Newsletter October - November 2010

							   Property Management News
                                                                                          edition 3




Legislation Changes For NSW Stay Safe During Storm Season
Some interesting information has been received from NSW                           The drenching rain we crave, unfortunately, is
Government Fair Trading regarding the changes soon to be                          often a by-product of summer storms that have
implemented for NSW Residential Tenancy Agreements.
Listed below is a number of points we thought might be of                         the potential to damage your home or investment
interest to our NSW owners.                                                       property.
•      An Owner/Agent will need to provide tenants on a Pe-                       Preparing can be the key to preventing unneces-
       riodic Agreement with 90 days notice, after the day it                     sary damage to your property and keeping your
       was served if they wish for tenants to vacate the prop-
       erty without grounds.
                                                                                  family as safe as possible during a storm.
•      Landlords will be able to cut 2weeks from the eviction                     Here is a few tips that may help to get your home
       process by applying to the Tribunal for orders at the                      and family prepared.
       same time as giving a termination notice to the tenant.                    •     Preparing your home is about ensuring your
•      The maximum amount of rental bond that can be                                    roof is completely secure—no loose tiles.
       charged will be 4weeks rent, regardless of whether or
                                                                                  •     No leaves or other debris clogging the
       not the property is furnished. Landlords will not be
       allowed to request or receive any bond ‘top-ups’                                 guttering.
       during the course of a tenancy.                                            •     Trimming of trees around house &
•      Rented premises must be water efficient if tenants of                            powerlines.
       separately metered premises are to pay for water
                                                                                  •     Remember all loose outdoor items such as
       usage.
•      If a landlord decides to sell the premises, the selling                          garden furniture or toys can become hazards
       agent must make reasonable efforts to agree with the                             during strong winds.
       tenants. Two inspection periods each week will be                          •     Repair any known leaks, especially
       allowed, & parties can negotiate if more access is                               in ceilings & around windows.
       required.
For more information on the soon to be
                                                                                  Anyone needing SES assistance during
changes in the NSW legislation you can                                            a flood or storm should call 132 500.
visit www.fairtrading.nsw.gov.au
                                                                                                                    Information sourced from REIQ website
                   Information sourced from NSW Government Fair Trading website
                                                                                                       Coolangatta                      Kirra
                                                Mandatory Safety Switches for QLD
                                                                                                                        LEASED




                                                                                                                                                      LEASED
                                     Since early 2008, all residential rental
                                     properties in the state of Queensland where
                                     a residential tenancy agreement is in place are
                                     legally required to have safety switches
                                     installed.                                                       Tweed Heads                      Tugun
                                     The legislation has two distinct categories:
                                                                                                                                                      LEASED
                                                                                                                        LEASED




Ray White Coolangatta                Homes built after 1992
                                     It has been a legal requirement for all homes
Property Management                  built since1992 to have safety switches installed
                                     on power & lighting circuits.
p. 07 5536 5844                      Homes built before 1992
f. 07 5536 9898                      As of March 1 2006, the law required                                Bilambil                   Tumbulgum
coolangatta.qld@raywhite.com
                                                                                                                                                      LEASED
                                                                                                                         LEASED




                                     that landlords install a safety switch to
To subscribe to receive a bi-monthly the power circuit of the rental property.
copy of the Property Management More information is available at
News, email details to               www.dir.qld.gov.au
coolangatta.qld@raywhite.com                                Information sourced from REIQ website


