Leasing out your apartment or house is a great way to make extra money and property investments are some of the most lucrative investments available today. But even this profitable business method has quite a few drawbacks.
Not all tenants are good people and property owners often suffer tremendous financial damages when tenants cause damage to the property refuse to pay up or don’t abide by your rules and regulations.
Tenancy issues are bound to happen at one point or another and the steps you take to prevent these issues from happening will make a world of difference in your outcome of these tricky situations.
A tenancy agreement is the best step you can possibly make
A tenancy agreement is a written contract that is made between the tenant and landlord. In the agreement, both parties will agree to specific terms with regards to rental expense, payment dates, property rules, property care and maintenance and much more.
Drawing up a foolproof tenancy agreement is the best possible step any landlord can possibly make. These agreements prevent plenty of arguments and can also protect landlords from terrible financial losses.
It is incredibly important to get a professional lawyer to draw up your tenancy agreement so you can avoid these common tenancy agreement issues;
A wrong type of agreement – Skilled lawyers like ours at Pentana Stanton will ensure that you will have the right type of tenancy agreement for your specific property type.
An unsigned contract – You will avoid getting tenants into your property without a signed contract. If your contract goes unsigned your tenants won’t be liable for any damages that might happen while you are getting your agreement sorted out.
An improper inventory – If all inventory in the building isn’t listed then you won’t have proof of the inventory should it go missing or get damaged and thus won’t be compensated.
What to do about tenancy issues when you don’t have an agreement?
It is always best to seek out the help of a qualified lawyer the moment tenancy issues do occur. Our lawyers will help you as best we can so you can get the needed compensation for any damages the tenant might have caused or the best possible outcome for a tricky situation. It is, however, important to realise that without a tenancy agreement, there is just so much we can do. For example; you might get an unwanted tenant out of your property but might not get financial compensation for broken items since there wasn’t an inventory to prove that these items were in good condition before the tenant occupied the residency.
So what do you do when tenancy issues occur with an agreement present?
Tenancy issues happen whether there is an agreement in place or not. Tenants are just people who often make terrible mistakes that could lead to terrible damages to your property. With a tenancy agreement in place, you can, however, get compensated for damages to your property. This is because the inventory included in your agreement is proof of the condition of the property before the tenant moved in and the agreement also includes an exit cause as well as consequence agreements.
At Pentana Station we work through VCAT to solve tenancy disputes through means of negotiation, mediation and hearings. With the help of Pentana Stanton and through the use of VCAT, landlords can get the best possible outcome for their tricky tenant issues.