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The Ultimate Guide to Pre-Settlement Property Inspections in NSW

Author: Tanisha Lirani
Categories: Apartment,Buyers,Duplex,First Home Buyers,House,Investors,Property Sale,Townhouse
The Ultimate Guide to Pre-Settlement Property Inspections in NSW

The Ultimate Guide to Pre-Settlement Property Inspections in NSW

Introduction

The journey towards owning your dream property is an exciting one, filled with anticipation and a touch of nerves. As you inch closer to the settlement date in New South Wales (NSW), there’s a crucial step that ensures you’re stepping into your new abode with confidence: the pre-settlement property inspection. In this guide, we’ll dive into the ins and outs of this process, helping you navigate it seamlessly and ensuring that your new home lives up to all your expectations.

What is a Pre-Settlement Property Inspection?

Imagine this as the final quality check before you officially become the proud owner of the property. As per the laws in NSW, you, as the purchaser, have the right to conduct a pre-settlement inspection of the property before the settlement process is finalised. This inspection serves as a safeguard, giving you the opportunity to ensure that the property is in the condition you expect and that all agreed-upon inclusions are present.

Why is it Important?

This inspection is your last line of defense against potential surprises. It allows you to verify that the property’s condition aligns with your expectations and that there haven’t been any unexpected changes since your initial visit. Imagine moving into your new home only to find that the fixtures or appliances you thought were included have mysteriously disappeared. The pre-settlement inspection is your chance to catch such issues before they become headaches.

Timing Matters

Timing is key here. While you could conduct the inspection on the day of settlement, experts recommend doing it 7 to 10 days prior. This gives you ample time to identify any discrepancies and address them with your solicitor or conveyancer, ensuring a smooth settlement process.

What to Look For

When you step into the property for the inspection, keep your initial property visit and the contract handy. Ensure that the property’s condition matches what you saw earlier and that the inclusions you agreed upon are present. If you have photos from your initial visits, use them as a reference. If you notice any discrepancies, don’t fret. This is where your solicitor or conveyancer comes in, helping you navigate the situation and find resolutions.

Vendor’s Perspective

Remember, just as you’re excited about stepping into your new home, the vendor is eager for a seamless transition as well. It’s in their best interest to maintain the property’s condition to ensure a hassle-free settlement.

Benefits of a Smooth Pre-Settlement Inspection

A successful pre-settlement inspection not only gives you peace of mind but also sets the tone for a positive transition into your new home. It ensures that both parties are on the same page regarding the property’s condition, preventing potential conflicts down the road.

Conclusion

As you gear up for your pre-settlement inspection in NSW, keep in mind that this is your opportunity to dot the i’s and cross the t’s. Don’t rush through it – take the time to thoroughly inspect the property and consult with your legal team if needed. By doing so, you’re ensuring that your transition into your new home is a seamless and exciting one. Remember, it’s not just a property inspection; it’s your final step towards becoming a proud homeowner in the vibrant city of Sydney.

Thank You Real Estate clients in New South Wales, enhance your property purchase experience with our expert Pre-Settlement Inspection Service. We understand that buying a property is a significant investment, and our dedicated team is here to provide you with peace of mind. Our thorough inspections, detailed reports, and professional guidance ensure you know the true condition of your new property before finalising the deal. Trust us to protect your interests and make your property purchase in NSW a smooth and informed process. Contact us today to schedule your inspection and secure your investment!

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The Importance of Landlord Insurance for Your Investment Property: Partner with Thank You Real Estate for Peace of Mind

Author: Tanisha Lirani
Categories: Buyers,Investors,Landlords,Property Management
importance of landlord insurance

The Importance of Landlord Insurance for Your Investment Property: Partner with Thank You Real Estate for Peace of Mind

Investing in an income-generating property can be a smart financial move, but protecting your investment from potential risks is crucial. Discover the importance of landlord insurance and how partnering with Thank You Real Estate can safeguard your investment.

