Looking to rent out your home? Here are a couple of things that will lead to a long successful landlord experience.
- Fix up any issues
If renovations or repairs aren’t your thing, now is NOT the time to get started. The property is now an asset and needs to be treated with respect and viewed as the investment vehicle that it is. For further tips check out our other articles here.
2. Accounting & Deductions
It is imperative that you get financial advice before you embark on the journey of being a landlord. Not only will you be set up correctly from the start from a tax perspective an accountant can help you get the most from your investment while maximising your deductions.
For more information on deductions you can check out that ATO’s recommendations here
3. Get an updated appraisal
It’s time to talk to an agent.
Not only will they have the knowledge of the suburb and surrounding areas but will be able to point out the common pitfalls and mistakes that other landlords make. On top of these items an agent will be able to give you an estimated rental income amount so you can know what return on investment to expect.
4. Depreciation Report
One of the most significant deductions available for investment properties is a depreciation report, hence why it has it’s own section in this article!
A depreciation report will be able to put a value on quite a few fixtures in the home that have a lifespan and estimate their depreciation which will give you a decent little sum that you can deduct from your income from the rent paid each week.
5. Get a great ingoing report
Any decent agent will be able to help you with an ingoing report. This will help document the condition of the property before any one moves into the property and what level of finish the tenant needs to maintain in order to have their bond paid back at the end of their tenancy! This also protects you in the event that a tenant damages your property or leaves it dirty at the end of a tenancy.
If you need any advice regarding the above please contact us at https://www.blackpropertycc.com.au/contact/