West Coast Property

If you’ve decided to rent out your property there are a number of channels that you can go down to make sure that both you and your tenant are protected. Your tenant will have most likely have looked through a number of houses for rent and they will have looked into some key areas for their peace of mind. They will want to be sure that all the relevant testing for the property and the lease agreement is of a good standard and adheres to all relevant rules and regulations. If you are the type of person that wants to take on all aspects of letting out your property yourself, then it is important that you make sure that all these aspects are covered in your lease agreement.

• Home Meth Lab Testing

If an estate agent or letting agent has taken on board the letting of your property this will usually have taken care of this aspect. If however, you have decided to let out your property yourself without the help if any professionals then you will need to ensure that you have this included in the lease. Typically meth testing comes at the beginning or end of a lease, if suspected, so having a caveat about your right to test is important.

• Writing the Lease

If you are renting out your property the lease document between yourself and your tenant needs to cover the basic aspects that the tenant is responsible for and vice versa. It should outline the duties of each party so that you both understand what is required of each other. Having a well written lease is vital to prevent future problems which may otherwise occur.

• Formatting

Across the world there are a number of sites that will offer you a free template which will provide you a guide of how to correctly write a lease document. A lot of local governments have standardised documents which you can copy.

• Document Title

It is important to get the right title for your document. Having a title such as ‘lease’ would be okay but titles such as ‘lease agreement’ or ‘rental agreement’ are a better choice. This title chosen makes it much clearer as to what the document is about.

• Headings

It is important to have a number of headings on your documents in order for it to be clear. Headings such as ‘term’, ‘rent’ and ‘property’ are all examples of titles that you could use. You can also even include a subsection which outlines the tenant’s responsibilities and the landlord’s responsibilities. Be sure to bold the titles so that they stand out and are clear.

• Provisions

On your document it is worth having a key which defines the document. A good example of this is to describe the word ‘rent’ so that it is explicit what is meant by rent.

• Signatures

Once the document has been completed don’t forget to leave a section for any signatures. The main signatures that will be needed are the tenant’s signature and the landlord signature.

• Checking the Law

This may sound like an obvious point but making sure that you adhere to all the local laws is crucial. If you innocently violate the law, you may invalidate your lease. The lease also needs to state the amount of rent that you will be charging and the frequency in which you will be charged. It is also important to advise the tenant of any other charges that may occur. Finally, don’t forget to state the length of the lease.

• Other aspects to include

On the lease you need to state where the rental property is located and if there are any other areas of responsibility. For example, any gardens or out buildings.

• The occupants

As the landlord, you’ll need to be aware of who is renting your property. You can list the names of any tenants on your lease. This will protect you if for example the tenant does not pay the rent.

• Agreeing on the rental length

As briefly mentioned above, the lease should contain a set time of how long the property will be leased for. Typically, a lease agreement is between six months and a year. That said, a short lease agreement can be possible too. You might want to add in a section on what would happen to the tenant if you put up the property for sale as well.

• Rent due date

The date that the rent is due to be paid can be added onto a lease agreement. Somewhere in the lease you also need to state any deposits that have been paid, and who they’ve been lodged with.

• Bills

As part of a lease agreement it is a good idea to incorporate a section on the domesticated bills. State what the tenant is responsible for and make sure that you take accurate readings of any meters at the house before the tenant moves in to the property.

• Deposits

The deposit that the tenant pays should be documented, as mentioned above. A deposit is necessary in order to protect you from any damage that may occur to your property or your belongings within property whilst being rented. The deposit needs to be kept safe for when your tenants leaves so that you can return what is owed to them.

• Late Payments

On a lease agreement you need to outline the procedures for any late payments. This will help you should you ever need to terminate a lease agreement.

• The completed lease

Once your lease has been written and signed, your tenants are free to move in. Get your tenants to contact their moving company or shipping container house so that you can organise the start date of the agreement. It is worth discussing this with your tenants as some tenants like to have the house available a few days before they are ready to move their belongings in to it.

