Let’s get the legal stuff out of the way.

Safety Switches

In Queensland, it is a legal requirement that all residential investment properties have a safety switch installed. The safety switch works by acting as a barrier to prevent electric shocks. If your property doesn’t currently have one, it can be quickly installed by a licensed electrician. The cost is around $200 and tax deductable

Pool Fence

If your Rental property has a pool you will need to obtain a pool safety certificate before a tenant can move in. The cost of the certificate is $39.45 but this does not the cost of the inspection. The certificate is valid for 2 years from the date of inspection.

For more detailed information Go to QBCC – pool safety

Pool Safety Laws QLD

Window or Balcony Safety

It is requirement that balcony windows are fitted with a child safety lock or simular. If this applies to you, your property manager will be able to advise on what to do.

Blind or curtain cords

All window covering that have cords, for example blinds, must comply with trade practices. This is due to the large number of children who have died from strangulation, which have involved blind cords. This doesn’t mean you have to replace your blinds or curtains. Your property manager is the best person to guide you and will have the right people on hand.

• Inspect your blinds and curtains
• Fit safety device and warning tags if required
• Provide a compliance statement

Now for The General stuff

Now the legal stuff is out of the way. You need start looking at fixing anything and everything that is broken.

Fix what is broken

It is going to so much easier to fix things needing to be repaired or replaced before your tenants moved in. This will improve your chances of quickly attracting the right tenants.

The little things matter… here are a few suggestions to look at

• Dripping taps
• Washers not working
• Broken tiles
• Paint work
• Noisy fan
• Broken curtains or blinds
• Faulty light switch
• Electric garage door
• Cupboards and windows open properly
• Check that all lock work and are secure
• Light fittings
• Air con
• Door handles
• Faulty appliances
• Remote controls
• Mouldy bathroom
• Tile grouting

Make sure everything is working

There is nothing more frustrating to new tenant than an appliance or air con that doesn’t work or breaks down within a few weeks of moving in. Everything in your home must be in good working order. You want to avoid as much maintenance as possible during the life of the lease.

Preparing the outside

Don’t forget the exterior of the house, it’s important.

Things like:

• clean gutters
• fencing
• gates
• Letterbox etc.. all need to be checked
• Pests and insects
• Weed and prune garden
• Mowing lawns
• Clean out the garage
• Stains on patio and driveway

Depending on the size of your garden, the more maintenance free it is the better.

Sparking Clean!

Your house needs to be sparkling clean. This can set you apart from other rental homes. It will also set a bench mark for how you expect your tenants look after your house and how you expect it to handed back when you leave.

This should include:

• Steamed Carpets and floors
• Walls
• Windows
• Curtain and blinds
• Mould
• Flyscreen’s
• Garage
• Patio
• Appliances (oven etc)
• Air con

Leaving the basics

It could be tempting to remove as many appliances and fitting as possible from your investment home but before you do consider leaving some of the following

• Any appliance that is built in. Don’t go to the trouble of removing them.
• A dishwater can be a great additional feature for the tenant, add value to the rent
• Blinds and curtains
• If there is a hose in the garden that is a nice touch to leave it there for the tenant

You want your home to be comfortable for your tenants

Deciding whether to add extra value

How far you go with home improvements is up to you and your budget. Things like a repaint, new carpets and lighting can have a huge effect on transforming the look of a home.

More stuff to think about!

Once you are on your way to preparing your home for future tenants, there are a few more things that need to be added to your list.

• Redirect your mail
• If you have lived in the property you need to notify Ergon, Telstra, Gas, Council Rates etc.. If necessary finalise accounts and arrange to be sent to your ne address
• Change the bill address to your forwarding address
• Arrange a full set of keys
• Make sure you have copies of all operation user manuals for appliances and items that need instructions.
• Pest control is up to date

This will be all coordinated with your property manager, but its good be aware in advance of what you need to do

Insurance

Landlord insurance is a must when renting out your home. The policy can cover you for items such as: 

• Loss of Rent
• Rent Default
• Theft of any items that belong to you
• Natural disasters
• Tenant Damage
• Legal expenses to cover tenant eviction

 For more detailed information speak to your property manager

Information source: Landlord Insurance 

What Tax Deduction can I Claim on my Rental Property!

This is the part that really makes renting out your property worthwhile.

Having read all that needs to be done. You are properly now exhausted!!  It’s great to know that pretty much everything you spend on your investment home is a tax deduction. Including your property management fees. You can consider getting contractor in rather than doing the work yourself, knowing you can claim it through your tax.

This is just an overview of what you can expect to claim. There is a link provided with full details. I recommend you take the time to read up on the information.

You can claim any immediate expense related to the renting of your property against your current year’s income.

This includes:

• Property Management fees and commission
• Maintenance and Repairs
• Interest payment
• Borrowing expenses
• Insurance
• Capital works
• Depreciation
• Some legal expenses
• Council rates
• Gardening and mowing
• Land Tax
• Pest Control
• Cleaning
• Water charges
• Body corporate fees
• Advertising for tenants

Please note, this information is taken from the government website and is not legal advice, just a guide. Please speak to your accountant to get financial legal advice regarding the tax benefits from your property investment.

Source: ATO – Property expenses you can claim