Must-Dos Before Renting Out

Are you thinking about turning your home into an investment property? It's a savvy move to boost your income, but there are some important things to do before you start renting out...

First off, let's talk about de-personalising the place. Your future tenants want to feel like it's their home so remove personal items. Stash away family photos, erase those childhood height marks on the walls, and make sure any mail gets forwarded. This helps your tenants envision themselves living there without reminders of the previous owners.

Next, don't skip out on maintenance. Fix those small issues before they become big headaches. Whether it's a cracked wall or peeling paint, addressing these problems early on maintains your property's value and keeps your tenants happy.

Consider sprucing up the place with some smart improvements. Think about what your target tenants want. Families might appreciate a bathtub, while easy-to-clean surfaces can be a hit with everyone. Timing matters too – make these upgrades after you've moved out to maximise any tax benefits.

Before your new tenants move in, give the place a thorough cleaning. A spotless property sets the right tone and shows you take care of your investment. You might want to hire a professional cleaner recommended by your property manager for that extra shine.

Make sure you're properly insured. Switching from homeowner's insurance to landlord insurance is crucial. It protects you from rental-specific risks like tenant damage or loss of rent. Shop around for the best policy that suits your needs and covers all the bases.

Lastly, don't overlook the opportunity to claim depreciation deductions and potentially increase cash flow. Depreciation refers to the natural wear and tear of a property and its assets over time, which can be claimed as a tax deduction. Consult a specialist quantity surveyor for a depreciation estimate and uncover potential tax savings - the estimate itself should be free

By completing these six steps, you'll ensure your property is well-prepared for rental, protect your investment, and maximise your returns. For expert guidance on depreciation and other property investment strategies, we recommend you contact BMT Tax Depreciation.