A final checklist

You will want your investment property to be profitable and the tenancy arrangements to be hassle free.

Here is a final checklist that will help make that a reality.

Make sure you have looked at the Landlords Pack with all the forms and publications you need
Ensure you have adequate funds set aside to meet unexpected costs such as repairs to the property or to cover times when no rent is coming in
Decide whether to use an agent or whether you are confident enough to handle matters yourself
Choose your tenants carefully
Decide whether you are going to offer a periodic or fixed-term tenancy
Make sure you have a written tenancy agreement
You must give your tenant a copy of Information for Tenant (A Statement of your Rights and Responsibilities) Schedule 2
Make sure the property is in good condition ready for your tenant to move in
Check important safety items:
- Electrical wiring
- Pool fencing
- Plumbing
- Safety glass (e.g. in bathroom)
- Smoke alarms (new batteries)
- Safety switches (RCDs)
Spend time and effort on the property condition report. It can save a lot of disagreements and heartache later.
Lodge the bond money correctly
Remember your tenant’s rights, especially to quiet enjoyment of the property
Respond promptly to any request to fix items that are your responsibility
Deal promptly and fairly with any disputes and be prepared to negotiate a compromise solution
Take action promptly if the rent falls into such arrears that it may become a real problem for your tenant and not get paid
Carry out a thorough final inspection and discuss sensibly any items of dispute with your tenant
Make sure you know what Notices to use for various procedures
If you have to go to court, make sure you understand the procedures and prepare your case well