Furnished Rental Agreement

From: Aaron Dwyer


I'm thinking about renting my house out fully / partially furnished.

Should I add any extra clauses to the standard rental agreement? I'm in QLD.

For e.g to cover the contents.

Thanks

--
Aaron Dwyer
Freestyler Novice
~ To know and not to do, is really not to know at all.
 
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Reply: 1
From: Joanna K


Hi Aaron,

My suggestion would be to add a condition that the tenant acknowledges that the property is furnished and agrees to maintain the furniture in good condition and return the furniture in the same condition when vacating, fair wear and tear accepted. Also do an inventory stating each item, along with a description and the condition, and have the tenant sign a copy and return it to you.

Hope this helps.


Kind regards
THE RENTAL SPECIALISTS

JOANNA KARAVASILIS
Principal

rentals@rentalspecialists.com.au
www.rentalspecialists.com.au
 
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Reply: 2
From: Simon St John


Hi Aaron

Perhaps add a clause requesting the renter take out contents insurance ato the value of $X....

Not sure whether you can do this but certainly I'd want to know it's covered.

Perhaps there's an insurance person lerking that can answer this one?

Simon
 
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Reply: 2.1
From: Troy J


I would consider taking good photo's of each of the items also so that if the need should arise you can compare before and after shots (ie if you claim that an item was ruined by the tenant in excess of 'reasonable wear and tear').

Troy
 
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Reply: 2.1.1
From: Aaron Dwyer


Thanks for those excellent tips.

As a relevant side point.

Is it wise to hire goods to tenants like whitegoods aside from the normal rental dollar component??

eg. Rent + fridge hire + w/machine hire

Does anyone here do this? and is the added paper work worth it.?

Or is just increasing the rent to compensate with the clauses in the agreement etc enough.?

--
Aaron Dwyer
Freestyler Novice
~ To know and not to do, is really not to know at all.
 
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Reply: 3
From: Geoff Whitfield


Don't forget also that the furnishings do actually decrease in value. ATO deductions for depreciation may well be a good indicator of the value of the furniture. So if they say that a lounge suite has an effective life of 5 years- that means it's losing 20% of its value every year.

I had a property out of reach for 10 years- and I did not realise that the value of the furnishings was decreasing, and that the necessity of repairs was rising. If I had spent the same amount in repairs as I could have claimed in depreciation on furnishings, then the place would have been far more rentable.

Though I could not actually claim the deductions as the house was O/S.
 
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