Protect Your Investment After You’Ve Gone

We don’t often like to discuss the subject but just like taxes, death is certain. This being said, there is no point in worrying about it but it’s a good idea to plan ahead. That way when it happens, life runs as smoothly as possible for those left behind.

We all hear about wills being in place for when the inevitability of death arrives but do you realise just how important a will really is? Too often a family member takes it in good faith that others will do the right thing in the event of their death but, sadly, this is not always the case.

There are sad stories of a parent dying and not updating their will; siblings fight over valuables and relationships break down. Legal battles can ensue and costly and heartbreaking fights are either won or lost. This happens in particular where there are assets such as investment properties involved.

We at E Property Rentals can manage and protect your property while it is being rented out but we strongly recommend that you have a will in place in the event of your untimely or expected passing. Here is some brief information on wills and the benefits of having one that includes your investment property.

Why you should have a will

If you have one or more investment properties it would be fair to say yours is a decent estate. With this in mind, you should consider the people whom you leave behind and how the assets should be divided.

For instance, dying without a will left behind means you were ‘intestate’. Due to Australian laws that are specific when it comes to rules about deceased estates and properties, this could mean your investment is distributed to close family members, that is, your next of kin.

However, in some instances you may not wish for your investment property to be distributed this way. For whatever reason, you may prefer to leave it to a partner or relative such as a grandchild. This can only be effectively administrated if you have a current will in place.

How can you write your will?

When it comes to larger estates you might like to consider enlisting the services of a solicitor. This is because a solicitor will know and understand all the legal requirements relating to distribution of assets to spouses and children, for instance.

Other alternatives are do it yourself will kits or an online company that can prepare your will for you. Do it yourself kits can be purchased in most post offices or a good search will point you in the right direction.

As for succinct and professional management of your investment property now, contact us at E Property Rentals today.

The End of a Lease – What Happens

For some, there is a great unknown quantity about what happens when a property lease comes to an end. For many, it is a simple case of signing a new lease after negotiating the terms and such.

For those who are wishing to vacate or have been advised to vacate there are a few boxes to be checked off the list. Today, we want to give you an outline of the procedure involved, should you be in the latter group.

Notice to Leave

In some cases a property owner may wish to take up residence again in the property. Should this be the case and the property is still committed to a lease agreement then appropriate notice must be given to a tenant to allow them time to find new premises and vacate.

Likewise, if a tenant wishes to break a lease they must offer appropriate notice and continue to pay rent up until a new tenant is found. It may also be that a property’s lease is simply expiring and the tenant wishes to vacate, leaving the property vacant for a new resident.

The notice times can vary depending on the reason for the end of the lease.

All Care and Responsibility

All care and responsibility must be taken by the tenant when living in rental accommodation. This means that they must maintain the dwelling and its grounds according to its condition upon their taking up residence.

When residence is first taken up eProperty Rentals will conduct an Entry Condition Report. This detailed report outlines the condition of the dwelling and its grounds and it will be accompanied by supporting photographic evidence. It must be signed by both parties.

Upon vacating a property, one of our fully trained and professional property managers will visit the property and conduct an Exit Condition Report. This report will take into account general wear and tear of a property.

Should it be found that there is a discrepancy between the two reports and the dwelling is not in as good a condition as when the tenancy was taken up, repairs and maintenance will be attended to and the payment for these may very well be taken from the rental bond that was paid at the commencement of the lease.

This inspection will also take into account any items of furniture, etc, that may have formed part of the agreement.

Should the home be found in a similar condition then all bond monies are returned in full to the tenant.