I am thinking of renting my place as I'm moving state.
I haven't done this what's the best OzB way of doing this? Going thru agents? Which one? Or find someone myself?
Renting out My House Whilst Interstate
newbiesh on 14/10/2018 - 02:25
Last edited 14/10/2018 - 09:07 by 1 other user
Last edited 14/10/2018 - 09:07 by 1 other user
Comments
Extremely important. You don't want a small issue like a leak to turn into a giant issue because no one was around to fix it in time.
One other thing to consider is what if your Tenant leaves? It would be a real pain trying to organise another Tenant when you're living in a different State. So, yes, an on the spot Agent is the best way to go.
I speak from experience as I have rented out my house while living in another State due to work commitments.
As to which Agent? Some are good, some are lazy, so if possible find an Agent by 'word of mouth' from people in your local area.
Use an agent. But first speak to your accountant and make sure you understand all the tax implications (ie positive or negative geared).
Air BnB?
Use an agent if you are interstate.
They'll handle everything from the lease agreement to emergency repairs. Otherwise you'll be getting a call at 2am for some sort of issue.
Have you considered the tax implications ? Capital Gains Tax is a big one when you plan to sell
I would always recommend using an agent even if you lived in the same state. There are reasons why these services exists so that they deal with all the issues e.g. rental bonds, screening tenants, advertising, showing the property, emergency repairs. This doesn't even include dodgy tenants, chasing late rents or applying to the tribunal.
The only time to manage yourself is if you rent out to friend/family or you are retired/living off passive income and happy to do the work. Otherwise I recommend sticking to your day job.
If you're living in another State it's best to use an Agent. With an Agent you have someone on the spot if things go wrong, or a problem needs sorting out.