Month: May 2020

Stress reduction strategies for rental inspections

Rental inspections are inherently stressful. There is an abundance of cleaning followed by an overwhelming worry that the landlord might find something wrong with the rental. Rental inspections can even be stressful for the landlord. However, renters and landlords alike need to think about rental inspections in a different light. Rather than being a pain, these inspections can prove to be an invaluable opportunity. Renters can raise concerns and receive validation for looking after their rental. Whereas landlords are afforded the opportunity to check on the condition and upkeep of their property. Realising the benefits of inspections can remove stress from the equation.

How to prepare for an inspection

When thinking about preparing a property for a rental inspection, a great place to start is the original property condition report. That way, renters know the condition that their landlord will be expecting the property to be in. This property report can also help landlords prepare for what to expect from their property during the inspection.

Preparing for inspections can be seamless when you’re proactive. If renters notice a problem, speak up. This could mean informing the landlord if the maintenance issue falls under their domain or fixing the issue themselves. This means that come inspection time, there are no surprises.

Landlords expect their properties to be clean and the best way to prepare to meet this expectation is by actually cleaning. Landlords will particularly look at the cleanliness of the kitchen and bathroom whilst also checking on the condition of the carpets and garden. Therefore, before the inspection, clean these areas with a thorough hand. This will ensure that tenants have done the right thing, helping landlords give them a pass for the inspection.

Once it is clear what is expected of tenants and landlords during the inspection process, there is no reason to stress, as each party knows their roles. Bigger Equity

Points to remember

A great eliminator of inspection related stress is knowing when to expect the inspections. In Victoria for example, a rental property owner is not allowed to undertake an inspection until three months of continuous tenancy. Additionally, inspections should total no more than four times over the span of a year. It is also important to note that landlords must give tenants a minimum of seven days notice before completing a rental inspection.

Why is an inspection necessary

Rental inspections are a necessary part of the renting process. This is due to the fact that both renters and landlords need to be up to date on the state of the property in order to avoid issues down the line.

Rental inspections can be good news for both landlords and tenants. Firstly, for landlords, it provides a golden opportunity to personally evaluate the state of the property. By conducting inspections, landlords can ensure that everything is in working order, giving them peace of mind. It can also be used as an opportunity to nip issues in the bud before they become major and/or costly problems.

Secondly, for tenants, inspections are an ideal time to make any concerns heard. This means that instead of trying to convince a landlord that a property needs maintenance issues repaired, the landlord can see for themselves what needs to be fixed.

Rental inspections provide an exchange of information that helps both landlords and tenants towards keeping a property in good working order.

How to Get Ready for Property Investment

When you want to improve your general fitness, you need to get out and exercise. If you want to be a successful property investor, you need to work at it. Here’s what you need to do to become property fit and become a successful property investor.


Property is expensive: you generally
must have the deposit to put towards the purchase price being 20%. Therefore, you will need to borrow money from the bank of up to 80%.

Here is the first shift in thinking. Don’tbe scared of debt; it can be your friend if managed correctly when you’re a property investor. I agree that some debt is bad like credit card debt, short term loans for cars and holidays. However, good debt is applied to gain leverage in a solid performing asset like property.


Work hard and save, save, save. There is really no other solution to getting a deposit together which amounts to about 20%
of the purchase price. If you’re earning $45,000 after tax, you should be able to put aside at least $20,000 per annum, which means in five years you will have accumulated at least $100,000. If you have a partner, that’s a combined $200,000 that can be used as a deposit on your first property.


This is the most important partnership
in your quest to become a fit property investor. You will generally only have 
a 20% deposit of the purchase price, therefore, you will be asking your banker
 to lend you 80%. You need to convince your banker that you have a track record of steady employment and saving so they will feel confident in lending you the money, knowing you have a culture of saving and working and being able to make the monthly mortgage payments.

Establish a team

As a property investor, your team should be made up of a banker (assist with finance), real estate agent or buyers’ agent (assist with buying and managing property), lawyer (assist with purchase contracts), quantity surveyor (assist with depreciation write-offs) and accountant (assist with tax and structures and cash ow with tax savings). Negotiate on the purchase price of a property but don’t skimp on the costs of the services of your team. If you don’t get the right advice it could cost you thousands.


Not all markets and properties perform the same. You need to understand how demand and supply works and look for areas that are in high demand with low supply. These are areas where the bulk of people want to reside, they are usually close to the centre of major cities with transport links, good schools and shops.

You will need to meet with your accountant before you exchange a contract so that he or she can explain how negative gearing will impact your cash flows.

Find the right manager

Once you have settled on the property, you need to secure ongoing cash flow by sourcing the right tenant and ongoing management of the property. The best property manager will manage your property on your behalf to ensure rents are collected on time, minor repairs and complaints are handled on your behalf giving you peace of mind.