News from your local                                   Ray White Coolangatta
Ray White Office
Ray White Real Estate                          Property Management News I October / November 2010                                               Page 1
 Investment                                          Choose the Right Insurance for Your
 Opportunities                                       Rental Property
                                                     Owners of rental properties should look closely at the policy wording and ask the right
                                                     questions before purchasing insurance.
                                                     Terri Scheer Insurance Manager, Ms Carolyn Majda, said that property investors may be
                                                     unaware that there are specific risks associated with owning a rental property and that
                                                     these risks are generally not covered by a standard home and contents insurance pol-
   12 Cook Cr, Tweed Heads South
   Currently rented at $360.00 per week
                                                     icy. “Landlord insurance covers landlords for malicious damage by tenants, accidental
   Matt Morris 0424 184 895                          damage, legal liability for occurrences on the property that cause death or bodily injury,
                                                     and loss of rental income as a result of property damage or a tenant absconding.”
                                                     “Uninsured landlords really need to think about how they would manage financially if
                                                     they were faced with thousands of dollars worth of damage to their rental property, or
                                                     were unable to relet their property while repairs were being made.”
                                                     When looking at the cost of the policy, consider any excesses that are payable on
                                                     claims. Some policies might appear to offer good value for money, but after factoring in
   7 Bolwarra Place, Bilambil Heights                excesses and other expenses, it might cost you more in the long run if you to make a
   Estimated rent return of $400.00 per week
                                                     claim.
   Jan Harris 0421 107 859

                                                     Some recommended key questions to ask when choosing your land-
                                                     lord insurance policy:
                                                     1.         What is the level of cover provided for ‘loss of rent’?*
                                                     2.         Does it cover accidental damage as well as malicious damage?
                                                     3.         Does it cover legal liability?
   233/2 Falcon Way, Tweed Heads South
   Estimated rent return of $360.00 per week         4.         Does it cover your contents?
   Amanda Patterson 0409 442 588                     5.         Does it cover you for the cost of a tax audit?
                                                     6.         What is the total contribution you will be required to make
                                                                towards a claim?
                                                     7.         How long will it take for a claim to be paid?
                                                     8.         Can you always speak with a customer representative?
                                                     9.         Can you place your cover online?
                                                     10.        Are you happy with the level of customer service?
                                                     *Loss of rent should cover landlords if their tenant absconds or a tenant under a sole occupancy dies, or if tenants
   89/60 Marine Parade, Coolangatta                  leave the property unable to be tenanted whiles repairs are made.
   Currently rented at $460.00 per week
   Wayne Bisgrove 0409 455 443
                                                     For more information about landlord insurance, visit
                                                     www.terrischeer.com.au or call 1800 804 016                                               Article provided by Terri Scheer Insurance


Are you ready for Digital TV???
Between 2010 and 2013, analog free-to-air TV signals are being switched off and replaced with digital-only signals. We have listed below a few
points that might help you prepare for the switch to Digital TV.
What is Digital TV?
The word ‘digital’ simply refers to the way in which TV signals are broadcast (sent) and received by TV’s in homes around Australia. Currently in
Australia, TV is broadcast in both digital & analog. However, the analog signals will be gradually phased out across the country between 2010
and 2013, and Australian TV will become digital-only.
Is my property digital ready?
If you own or manage a property, you need to check now that it is digital ready to ensure your tenants will be able to receive digital TV signals
once the analog signals are switched off in the area. Your tenants will expect you to ensure the property is digital ready, so the sooner you’re
prepared, the better it will be for your property investment.
What does this mean for my property?
To watch digital TV after the switch off, your tenants will need equipment that’s capable to receiving digital TV—equipment like a set top box (for
connecting to an analog TV) or a TV with built-in digital tuner. The right antenna and cabling system are also important factors in receiving good
digital TV reception. The TV antenna system for your property may need to be upgraded and as a landlord you need to ensure this is done.
Can I claim a tax deduction if I buy an antenna?
If you own an investment property, you might be able to claim a tax deduction for part or all of the cost of the purchase or upgrade
of antenna equipment for your rental property. To find out whether you’re eligible, contact the Australian Taxation Office (ATO).
You can visit www.digitalready.gov.au or call 1800 201 013 for more
information .                                                                       Information provided by the Australian Government—Digital Switchover Taskforce

News from your local Ray White Office                                                                                                                Ray White Coolangatta

 Ray White Real Estate                             Property Management News I October/November 2010                                                                             Page 2
    Disclaimer: We have, in preparing this information, used our best endeavours to ensure that the information contained therein is true and accurate, but accept no
                              responsibility and disclaim all liability in respect of any errors, inaccuracies or misstatements contained herein.