How Can You Determine If Renting to Friends or Family is Ideal for You?

January 13 2021

Some landlords Strathfield rent to friends or relatives, but we suggest that you do this only if you have firm rules in place.
We suggest that you should not handle your houses for sale Redland Bay while you know the occupant. Join the property manager to cover yourself.

In this post, we're going to help you determine if renting houses for rent Emerald or houses for sale Hurstville to anyone you know ideal for you.

Some of the main questions to ask yourself are:

When you rent to friends and families, will you set specific boundaries?
Boundaries are necessary for every sort of business arrangement. Can you and your friend or family member agree on what they are?

Examples of problems to address include:
•   How often you can access the premises and how much notification you should give—the Residential Tenancies Act (RTA) sets restrictions.
•   If the occupant is going to contact you about property problems?
•   What problems are you going to be accountable for?
•   How property loss will be dealt with.

It is crucial to understand the RTA—it governs various concerns, including inspections, notification of access to premises, and the kinds of repairs that need to be performed urgently.
If you plan to rent to friends or relatives, it is much more essential to employ an accomplished property manager who can interact easily with anyone.

Will the occupant comply with the standards?
It is crucial to explain the inspection requirements and house and garden management (for example), particularly if you are both maintaining your property and renting to friends or relatives.
All landlords have different opinions on what it implies to hold property to a reasonable level.
To stop this situation, employ a property manager—they will help you cope with any problems relevant to keeping property standards.

Who does what?
When friends and relatives become your guests, they will demand more from you than most tenants would have thought; either contact you "as a friend" to assist with upkeep or not compensate for the harm they cause.
RTA is not entirely clear precisely what the owners and renters are accountable for.
This is where the property manager may be invaluable. They grasp both the regular WA residential tenancy contract and the RTA.