Protecting Your Property:

Ensure your investment property is shielded from unforeseen events that can lead to costly repairs. Landlord insurance covers property damage caused by natural disasters, accidents, or even tenant misconduct. With comprehensive insurance, you can protect your property and minimise financial burdens.

Liability Coverage:

As a landlord, you have a duty of care towards tenants and visitors. Accidents happen, and you could be legally responsible for injuries or property damage. Landlord insurance includes liability coverage, protecting you from potential lawsuits and associated expenses. Partnering with Thank You Real Estate offers peace of mind against unforeseen liability issues.

Loss of Rental Income:

The loss of rental income poses a significant risk for landlords. Landlord insurance typically includes coverage for property unavailability, tenant default, or unexpected vacancies. This ensures you still receive rental payments during such periods, providing financial stability while you address property issues or find new tenants.

Specialised Expertise:

Navigating landlord insurance complexities can be overwhelming, especially for new property investors. Thank You Real Estate offers invaluable expertise. Our experienced professionals understand landlords’ unique needs and guide you through the insurance process. We have strong relationships with reputable insurance providers, offering variety of coverage options for investment properties.

Peace of Mind:

Owning an investment property can be stressful, but partnering with Thank You Real Estate and securing landlord insurance provides peace of mind. Protecting your property and financial interests allows you to focus on other aspects of property management, maximising rental income and finding quality tenants.

Landlord insurance is essential for protecting your investment property and ensuring financial security. Partner with Thank You Real Estate to access specialised expertise, personalised service, and reputable insurance providers. Don’t leave your investment property vulnerable—contact Thank You Real Estate today for comprehensive landlord insurance. Your investment deserves the best protection, and we’re here to make it happen.

Looking to
Sell or Rent
Your Property?
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Our Happy Clients

Owners and tenants that love their property manager. This is what happens when you do things with Thank you Real Estate.

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Appreciating the True Value of Good Property Management

Author: Tanisha Lirani
Categories: Investors,Landlords,Property Management
At Thank You Real Estate, we educate the landlords to understand the true value of good property manager.

Appreciating the True Value of Good Property Management

Cameron has lived in Western Sydney his whole life, so when he bought his first investment property, he chose a nearby suburb that he was familiar with. Within a few years, he was able to access the equity in his first investment property and buy a second investment property, also in Western Sydney. Cameron worked really hard to build up his property investment portfolio, so naturally, he wanted to protect it. He knew he didn’t have time to manage the property himself, but he wasn’t sure if paying a property manager was worth the cost. He’d heard that fees can vary greatly between agencies – should he just go with the lowest fee? Would that be the best choice for his investment?

If Cameron’s story sounds familiar, it’s because it’s a common one. Property owners naturally want to see the greatest possible returns on their investment properties. But sadly, many people think that this can be achieved by choosing the cheapest property management option. By focusing solely on price they’re misunderstanding the main crux of what it means to have an investment property managed and, as a result, they’re unable to get an accurate comparison of like for like.

Getting the Right Information

In Cameron’s case, he realised that he needed more information. It wasn’t enough to just compare ‘Price A’ with ‘Price B’. Doing so would be like comparing a second-hand Hyundai with a brand-new Mercedes. So, Cameron started asking questions. In doing so, he was able to determine who was offering transparent, high-value service at a reasonable price…and who was disguising bad property management behind a smokescreen of “discounted” fees.

Property Management Fees 

When comparing property management fees, Cameron looked for prices that were reasonable and market competitive. He asked what services were included and what kind of industry experience the property manager had. He realised that, while there’s nothing wrong with fair negotiations, a property manager that is reasonably compensated would be working harder for his investment than one with little financial incentive. And he started to appreciate that below-average pricing = below-average service.

