Renting Out Your Asset

Whether you are looking at a sea change or have purchased your first investment for your portfolio, there is a lot to consider before looking to rent your home. To help you get started we’ve summarised a list of the top items to consider before handing your keys to your chosen tenants.

Legal Requirements Before Renting Out Your Property

Making sure your home complies with legislative standards before your tenant moves in is essential. This provides protection to both you as the Landlord, and your tenant.

Smoke Alarms & RCD’s

Your property is required to have:

• At least 2 RCD’s.
• Mains powered smoke alarm/s.

Battery powered smoke alarms are permitted in some instances. You can find further detail via the Department of Mines, Industry Regulation & Safety (DMIRS)

Part of our procedure at Hanson Property is to ensure a recent Electrical Safety Certificate is organised or obtained for all properties before they are leased. This will confirm your home complies with these minimum standards. Throughout the management of your property, you’ll then be sent annual reminders, to ensure smoke alarms & RCD’s are maintained to standard on an ongoing basis.

Minimum Security Standards

Providing and maintaining a safe, secure home is paramount. This protects both you, and your tenant. The minimum-security standards are outlined by the Residential Tenancies Act Regulations 1989, and cover:

• Main entry door – the main entry door to the property must be either a deadlock, or an AS 5039-2008 compliant key lockable screen door. Deadlocks can be either single or double cylinders and the main entry door must be key lockable. Other external doors have the same minimum requirements, except a patio bolt lock can also be used to secure these doors.
• Windows – windows need a lock which stops them from being opened from the outside.
• External Lighting – there must be an electrical light at, or near, the main entry to the home. This light must be able to be operated from inside.

This isn’t a one size fits all situation though and there may be some differences for apartments and rural properties. Consumer Protection have further detail you can access.

Pool & Spa Regulations

If your property includes a pool or spa, you must ensure it complies with local government and Residential Tenancy laws. Pools or bodies of water deeper than 30cm must have safety barriers (yes, that includes portable or blow up pools!). You can find more information in our blog or on the City of Busselton website.

Window Treatment Requirements

Blinds and curtains at your property can pose a significant risk to children, who unfortunately can get tangled up in them if loose. Ensuring any chords or chains are secured is essential when renting out your property. You can read through the minimum requirements here [link to https://www.commerce.wa.gov.au/publications/obligations-landlords-corded-internal-window-coverings]

Servicing Fixtures

Consider showing your air-conditioner some love and give it a service to make sure it’s in full working order before your tenant moves in. Garage door servicing is also recommended as it helps to prolong the life of the garage door. More information on this can be found here

If we manage your asset for you, you’ll receive annual reminders to ensure the upkeep of these fixtures is not missed!

Cleaning to prepare your rental for lease

As a landlord ensuring the property is in top condition prior to a tenancy commencing will help ensure this is the state the property is returned in. A beautifully presented home will also often help you achieve a higher return.

Carpet cleaning must be completed before your tenants vacate under their Lease. Having this completed prior to the tenancy commencing will also ensure the tenants have been given the property in a clean condition. If you have pets at the property, we also recommended a flea treatment is conducted before your tenant moves in.

Tax Depreciation

A Tax Depreciation schedule is typically used by your accountant when completing your tax return each year. We highly recommend getting this report completed when the property is vacant, and they have unrestricted access to the home.

Companies like Deppro or BMT Tax Depreciation can prepare these reports for you.

Landlords Insurance

At Hanson Property we always recommend taking out a Landlord Insurance Policy after all your home is one of, if not your greatest asset! Just like any other insurance policy, Landlord Insurance makes sure you are protected in a worst-case scenario. We have covered the reasons why having Landlords Insurance is important in our blog here.

Looking for more information?

Consumer Protection have a comprehensive Landlord’s guide which you can view in this link

(commerce.wa.gov.au)