Rental properties are a great way of income for many people. However, there is a certain important thing owners should keep into consideration when renting their property and i.e. safety. It lies a great deal on the shoulders of the owner to keep their investment safe. Renters expect to rent a safe property that is functioning and will not raise any danger or risks for them. According to the contract, the renters have to keep the property clean and refrain from damaging it. In return, an owner needs to take the responsibility of routine checks that are very important to avoid any issues. Property mentor in Melbourne is listing out the best ways for you to secure your property.
4 Steps for a Safe Investment Property
Physical Condition
Making sure that the property meets the minimum physical requirements totally relies on the owner. According to the legal rule ‘Implied Warranty of Habitability’, the law states that it’s under a landlord responsibility to make sure that the property is habitable when the renters move in and throughout the period of the tenancy.
Removing Hazards
In the list of hazards, the main things an owner should check are electrical wiring, heating systems, plumbing, and carbon monoxide detection. These issues could affect tenants and can cause any damage to the property or worse, to the tenants. If the tenant gets injured due to faulty wiring, the owner can get at risk of a lawsuit because it falls into his responsibility to prevent these problems from happening. Safety checks are mandatory when owning a property.
Security
The safety and security of the tenants should be of utmost importance. Tenants, who don’t feel safe living in a rental property, tend to leave because of the possible risks. It is an owner’s obligation to put some good security systems, including secure doors, windows, and intercom systems. For example, the owner can also voluntarily put new locks of the door when the new tenants shift in to avoid the risk of keys falling in the unknown hands.
Lease Agreements and Property Rules
To keep a property safe, you must follow safety measures to protect your interests from tenants. Having lease agreements will help you out in this matter, it will cover all aspects of the rental period like hazards outside your control, damages, and theft of possessions. One issue that the owner sometimes faces is property damage, which puts the property in a major risk and in need of repair, which can take a lot of money. Signing lease agreements with the tenants are the best way to secure your property.
Property investment is a complicated business, but with the right kind of help, you can make a fortune. To get the best advice and information on property investment, get in touch with our reliable property investment strategists in Melbourne at 10 Properties in 10 Years. Call us now at +61 452 238 490 or leave us a message at [email protected].
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