How to Identify High-Quality Property Management

The more research Cameron did, the more easily he was able to identify high-quality property management. He started to look at:

  • Quality: Does the agent understand what quality service is? Are they dedicated to achieving the best possible result, not just the quickest or easiest result?
  • Skill: Does the agent have both the capacity and the skill necessary to achieve an above-average market rate for your investment property? Do they have a timeline that they work to when finding and evaluating a new tenant?
  • Strategy: Does the agent have a strategy in place to prevent a tenant from going into rent arrears or do they rely on stressful hearings at the NSW Civil & Administrative Tribunal (NCAT)? Do they look for long-term tenants, understanding that a 12-month lease means a 50% reduction in fees for the investor when compared with a 6-month lease?
  • Documentation: Do they pay meticulous attention when completing and filing the necessary paperwork? Do they understand the importance of accurate documentation, realising that incorrect paperwork could seriously jeopardise your valuable asset?

Fortunately, Cameron’s story has a happy ending. By taking the time to compare property management companies he was able to weed out the agencies with hidden fees and poor management strategies. He found a property manager who he felt comfortable with and who agreed to manage his investment property at a fair and reasonable rate. An agent who delivered high-quality service, had exceptional skills, a well-planned strategy and a thorough documentation process. As a result, both of Cameron’s investment properties have had lower vacancy rates, long-term tenants and rent that is always paid on time.

Thank You Real Estate offer boutique property management services to Sydney investors. Our experienced property managers are committed to providing exceptional service at a fair price, always working hard to ensure your investment is delivering the highest possible return.

Looking to
Sell or Rent
Your Property?
Book your free appraisal

Our Happy Clients

Owners and tenants that love their property manager. This is what happens when you do things with Thank you Real Estate.

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Lease Renewal NSW – An Easy Explanation

Author: Tanisha Lirani
Categories: Investors,Landlords,NSW Legislations,Property Management,Tenants
Lease renewal in Sydney is a hot topic thanks to recent changes to Residential Tenancy Laws in NSW

Lease Renewal NSW – An Easy Explanation

Lease renewal in Sydney is a hot topic thanks to recent changes to Residential Tenancy Laws in NSW. Effective from 23rd March 2020, the NSW Government says these amendments are designed to “improve tenants’ renting experience while ensuring that landlords can effectively manage their properties”. But change always brings a level of uncertainty. Many landlords are now wondering how the new regulations will affect their investment properties and, in particular, what impact this will have on lease renewals. 

Lease Renewal NSW Explained

Lease renewal generally occurs near the end of a fixed-term tenancy agreement. Before the end of the lease, a landlord may decide to:

  • End the lease: The tenant vacates the property.
  • Renew the lease: The tenant signs a new contract agreeing to lease the property for a fixed period of time. 
  • Have a periodic agreement: The tenant continues living at the property and paying rent, but on a month-to-month basis which can be ended by either party providing the necessary amount of notice.

Landlords have typically favoured a lease renewal over a periodic agreement because of the stability that it provides. 

What is Involved in the Lease Renewal Process?

If you want to offer your tenant a renewed lease, then your first step should be to talk to your property manager. They can conduct a rental assessment to see whether the current rent is still in line with the market average or whether a rent increase can reasonably be implemented. Your property manager will then send a Notice for Lease Renewal to the tenant, which will outline the terms of the new agreement (including the length of the new lease and any proposed changes in rent). This lease renewal letter should be sent out prior to the end of the existing lease, as this allows plenty of time for the paperwork to be completed. 

How Do Recent Changes’ Affect Lease Renewals in Sydney?

When a tenant breaks a fixed-term lease, they are required to pay a break lease fee. Under the new regulations, these fees are fixed and dependent on how much of the current lease is remaining:

  • If less than 25% of the lease has elapsed, then the fee is 4 weeks rent
  • If less than 50% of the lease has elapsed (but more than 25%), then the fee is 3 weeks rent
  • If less than 75% of the lease has elapsed (but more than 50%), then the fee is 2 weeks rent
  • If more than 75% of the lease has elapsed, then the fee is 4 weeks rent

This means that there is a strong deterrent to breaking the lease in the initial stages of a tenancy, but that this will diminish with times. 

What Are the Benefits of Lease Renewal? 

