LANDLORD Q&A CONT...
IS YOUR PROPERTY CURRENTLY BEING LEASED?
Below we have answerd some commonly asked questions by landlors. If we havent answered your question below or are in need of more information, please give us a call on 07 3264 6738 and we will be happy to have a chat.
The following advice is a general guideline only and is intended as a broad guide. The advice below should not be regarded as legal or financial. We advise you to obtain independant professional advice specific to your circumstances before making any legal, financial or real estate decisions.
Q. When will I receive rent payments?
Unless otherwise instructed, at the end of every month, all monies held are paid by way of direct debit into your nominated bank account. A statement is then issued outlining the debits and credits for that month.
Q. What is Landlord Insurance for?
Landlord insurance protects you in the event that a tenant stops paying rent, abandons or damages your property.
Q. Why Should I have a Property Manager
A property manager ensures that your property is suitable and legally compliant for new tenants. They will also ensure that all routine inspections and repairs & maintenance are carried out in the correct manner. A good property manager has the strategies and procedures in place to be able to screen for good quality tenants. They will advertise the property to attract the right type of tenants, sort through the applications, arrange for open house inspections and select or present you with the best range of applicants. A property manager will also be able to determine the correct market rental for your investment property at any point in time and will continue to monitor the rental to ensure that your rental keeps up with the current market.
Q. What is a Routine Inspection?
Routine Inspections are generally carried out every 3 or 4 months to identify any repair or maintenance work which may be required. A copy of the inspection report can be forwarded to you after each inspection and if necessary your property manager will contact you to discuss any items noted on the report. At Eaton&Ascot we also like to email photos and sometimes videos from our routine inspections to our owners.
Q. What Improvements can I make to add value to my property?
New Oven/Stove - If the current one is in need of replacement or beginning to cost too much in repairs, a new Oven/Stove can make the property more appealing for prospective tenants.
Built-in Wardrobes – Built-in wardrobes make your rental property much more appealing than a property without storage areas. They are relatively quick and easy to install and not too expensive.
Dishwasher – If the property does not already have a dishwasher, is there a space where you can put one. Having a dishwasher can make the property more appealing, particularly if your property is being rented to families.
Fencing – Fencing the property is not only for security purposes, but it is more appealing to tenants who have small children or who own a pet, which broadens the pool of potential tenants.
Window Coverings – Nothing gives a more finished look to a property than installation of blinds, curtains or shutters. These can not only modernise the look of the property, but also make it more attractive for potential tenants.
New Carpets, floating floors or Lino – Nothing looks worse than badly stained or worn carpets or flooring. Laying new flooring can be a quick and easy way of lifting and brightening the look of the property. This will also add value to your property, open your property to a wider tenant pool and possibly attract a higher rental as well.
Painting- a simple freshen up of the paintwork can make all the difference. It will give your property a cleaner, fresher look and be more attractive to potential tenants.