Renting Out Your Home – What You Should Know

Renting Out Your HomeHomes are, at their most basic definition, an investment if you own them. Everyone goes into investing in different ways, and none of the methods are wrong per se. Everyone has different priorities, different challenges, different timelines and different budgets. So, while some of our Restumping Melbourne customers are moving into homes and planning to be the only inhabitants, others get excited about adding to their individual or household portfolios with properties that they’re purchasing solely to rent out to others.

This can be a great money maker if you do it right and we’re here to ensure that we help with that. While being a landlord is definitely more hands-off, you still want to stay clued in on what sorts of behaviours are taking place on the property of which your name is attached to. Don’t let that deter you, however; you just need to follow some recommended guidelines that will save the sanity of everyone involved. Here are some of our favourites:

  • Set boundaries. There are boundaries that are commonplace, nothing out of the ordinary, items that should come as no surprise and are most likely listed in a rental agreement. These are things like, how long should it take you to move out? What can you hang up on the walls? Can you paint said-walls? But you should also have the conversation with your tenants about more humane additions – like, how will the two groups communicate with each other? Are you as landlord able to stop by whenever you please or will that create contention? There are no right or wrong answers as long as the conversations are had and that the answers are properly outlined.
  • Treat the property as, well, your property. You like to take care of the things that matter most to you, don’t you? We’re guessing that prized possessions like jewelry or family heirlooms probably aren’t on display to be easily stolen. If they are, that’s a different conversation that we’re more than happy to have with you. While we focus on reinforcing the foundation of your home, we care deeply about everything you care about – every square inch of the home. Back to today’s topic, take value in what you just invested in and monitor how it’s doing as an investment. There are dozens of sites and apps that can help you keep a keen eye as to how your decision is doing. In fact, it can help inform what you’d like to rent your property for.
  • Have everything written down on paper. Depending on what area you live in, renting and subletting guidelines can be totally different, but something that seems to be a common denominator is having all of the proper paperwork in place. Remember to take any emotions out of this process; the point is for everyone to protect themselves and ultimately for everyone to succeed.

It’s an exciting venture and we’d love to be along for the ride. Give us a call if you have any questions.