Doing rentals can be a way for anyone to have a passive income. As Australian rental rates are skyrocketing, you may be wondering if your fully furnished home can be rented out. You’re looking for the quickest answer – Yes, you definitely can.
How do I rent it out?
You might be left in crossroads on where to start creating a rental for home lookers. When you already want to rent it out, here’s an easy step-by-step process on how to do it:
1. Submit necessary papers
First and foremost, you need your council’s approval for it, and you must also follow corresponding responsibilities. Yet, before tenancy, you must submit the residential tenancy agreement which includes the agreement on conditions between you and the tenant; the entry condition report, which entails the condition of the property where the tenant can also check the house to support the conditions of the property; and the bond lodgment, which the tenants pays a bond and must be submitted to the Residential Tenancies Bond Authority of the council you’re in.
2. Marketing the property
Of course, you will not be able to have a tenant if your property isn’t known to be for occupancy yet. Consequently, you may market it to possible clients by doing online marketing in different rental sites, handing in brochures to neighbors, and even using social media that your house is for rent. By the time anyone sees your listing and wants to see the house, be always ready to hold an open house regularly until you find the right tenant for your property. A West Virginia background check will help you find the perfect tenant.
3. Know your responsibilities
Landlords need to be able to pay annual fees and rates by varying councils per state. Correspondingly, the tenancy agreement allows you to provide an agreement for your tenants, and you can increase or decrease them after; state relevant rules must be followed. Ask potential tenants a series of tenant screening questions to get to know them better. All the more, landlords must also organize repairs in a maximum of 14 days when there is any need for any. However, there are still underlying regulations that vary per region or state, so check whether or not you can have time to do it first before you welcome any renters.
Tax Benefits
Making profits out of rentals also poses great benefits. Aside from additional passive income, you may also have tax deductions under the Australian Taxation Office (ATO). From advertising and cleaning costs, body corporate fees and charges, council rates, land tax, insurance – there are just a bunch of tax deductions for you as you move along maintaining your property.
Yet, there are different laws regarding such deductions, so it’s better to check ATO per region.
With rentals being popular as the population in Australia grows, more and more landlords are now owning properties; fully furnished or partially furnished, there’s always a great chance that it will be rented out by many people. Hence, if you have another property that’s just beginning to be a liability, then now’s the best time to generate an asset from it – you just need to know your responsibilities and prepare agreements before and during the tenancy, and it must be followed accordingly.
Are you ready to have your house rented out?