One of the benefits of owning your home (either with or without a mortgage) is having the choice of renting your home out should your life circumstances change. No matter the circumstance, renting out your house is not a decision to be made lightly. There are many things you need to consider before you decide to rent your house out. At present, there are more renters than houses, so renting your house in this current market can be a smart move, however there are things you need to do before your house could be considered ready for tenants. With that in mind, I have put together a list of how to get your house ready to rent as a lot of what we put up with when we live in the home will need to be rectified before you can advertise for a tenant.
1. Paint the walls of the house. Just like a freshly painted house will attract buyers, a freshly painted rental house will attract renters. Despite it being a renters market, with more renters than houses available to rent, you don’t want to limit your rent scope. Consider painting the walls a neutral colour. If your bedrooms have pink feature walls (because they used to be your daughter’s rooms) paint them neutral so you don’t limit the scope of families who may want to rent your home. QPaint suggest using a quality paint over a budget paint for a flawless finish.
2. If you want to charge utilities like water to your tenants, you will need to ensure your property has its own water meter and is water efficient. Taps and showerheads need to flow at a maximum of 9 Litres per minute. The toilet needs to be a dual flush cistern that flushes 6.5 Litres for a full flush and 3.5 Litres for a full flush. Once those criteria are met, you are able to charge the water usage to your tenants. The sewer usage charge and fixed access charges cannot be charged to your tenants. For full details, check out the Residential Tenancies Authority. To ensure your house meets the water efficiency criteria, ring a licensed plumber who can check your taps and fixtures for you and change them accordingly. Once the check is finished they can write a certificate, certifying your house meets the criteria.
3. Ensure there are no electrical hazards onsite by organizing an electrician to do a check and write a letter of compliance. Your electrician will be able to check all sockets and light switches. Ensure there is a safety switch installed.
4. Ensure the right smoke detectors are fitted in the house and have new batteries. Test all smoke detectors to ensure they are in working order.
5. Check all the locks on the property and make sure they work and you have a few spare keys for each lock. You will need to have adequate keys for the tenants and the agent who manages your property.
6. Check all appliances are in working order and make a note of their manufacturing date. Put a kitty of money aside to assist with maintenance of these appliances on your property.
7. Ensure you have building insurance or a landlord insurance policy that covers the replacement of the house should the inevitable happens while you’re not living in it.
8. Also ensure you have public liability insurance in case your tenants sue you for any injuries or losses as a result of living in your house.
9. Clean the house – includes the appliances like dishwasher and oven to the windows, floors, carpet, bathrooms, outdoor areas and bench and cupboard surfaces so the house is ready for the new tenant.
10. Check for loose tree branches and remove accordingly. Check the gutters and ensure all debris is removed. Ensure the pavers and pathways surrounding your house are evenly laid to prevent them becoming a tripping hazard to your tenants.
11. Fix anything that is broken like fences, downpipes and letterboxes to ensure the house is in optimal condition for your tenants.
12. If your property has a pool, ensure the fencing surrounding the pool meets regulations. Ensure your pool meets the current legislation for pool maintenance and safety.
13. Check security systems and ensure they are in good working condition.
14. Ensure pest inspections are up to date. They should be scheduled annually. If they aren’t done regularly, you won’t be able to claim termite damage on your house insurance so it pays to ensure this is done.
If the list overwhelms you slightly, don’t be afraid to hire professionals to assist with the presentation of your house. The electrical, plumbing and termite inspections will need to be done by licensed tradies in those fields. Qpaint can ensure your house is painted both inside and out for maximum presentation. Your local pool supplies shop can also offer a regular maintenance service to ensure the pool is well maintained. Also remember any bills associated with getting the house ready for rent and any maintenance bills incurred during the rental period can be claimed at tax time.
Have you ever considered renting your property? Anything I should add to the list?
