Checklist for first time landlords

Buying your first investment property is a big achievement, but becoming a landlord can seem overwhelming at first. Before collecting rent and watching your investment grow, you need to get things in order. Here is our checklist to help you.

1.    Consider who manages the property

While it’s possible to manage your property, it is worth hiring an agent who can take care of the ins and outs of renting out your home. This includes finding suitable tenants, collecting the rent, and dealing with issues like maintenance and repairs.  

When looking for a property manager, find someone local and experienced. Reach out to a couple of agents for a chat to see if they meet your requirements.

2.    Get landlord insurance

Landlord insurance protects your investment property from any loss or damage caused by a tenant or natural disaster.   

It’s not compulsory, but taking out insurance will give you peace of mind, and you won’t have to worry about any possible setbacks from issues that arise.

Compare different insurers as not all policies are the same. Make sure you understand what you’re covered for before signing anything.

3.    Inspect regularly

Even if you have a property manager, you should attend rental inspections. You’ll be able to see that your property is being looked after well and monitor for any maintenance issues.

4.    Know your rights

Spend some time to understand your rights and responsibilities as a landlord. It will prevent you from ending up in costly situations.

A good starting point is your state’s tenancy legislation, which covers things like rental payments, access to a property, and ending a tenancy. You should also look at your rental agreement, which sets out what you and a tenant can and cannot do.  

5.    Look after your tenants

If you are lucky to have good tenants, do what you can to look after them. Ensure the property is well maintained, be reasonable with any rent rises, and promptly address any issues.

We can help connect you to local and experienced property managers. Get in touch with us today for our recommendations.

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1. Any financial advice is provided by Dominium Capital Financial Advisers Pty Ltd, an Authorised Representatives of Dominium Capital Pty Limited (ABN 54 513 176) 674 AFSL 461653
2. Any credit & finance advice is provided by Dominium Capital Pty Ltd. Australian Credit Licence 461653
3. General Advice Warning – The information provided is general advice only. It has been prepared without taking into account any of your individual objectives, financial situation or needs. Before acting on this advice you should consider the appropriateness of the advice, having regard to your own objectives, financial situation and needs.