5 must knows for renting out property

2018-06-28 06:03

THERE are five key points landlords should make sure are covered before marketing the property for rent and signing any lease agreements.

1. Make sure your property is lettable

Before letting out a property, homeowners need to ensure that it is in good working order and that it will be appealing to prospective tenants.

Think about the kind of tenant that would find your property suitable and what kind of tenant you want to attract.

2. Establish a good relationship with rental agent

There are unfortunately many unethical people who take advantage of landlords and loopholes in lease agreements. Contract the services of a reputable rental agent to help you through the process.

3. Ensure a solid lease agreement

Without a solid lease agreement that clearly stipulates the responsibilities of both the tenant and the landlord, as well as clearly outlining the terms and conditions of the rental, the landlord is leaving himself or herself open to exploitation.

4. Budget and plan for financial shortfalls

Often renting out a property isn’t as simple as the money coming in covering the money that needs to be paid out. The profitability of a rental property also often depends largely on if there is a bond over the property and the levies/fees that need to be paid by the landlord.

5. Ensure that your tax and accounting are taken care of

As a rental property is an investment, it needs to be declared as income on your annual tax return. Certain expenses from running your rental property can also be deducted from the income.

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