Hi All,
I have been living in my apartment in Preston for over 1.5 years and am about to move out and looking at renting the apartment out.
This is the first time i've rented something out before so I'm a little nervous.
The apartment is furnished and has the perfect size fridge to fit in the space and other furniture that suits the apartment well. Is it a bad idea to rent some of the furniture out with the apartment?
I have been told that in Preston, I should not rent it out furnished… but the only problem is then i have to find somewhere to keep all my stuff… which is possible through my folks home I guess.
Anyway, just after some advice on the above, and the best way to find a tenant (through an agent or through my own mates friends of friends etc..) and how much I should be paying an agent. I have had one quote of 7% of calender rent from an agent to manage the property.
I'm also a little confused as to how the insurance works. Land lord insurance etc. I mean do I just keep my existing insurance which covers the contents or just cancel that and get different insurance?
Sorry for all the questions…. I'm doing research but have found this forum to hold sound advice from its members in the past.
Cheers
Is it your contents that are being insured? That is the only reason to have contents insurance.
LandLord insurance covers you for things like malicious damage, lost rent while getting damage fixed, public liability insurance (10 million dollars) in case someone is hurt in your property and building.
I would recommend you investigate Landlords insurance do a search in Google on LandLords insurance
7% is what I pay but be aware that there is also a fee for drawing up the new lease and you may have to pay for advertising to obtain a tenant in a local newspaper or a major newspaper.
A furnished apartment would require contents insurance and you should get a quantity surveyor to value the furniture so as to work out a depreciation schedule for tax.
You may find a need for a furnished apartment for Northcote Tafe students or maybe Latrobe university students in Plenty Road Bundora.
It might be worth talking with student services at Latrobe University or Northcote Tafe to see if there is a need for accommodation for students in the area.A property manager is worth 7% if things do not work out and you have to deal with the tenants tribunal or VCAT.
Hi Duckster.
thanks for your reply and advice. big help.
It would be my contents that is in the apartment. Essentially i will take all the furniture out, but really want to leave the fridge/washer/dryer in there… as they fit perfect and are a hassle to get in and out…
even though I was advised against renting a furnished apartment out in that area, do you think just whitegoods are oK? I guess it depends on who i can get to rent it.. i.e if they need that stuff!
after more research i'm happy with the 7%
cheers
Hi
I have just leased out three apartments in Preston this month for clients and they come fully furnished. When I first placed on the market for rent most of the calls were from people wanting furnished. There is a great deal of demand in Preston especially for nice modern fully furnished apartments close to the High Street cafe strip and public transport.
Regards
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