What happens if a tenant damages your property when they move out?
The day is here — your tenants are moving out, new tenants are secured, and your property manager is getting ready to do the exit inspection and release the tenant’s bond payment. Everything’s going smoothly until your tenant damages the property as they’re moving out. Unfortunately, accidents like this happen. Bulky furniture must make its way down narrow hallways, and front doors become a tight squeeze. If your property manager has maintained open communication with the tenants, making repairs is relatively straightforward. Keep reading to learn what to do if your tenant damages your property when they move out.
How to determine what rent you should charge
With rental prices rising, you may be wondering whether you’re still charging the right amount and if you should change this when the time comes. While markets in capital cities and regional locations have experienced significant growth in recent months, opting for a hefty price increase without doing your research can be risky. First, it may take longer to find a great tenant if your property is currently vacant. And second, if your tenants are coming to the end of their fixed-term agreement, offering them a new agreement with an above-market increase could prompt them to look for another property. Like many things in property pricing, getting the balance right is key. Keep reading to understand how to decide what you should charge.
Your key costs as a landlord
Property investing is an excellent vehicle for building long term wealth. But you need to factor in the upfront and ongoing costs of being a landlord. Throughout the duration of holding each property, you need to have stable cash flow to cover your key expenses and the regular shortfall (if you're negatively geared). In this article, we're outlining the key expenses you need to factor in for each property as a landlord.
Landlord insura...