Rental Inspection – Mandurah Property Owners’ Valuable Tool For Asset Protection


In the wake of the global financial crisis, many prospective homeowners had to put on hold their dream of owning property. The combination of high interest rates for mortgages as well as the prohibitive requirements has made owning a home too difficult an endeavour to pursue.

On the other side of the coin, many property owners are benefitting from this situation as evidenced by high occupancy rates around Australia. Some people who are new to investments have been enticed to make a foray into property investment because of these prevailing conditions.

If you have just acquired a rental property, there are several important things that you need to remember if you want to get good returns on your investment for the long run.

In purchasing a property, it is highly advisable to create a legal entity like an LLC instead of buying under your name. Why? When a legal dispute arises and the other party ekes out a victory, the assets under your name may be embroiled in the dispute. Although it may not be impossible to go after your assets under an LLC, it will be very difficult for the other party to take your other assets.

In just about any transaction, you cannot go wrong by signing a written contract. In leasing a property, a lease agreement can ensure that your interests are protected. It can serve as your first line of defence against disputes. As such, if it is your first time to be a landlord, make sure to consult a lawyer with expertise in such matters.

New landlords should also carefully screen their tenants, preferably those with a stable job and a good credit history. Once a suitable tenant has been found, make sure to subject your property to a rental inspection. Mandurah property owners ought to know that this is one of the best ways to avoid disputes once the tenant vacates the property.

A property condition report details the rental property as well as its contents – from small cracks on the walls to the worn-out carpet. Should any dispute arise, both parties can refer back to the report and see whether the issue in question is due to regular wear and tear or due to neglectful damage.

Ideally, inspection should be done before the tenant moves in and should be documented with photos. In turn, the tenant should sign the report shortly after moving in.

About the author: Oliver Finney is an enthusiast of the real estate industry who loves to continuously learn and share knowledge as well about the vast and comprehensive world of the real estate business, off and online. He writes on his free time, and uses helpful sites like as his resource and inspiration.

About the Author