Renting Your Home: How to Make the Mental Shift from Owner to Landlord

Your home is special to you, your private place which you love, care for, and take pride in. When you make the decision to rent it out to tenants, the first thing to understand is that even the best tenants will never love your property the way you do. And, just as if you were living in your home yourself, wear and tear happens. So you’ll still need to replace certain items like floor coverings, appliances, and hot water systems as they wear out. (The good news is that as a landlord you will receive a depreciation tax deduction on these items.)

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Renting out your home can lead to plenty of headaches, but if you know what to expect and plan well, it can be a very lucrative and workable arrangement. Find ways to mitigate your risk, such as insuring the rental property and budgeting more for repairs than you think you’ll need. Having a property manager can save you a lot of time and financial trouble down the road.
In addition, while it may seem like a good idea to rent to tenants you know, you should probably steer clear of family and close friends. Knowing your tenants too well can make it hard to enforce the lease. A professional Perth property manager will screen your tenants carefully doing a thorough background checks to lower your risk of getting into a bad situation.

Finally, make it easy for your tenants to keep the property in good repair. Don’t expect them to maintain elaborate gardens; chances are they won’t. Hire a gardener and/or lawn mower man if this is important to you. In general, keep your property low maintenance and easy care; this gives your tenants the best chances of keeping you happy, and you the best chances of keeping your property in good shape even while tenant-occupied.

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