Whether you’re a landlord or a tenant, with the silly season upon us, we thought it would be timely to share some tips regarding all the activities around Christmas.
Managing expectations during Christmas means landlords and tenants must find the right synergy. That way, any problems or issues can be taken care of without adding additional stress to what can be a hectic time of the year for some.
And, like everything else around this time of the year, preparation and planning are key. Knowing your responsibilities will ensure everyone has a happy, safe, secure, and enjoyable festive season.
For Landlords
The lead-up to Christmas is a great time to look at how your investment property has fared over the past 12 months. It’s also an excellent opportunity to reflect on what’s working, what isn’t, and what you might need to do to maintain and maximise the value of your investment.
Vacating tenants: Are your tenants vacating over the Christmas/Summer break? If so, it could be a golden opportunity to carry out some essential maintenance. Could the place do with a fresh lick of paint? How about the floors? Would a carpet clean or a floor polish go astray? Do the windows need a wash or some TLC to ensure they’re working properly? What about the garden? If it’s a jungle out there, a trim, mow, more plants, and a tidy-up will add appeal when you come to list the property for rent again.
Your property manager will have made regular inspections throughout the year and should have an idea of the sort of things that you’ll need to take care of before the property is ready for the next tenants.
Availability: At this time of year, communication is crucial. It’s essential that you or your property manager remain available for your tenants to contact over the Christmas period. If there are any issues or emergencies or some other unforeseen event that results in property damage, it will need to be handled quickly.
If you’re planning on taking a Christmas break, the proper thing to do is let your property manager know. The last thing you want is to return from a relaxing spell to a stack of complaints and an unhappy tenant who feels unloved.
Christmas decorations: No one likes a scrooge at Christmas so if your tenants want to put up some festive decorations, make sure they know what sort of decorations are allowed.
Are you happy for them to have Santa and the reindeer on the roof? What about a wreath for the front door? Can they put lights up outside the house or a snowman on the front lawn?
Ensure your tenants know to fix any marks, holes or damage to the property, yard, or lawns from decorations after they are removed. And remember, Blu Tac marks on the walls from holding up decorations are easily cleaned and worth it if you’ve got happy, reliable, long-term tenants.
Maintenance and upgrade: If your tenants are going away for Christmas, this is the time to organise some maintenance and any capital works. Apart from some maintenance issues mentioned above, upgrading and installing some new kitchen or laundry appliances, cupboards, air conditioning or heating, and anything else can be done with minimal fuss.
If your tenants aren’t going away, arrange a convenient time with them and check with your tradies that they’re available over Christmas to carry out the work.
Review: Sometimes, especially during the silly season, things can get out of control, and you could end up with damage to your property, whether it’s from a break-in or an overconfident partygoer with one too many under their belt. Now might be the right time to consider whether your Landlord Insurance is adequate and ensure you’ve got the best cover to suit your needs.
The same applies to your finances. You may have different goals in 2023. It could be a great time to re-think your home loan and lender to see whether it’s still the best option for you before heading into the New Year.
For Tenants
Communication with your landlord or property manager is critical at this time of the year. If you have things planned that impact the property, get on the front foot by informing those who need to know.
Rent payments: Christmas is an expensive time for many of us, but for those in the rental market, rental commitments are an additional financial distraction. To plan ahead and ensure your rent is paid on time, be sure to set up your rent payment so that there’s money in your account the day the payment is due.
Away for the holidays: If you’re going away on holidays, you need to fulfil your tenancy obligations while away. This includes ensuring your rent is paid when due and making sure the property doesn’t look unattended; otherwise, it can be seen as an easy target for thieves. Secure the property by ensuring the doors and windows are locked. Have a friend collect your mail, put your bins out, get rid of junk mail, and give your plants and lawn water. A sensor light is also a good idea.
Guests and parties: ’Tis the season, right? Be considerate of your neighbours, or there could be a knock on the door from the local constabulary. Try and find a balance between your right to enjoy a party in your home and your neighbour’s right to peace and privacy.
If you’re having parties and guests stay over, remind them that the property is rented and that you’re responsible for any damage. Remember, short-term guests are fine, but they may be considered an unapproved occupant if they stay longer.
Maintenance issues: Christmas holidays are an excellent time to have any niggling repairs or maintenance issues taken care of. Speak to your landlord or property manager about arranging a time for access to the property so they can be fixed.
No one knows the local property market and getting the synergy right between landlords and tenants than the experienced property management team at McGrath Real Estate Group.
Phone our office on 8350 4200, or drop into 42 Brighton Road, Glenelg.