The Informed Investor: 2017, Changes and You
2017 has been a year of big changes for renters and landlords.
And as the focus has seemed to have been around empowering renters with more rights, it’s made a few landlords nervous- but should they be?
Here are a few of the major talking points right now:
While it may be harder for landlords to outright deny pets, that doesn’t mean your investment property is doomed to become Noah’s Ark. What it does mean is more transparency about the desire to keep pets and more open negotiation as to how this can be done in a way that works for everyone. If a tenant is ever found to be keeping a pet against such an agreement, as this is a breach of lease, you may still ask them to remove the pet, or negotiate the official terms by which the animal can stay.
In some markets, the possibility for rental increases have been restricted to once a year as opposed to once every six months. The best way to navigate this is to really ensure you, as a landlord, know the costs of maintaining the property as best you can all the time. The plus side here is the added security given to tenants, which hopefully leads to a more settled tenancy overall.
Specific rent figures:
Instead of a range, landlords must provide the precise rental cost. Similarly to the above, the peace of mind and security this gives to tenants is actually a good thing for landlords too- there is no point in attempting to score more rent if it’s only going to lead to a breach of lease.
The ability to name and shame ‘shonky’ landlords:
Whilst perhaps not a perfect system and definitely something to watch, it’s a reminder of the importance of being a good landlord- not only to keep yourself out of trouble, but because a good relationship between landlord and tenant works to everyone’s benefit.
Carolyn Parrella from Terri Scheer, Australia’s Leading Landlord Insurance Specialists, has something to say about all these points and more. Hear it all from the player above.
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