties isn't just a savvy financial idea - it's the law. In Australia, there are strict laws laid out in the Residential Tenancies and Rooming Accommodation Act concerning how to maintain a rental property. Whether you're just starting out with investing in real estate, or if it's been a while since you refreshed your memory about it, the following information should be very useful to you.
The Benefits of Regular Maintenance -
By maintaining your rental properties, you are more likely to attract long-term tenants. Any property management company will tell you that long-term tenants are vastly preferable to those who come and go quickly. Regular maintenance also helps keep major repairs at bay, saving you a great deal of money over the long term. Periodically inspecting the premises of your rental properties is the best way to keep them in tiptop shape.
What the Law Says -
There are many fine points concerning the law when it comes to maintaining a rental property. For one thing, it must always be maintained so that it is fit to live in. If problems arise that make a property uninhabitable, you will be breaking the law in Australia. Your tenants have the right to live in a place that is safe and pleasant, which is why these laws are in place. Besides, letting a problem go only means that it will be that much more difficult to contend with later on down the line.
Rental properties must also be kept in good repair. This basically means that the property must stay in same condition as when the tenant first moved in. That is, of course, barring any egregious damages caused by the tenant. One point that many people are confused about concerns inclusion items. Things like dishwashers and refrigerators must be kept in good repair, if they were originally included on the property at the time the tenancy agreement went into effect. Make sure that you are prepared to maintain whatever appliances and other items that you keep in your rental properties.
Emergency Maintenance -
Certain problems must be addressed immediately when it comes to maintaining a rental property. The law dictates that a landlord must be able to have emergency maintenance performed as needed. All other forms of maintenance should be conducted within a reasonable period of time. For this reason, it pays to have a good team in place to handle such issues. Make sure that you employ the services of reputable contractors, or that your property management company is able to handle them for you. This won't just keep your property in good repair - it will help you adhere to the law, too.
Author Resource:
The right property management Brisbane firm such as prorentals.com.au http://www.prorentals.com.au/ can make a huge difference when it comes to keeping up with the maintenance of your investment properties. If you want to succeed in Brisbane real estate investing, you need to have the right tools at your disposal.
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