What Should Landlords Know About 2021?

It has certainly been a year with lots of ups and downs but we are so lucky to live in a place less affected than many other countries by the pandemic. During lockdown periods, landlords may have had concerns that tenants would not be able to meet rental obligations.Thanks to limited time in quarantine and government subsidies, the situation was not as bad as landlords had feared. As we look toward a new year, we wanted to give landlords a few things to keep in mind in 2021.

Understanding RTA changes

There have been a number of changes to the Residential Tenancy Act (RTA) that landlords need to get a good grasp of. For instance, there are new rules around how much notice landlords must provide should they want to sell a property. Also important are the steps to evict tenants who are demonstrating anti-social behavior. Worth noting are rules around minor alterations, fibre connections and fixed-term tenancy agreements. For a comprehensive explanation of these new changes, you can click here. If you need additional information please contact your property manager.

Healthy Homes

Be aware of the upcoming Healthy Homes compliance deadlines. Materials related to necessary improvements can be in short supply around targeted dates so acting early is in your best interest. This is especially important in 2021, as shipping and port deliveries continue to be a challenge.

Having a property manager is increasingly important

While many landlords decide to go it alone, legislative compliance will bring many headaches for people not knowing what they are doing. There can be expensive fines for non-compliance that landlords can incur. With a property manager, they stay on top of paperwork and deadlines and remove those stressors. Plus, they have a trusted list of tradespeople and suppliers to leverage that will make sure the work is high-quality and at the best possible price.

You can still expand your portfolio

The market is certainly hot but that does not mean there are not deals to be had. If you are looking to add properties to your portfolio, realise that given rising home prices some people will be renting for longer as they work towards saving a deposit so there will be no shortage of prospective tenants. Do know that if an investment property involves construction that Council consents are taking a while due to staffing issues. If you or your investors need a quick return then development may not be a great choice at this time. However this is a personal decision based on your circumstances, appetite for risk, expected return and timeframe. 

Queries?

If you’ve got any questions talk to your property manager.