Before each new tenant moves in, consider checking that the amount you’re insured for reflects the actual cost of rebuilding or replacing at today’s prices. It’s designed to cover the cost of replacement or repairs if your investment property or its contents which you provide for your tenants use if they are damaged or destroyed by insured events. Allianz Landlord Insurance caters specifically to landlords. Check out the ATO website for more information about what you can and can’t claim at tax time. You may be able to claim a tax deduction for repair and maintenance expenses associated with your rental property, so keep your receipts handy. Even new properties can experience unexpected damage or breakdowns, so setting some money aside can prepare you for sudden costs. These vary depending on your state or territory. You’re also entitled to carry out routine inspections while your tenants are living there, but there are guidelines on how often you can visit your property outside of carrying out repairs. This will help cover you if there’s a dispute with your tenants about damage. Before each new tenant moves in, walk around the property and take photos listing anything that’s already damaged. Resolving health threatening issues such as rising damp and mould is also the responsibility of the owner.

This includes making sure landlord owned appliances are in good working order, and the structure of the property is well maintained. Landlords have a duty to guarantee the safety of their rental property and its contents. Understanding landlord responsibilities.Having a checklist can help take the stress out and help you to stay on top of your property maintenance. Managing regular maintenance of a rental property is a fundamental part of being a landlord. Keeping your property in good condition isn’t just a responsibility that will help maintain its long-term value, making it easier to sell or move into in the future. A well maintained property is important for keeping your tenants happy and reducing turnover, meaning you won’t have to look for tenants as regularly and risk losing rental income in the process.

In fact, not paying enough attention to property maintenance can turn minor issues into major repairs – that may cost you more in the long run. A well maintained property provides some tax benefits, as certain expenses relating to repairs can be claimed as tax deductions. Even brand new properties will require routine inspections and maintenance at some point, whether that’s for smoke alarms, kitchen appliances, plumbing and water heating, window coverings, or pools.Ĭonsistently maintaining your investment property has many advantages outside of prevention of damage or deterioration. Maintenance is an inevitable expense associated with owning an investment property – but it’s a cost that many first-time landlords overlook.

Tenant move out checklist for landlord