You may now be thinking: “What are the benefits of lease renewal since the tenant can break the lease anyway?” In an effort to avoid a lease renewal fee, some investment property owners may think that a periodic agreement is the preferred choice. But renewing a lease comes with a range of benefits that far outweigh the minimal costs associated with a lease renewal. These include: 

  • Keeping a good tenant: If you’ve found a reliable tenant who is caring for your investment property and paying the rent on time, then it’s well worth signing a lease renewal. A tenant left languishing on a periodic tenancy may feel that their situation is unstable and could start looking for a new rental property nearby that offers more stability. 
  • Minimising costs: Every time a tenant moves out of your property you will face costs associated with advertising the property and potential lost rent. Tenants on fixed-term leases are less likely to suddenly move out because of a concern about how this may impact their reputation as a reliable tenant.

Handling a lease renewal is just one of the many ways that a reliable property manager can make life easier for a rental property owner. If you’re looking for a property manager who has industry experience and delivers high-class service, then contact Thank You Real Estate for a free rental property appraisal. 

 

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Switching property managers is easier than you think

Author: Tanisha Lirani
Categories: Investors,Landlords,Property Management
Switching Property Managers is Easier Than You Think

Switching Property Managers is Easier Than You Think!

You’ve realised that your investment property managers just aren’t delivering the service you deserve…now what? How do you find the right property manager? The kind of property manager that will look after your property like it’s their own. An agency where property management fees are offset by exceptional service, ample industry experience and a commitment to practicing what they preach. And once you’ve found this agency, just how complicated is it to make the switch?

Fortunately, this process doesn’t need to be hard. It doesn’t need to be complicated and it doesn’t need to involve hours and hours of research. Thank You Real Estate is here to help.

Why Choose Thank You Real Estate?

Thank You Real Estate offer superior property management services in Sydney and were founded on the principle of ‘they do what they say they will do’. With a committed team of knowledgeable property managers, Thank You Real Estate is the right choice, thanks to our:

  • Local Knowledge: Based in the Greater Sydney area, Thank You Real Estate currently operates across 16 suburbs, including Parramatta, Westmead, Wentworthville, Blacktown, Granville, Pendle Hill, Quakers Hill, Marsden Park, Castle Hill, Baulkham Hills. Local knowledge is an essential part of good property management, allowing for trusted local contacts and accurate rental assessments. 
  • Customer Reviews: Any property manager can say they’re the right choice – but what do their existing customers think? Thank You Real Estate enjoys a 5-star overall review rating on the independent website Rate My Agent, in addition to client testimonials proudly shared on our own website.  
  • Exceptional Service: At Thank You Real Estate, our property managers have rejected the old school agency mentality of “near enough is good enough”. Instead, we strive to be positive, flexible and committed, utilising the latest technology and fostering a high level of professionalism and excellent time management.  
  • Value for Money: Property management cost is always an important factor for investment property owners, as you try to balance the right level of service with the right level of cost. To assist with this, we’ve built a business with low overheads and operational costs, allowing us to deliver superior service without the weighty price tag. 
  • Great Communication: To assist with seamless communication we’ve invested in cloud-based software applications that are highly secure and allow for a greater level of automation. You’ll automatically receive notifications regarding payments, inspections and other routine matters, freeing our property managers up to handle more complex tasks in a direct and one-on-one manner.  
  • Innovative Business Structure: Investment property managers often operate within a hierarchical system that can make it difficult for you to know who you should be speaking to. Thank You Real Estate has done away with this old business model, allowing clients to speak directly with the business owner, who is intimately acquainted with all end-to-end aspects of the business. 

Is Switching Property Managers a Complicated Process?

Not at all! At Thank You Real Estate we have made this process as simple and stress-free as possible. Once you’ve decided to make the switch to Thank You Real Estate, you’ll be provided with a simple form that confirms you have authorised us to manage the property on your behalf. After signing an online agreement, there’s nothing else for you to do – we literally take care of everything, at no cost to you.

For more information on just how easy it is to switch to a new property manager, give our helpful team a call or use our online form to request a callback.

Looking to
Sell or Rent
Your Property?
Book your free appraisal

Our Happy Clients

Owners and tenants that love their property manager. This is what happens when you do things with Thank you Real Estate.

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