Writing a lease does not need to be daunting as long as it’s kept simple and all of the above steps are incorporated. The agreement is not there to catch anyone out, it acts as a legal guide to ensure that all parties are aware of what is expected of them, and protect both you and your tenants for the future.

Finding the best tenants for your property can be a daunting task. Although somebody may seem okay initially, it’s impossible to judge what type of tenant they will make. From the tenant’s point of view, they will be looking for a number of attributes in a property that will suit their needs. They will judge your property on a number of aspects which we will cover shortly. For you, as the landlord, here are a number of ways to seek out the ideal tenants.

– Referencing

Referencing your tenants can be done in a number of ways. The first way would be to run a criminal background check. Although we hope that any criminal convictions will be spent, the type of convictions or the fact that they have been convicted in the past, may give you an insight in to the type of person you may be dealing with. Secondly you can choose to conduct a personal reference. Personal references can often be sought from a friend of the tenant or an employer. Although referencing may not directly point you to the type of person the tenant is, it will give you snippets of the type of lifestyle the tenant lives and you can then decide if this suits your property or what you are looking for in a tenant.

– Credit Checking

As with any investment, you want to ensure that you have a regular yield. Therefore, it is worth checking a potential tenant’s credit score as you will then be able to see if they will pay the rent on time. This gives you the peace of mind that they are financially secure. It is by no means a guarantee that they will pay, but it does help you to build a background picture of the tenant.

– Adhering To The Law

It is important that both tenants and landlords follow the rules and regulations that have been set by the local governments. When looking for the ideal tenants, the tenant will also expect to be treated fairly as well, as after all, it is a two-way process. If a tenant feels valued then there is more chance that they will respect your property in the way that you wish for.

– Rental History

The rental history of a prospective tenant will show you what type of tenant they have been in the past. Try to look for the reason as to why they are moving house to make sure that they are not just moving from one property to another.

– Creating Rules

When you embark on renting out a property, having some rules in place will make sure that your tenant is fully aware of what is expected of them. There is no point in assuming your tenant will know what you expect from them, you need to make things clear and black and white. Consider aspects such as:

• Will you allow pets in the property?
• Does the décor in the property need to remain as it is or can it be changed?
• Do the ages of any children in the property matter? If so what are your requirements.

– Stability

You need to check to see if your tenant is in work and if so how long have they been working there for. Ask a prospective tenant questions such as:

• Have you moved in the last 6 months?
• What they earn as you need to make sure that they can comfortably afford to pay the rental amount.

– Go With Your Gut

When you have met a prospective tenant, it is human nature to make an instant judgment. If you get a bad feeling about a tenant then it is prudent to shy away from this tenant. Your basic instincts can often guide you. Again, it may not be a fair way of deciding between tenants and it is still very easy to make a mistake, but your instincts are not often wrong.

As you can see there are a number of ways of seeking out a good tenant. Another aspect to consider is what a prospective tenant will get from you and their expectations. Here are some examples:

– Cleanliness

If you take a look at the outside of a property and it is full of moss and in poor state of repair, it is worth hiring a moss removal treatment company to make sure that the appearance of the property is at its best. The same can be said for the guttering on a property. Gutter cleaning will show a prospective tenant that the property has be properly maintained. You also need to take a look at the doors and the windows of the property. Most of us will get the outside of the windows professionally cleaned but it’s also important to remember that if you have an interior window which has any damage or fogging or is dirty, this needs some attention. As remember a tenant spends most of the time inside the property not outside.

– Security

Tenants now look for a high level of security within a property. Having window and door locks and alarm system has fast become the norm. If, however you do not have an alarm in your property, getting one fitted is highly advisable. Alarm installation doesn’t have to be costly, but the more advanced that your system is, the more marketable your property will become. Consider add-ons such as panic buttons and alarm monitoring as these will show your tenants that you take security safely.

By taking the above advice in to account you can see that there are steps to follow when it comes to selecting the best tenant for your property.

