What you need to know

Like any small business, if you rent a home you have customers — your tenants — and  there are laws you need to understand. 

You have to be aware of the property, the people, the paperwork and the processes, and as with any business, things keep changing, eg:

• smoke alarms are now compulsory in your rental home and you must fit the right type in the right places.

• all your new tenancy agreements must now include an insulation statement disclosing if there is insulation, where, what type and its condition — you must make all reasonable efforts to provide this information so tenants know what to expect.

• you will need ceiling and underfloor insulation, where reasonably practicable, by July 2019, although some exclusions could apply.

If you don’t comply you could face penalties of up to $4,000.

(Source MBIE)