PROTECT YOUR INVESTMENT
Should you be purchasing a property for investment reasons, and are looking to rent it out through a Real Estate Agency, one of the most important and imperative forms to consider is what's called the 'condition report'.
This form is a legal requirement where your Property Manager will visit the property in it's vacant state and fill in this report outlining the condition of the property before being tenanted.
Once this report is finished, it is then given to the tenant so they can give their version of the property's condition. Once the Property Manager and the tenant agree to the condition report, it is signed by both parties and kept for future reference.
I always suggest that the owner of the property attend the condition report at the beginning and at the end of the lease to avoid any undue expenses. And should you have light fittings, or appliances eg: a dishwasher (note serial numbers) these have been known to be taken and swapped over with older appliances at the end of a tenancy.
And remember the condition report is the only proof of the condition of the property at the commencement and the end of the tenancy. These reports are crucial at the residential tenancies tribunal board should a bond matter be disputed by a tenant.
It is a legal requirement that periodic inspections of a property to investigate it's present condition are done at least once a year and a written report delivered to the owner. You are allowed no more than four, and my suggestion would be to insist on three.
Always insist on regular updates on your investment's condition, and do not be shy to organise with your managing agent a routine inspection to give you peace of mind.
For independent advice on your investment or help in selecting a Property Manager, please contact our team today on 02 9960 1066 or enquiries@pkproperty.com.au.