If you are considering purchasing a rental property as an investment, then first off, congratulations on this exciting decision! To start, you’ll definitely need to look at property to let and scour local real estate companies. By doing this you’ll start to gain an idea of the type of rental yields that you could generate from your rental purchase. But there are many more aspects to consider before you contact a house lawyer, as you don’t necessarily have to buy a pre-existing property; you could also look for bare land for sale which you could either rent out or develop and put a new dwelling on it. Let’s now take a look at some top tips to consider before you go ahead and purchase a property for rental purposes.

Finance

To finance your rental property, it is vital that you get your personal budget in good order before you contact a refinance lawyer. Doing this will give your lawyer the head start in being able to find the best deals for loans that you may require to purchase your rental. It is not just about being able to afford the purchase of your property, you also have to factor in a contingency budget for any fees or repairs that may be required. It also advisable to know where to cut back when it comes to your personal finances as this is a great way of generating extra income when needed to do small things in your rental. There are specific aspects of finance that you need to also consider before purchasing a rental:

– Tax: Make sure you factor in any miscellaneous tax expenses that you may come into. It is worth remembering that rental income will affect your income tax.

– Own Household Expenses: Getting a handle on your utilities and household bills is a good way of formulating a strong budget. The less that you incur per month on your own domesticated bills will help you to cover the months where your rental is vacant. Remember you will still have to pay for the utilities at your rental property even when you don’t have tenants.

– Debt Clearance: You are still able to purchase a property even if you have debt against your name, but it is much easier if you clear your debts as best as you can. It allows lenders to see that you have a good control of your finances and it will also give you the opportunity to borrow more money at a lower rate.

– Be Realistic: Don’t suffer with delusions of grandeur. Be realistic about the amount of money that you can afford to spend on a property. It is far easier to keep within your means and build your portfolio if you keep a cap on your spending. If you spend too much initially, you may struggle to keep up with the payments on those inevitable vacant months.

– Getting Approved: Getting approved can be given an increased chance of success if you have a strong case to present. It is very easy to slip into simple traps which could ruin your approval rate. Get advice from industry experts about the best way of achieving your goal.

Picking Your Rental

It is worth doing thorough research on where you will purchase your rental property. Don’t get carried away with houses that you like for yourself. Try to buy sensibly and look for properties that will give you maximum yield with minimum investment. Check locally with the rental market and if you have a high percentage of families looking for rentals then properties suitable for families are what you should aim for. The same can be said for professionals, look for apartments, flats and smaller self-contained homes that would suit a professional couple.

Look for local amenities, schools, shops, pubs and restaurants which will all appeal to the average family renter. Having poor schools could put off potential tenants if they have school aged children. This is a very important factor to consider.

Type Of Property

If you are the type of person that is very handy around a home, then an older property could be suited to you as you will be able to keep up with the maintenance yourself. However, if DIY is not your thing, then a new build property with minimum maintenance may be more suitable for you.

Investment Length

Decide on what type of investment your rental property will be as there are many different options that people use:

– Buying For Yourself: It is not uncommon for people to buy a property and then get tenants in for a set amount of time so that they can cover their mortgage costs and make a small amount of profit.

– Buying Purely To Rent Out: You may have the intention of renting out the property for the duration of your mortgage term. In turn, this will give you an asset which has been paid for by your tenants. You then have the option to sell your property for a profit or just add the property to your portfolio of rentals.

Completing The Purchase

Once you have taken in all of the above aspects into account, you are now ready to complete your purchase. Try to focus on sticking to your budget and making sure that your rental purchase goes through without any hitches. As soon as you have tenants for your property you’ll have to make sure that you keep that property in a good state of repair so that your tenants will enjoy living there and rent for the full rental term. As part of an ongoing budget it is important that you make sure can cover the mortgage payments. In the event of your home being vacant for a length of time, this will give you the peace of mind that you need when renting out property.

So before you go ahead and purchase and rental property make sure that you take our top tips into consideration to stay within your budget.

Anyone who has ever rented their own property before knows that it’s not really yours. Unfortunately, you’re simply borrowing the space until you decide to leave, and then someone else lives in it instead. That means that all those improvements you wish you could do to the space, you can’t. And that, can be very frustrating for a long-term renter.

