If you find yourself craving for a hot choc with marshmallow and wishing you were sunbathing on a tropical island, it must be winter. Here in Melbourne, we are in the midst of cold mornings and rainy days. When it comes to taking care of your investment, here is our winter checklist to ensure your property is winter-ready and winter-safe.
Gutter Cleaning
Now that all the autumn leaves have fallen, it is an opportune time to get your gutters cleaned if gutters and downpipes are applicable to your property. Regular gutter maintenance is vital to ensure that fallen leaves, twigs and any other organic debris are removed in time and well before significant blockages occur.
Heating Unit Service
Heating units, be it electricity or gas powered, are required to be serviced every 2 years in accordance with Residential Tenancies Regulations 2021 in Victoria. This service needs to be carried out by a licensed gas fitter or electrician. It is the rental provider’s responsibility to ensure the heating unit service in a rental property is up to date.
Safety Compliance Checks
Under the Residential Tenancies Regulations 2021, rental providers must make sure gas and electrical safety checks are carried out every 2 years. These checks must be undertaken by a licensed gas fitter or electrician. It is also important to note that all rental properties in Victoria must meet certain compliance requirements no later than 23rd March 2023. Records of the most recent checks must be kept by the rental provider until the next one is done. Failure to do so will result in a $9,913.20 fine.
If you haven’t arranged to have these checks done, we urge you to action on this matter at your earliest convenience to make sure your investment property is compliant with the minimum safety standards. This is also to attract first class renters with a safety compliance certificate, as well as protect yourself from being publicly named and listed for 3 years on Consumer Affairs Victoria’s Rental Non-Compliance Register. Further to that, these compliance checks will also reduce urgent repair requests from your renter.
End of Financial Year (EOFY) Statement and Tax Depreciations
As we near the end of financial year 2021-2022, you should receive an EOFY statement from your property manager in early July for tax purpose. Tax depreciation is also an effective way to maximise your tax benefit if it’s applicable to your investment.
Planning for A Spring Sale
If you are planning to sell your property in spring, you need to get started in winter. It generally takes at least 6 to 8 weeks for a property ready for sale. Some of the important things to tick off include preparing Contract of Sale, attending to maintenance and repairs, serving renters Notice of Intention to Sell, etc.
If you wonder whether you are getting the most out of your investment property, feel free to contact us for a complimentary appraisal.