While of course, tearing down a wall here or pulling up carpet there might not be something you can do to your rental, there are home improvements that you can do as a renter that are totally reversible. And there are even some big improvements that you might be able to do, especially as a long-term tenant. When it does come time to move, you can still revert back to original by choosing a home improvement project that is easily switched back. This way, you can still feel like you have some ownership of your home, even without owning it! We’ll list a few of our favourite home improvements that you can do as a tenant and not get in trouble with the property manager, and not violate any terms on your tenancy agreement.

Painting

By far one of the best ways to brighten up your space, while also being totally reversible, is a lick of paint. To choose a paint colour, review what you already have in the space. It’s tempting to choose a colour based on what you like, but it’s more important that the colour will look good with the furniture and decorations you already have. Be sure to double check with the landlord that you have the go-ahead to paint, as many landlords will let you as long as the walls are painted back to the original colour upon move out.

Another option for your walls is temporary wallpaper. Lots of wallpaper these days is easily removable because of the type of adhesive. While a bit expensive, you can keep this improvement cheap by choosing to wallpaper a single wall as an accent wall, and leaving your other walls their original white. This way you can get an excellent pop of colour and pattern without having to do much when you move out.

You can also use wallpaper or even use stick on decals to add a backsplash in your kitchen. This way you aren’t wallpapering a whole wall, just the small backsplash space, which will be much more cost effective and easier.

Temporary flooring

Have an utterly hideous vinyl floor in the kitchen? Or perhaps you have a nasty colour of tile in your bathroom? Just because you’re renting doesn’t mean you have to deal with bad floors. Temporary flooring is available in multiple options, including stick on decals, carpet squares and even wood flooring. Many wood laminate boards are a lay and click installation, which makes it super easy to pull back up when you move.

For less work and easier floor coverings, try layering rugs across a floor to make a patchwork quilt style of flooring. You can also simply cover a bathroom or kitchen floor with a good, non slip rug that’s easy to clean, such as one of these.

Small changes

Despite being tiny, doing things like changing out your cupboard knobs or your door handles will really upgrade your space. New knobs or handles are usually cheap and easy to install, so it won’t break the bank or your back to complete. Consider replacing your switch plates as well to something that pops in colour or patterns. Even adding in some adhesive and removable hooks for extra storage will make a difference as well.

Professional cleaning

While not necessarily a big project, and not necessarily reversible once completed, professional cleaning will make a huge improvement to your rental, and also look good on you as tenant. Simply bringing in a carpet cleaner will make a vast difference to your floors, as well as keeping you healthier in the home.

Bigger projects

There are also a few more improvements that, while not necessarily reversible, might be approved by the rental management company as they significantly improve the space. Of course, you’ll want to run the idea by the landlord and/or property manager before you even think about starting a big project.

Here’s a few of the best ones:

• Permanent flooring changes: One of the best ways to get a dramatic change in your rental is to change the flooring. Many, if not most, landlords or property owners will not have a problem if you are upgrading the flooring, such as pulling up carpet to reveal beautiful wood floors. If you want to change a laminate or tile floor, again as long as the finished product improves the value of the home, you should be fine with approval.
• Shelving units: Most rental units can benefit form additional storage. If your current abode is seriously lacking in space for storage, try and obtain approval for adding in some stylish shelving, as storage is usually a selling point for future renters. Use one of these ideas for inspiration.
• New fixtures: From a new shower head to a new light fixture, these small improvements can make a huge difference in your home, and again are likely to be approved by a landlord. How many times have you moved into a new place, only to find out the shower is terrible? Upgrading a showerhead is fairly simple and will upgrade your mornings as well.

Ranging from semipermanent to totally temporary, we hope these little home improvements improve your rental dramatically, and without too much work! Please remember as mentioned above that running any big changes by your landlord is vital, especially if you want that whole rental bond back. Once you have any necessary approval, we hope you go wild and enjoy every minute of your upgraded space!