Drug Labs and Suicide- What if its your Investment?

Very rarely does it happen, but it does. What do you do? Does your Landlord insurance cover the expense of the clean up afterwards? Please check your policy carefully.

With the discovery of a Drug Lab in your property is that the Police will contact you or your property manager to discuss the situation.The cost cleaning up a drug lab can run into thousands of dollars as the property is inhabitable. Please refer to the Queensland Health for further information on how to deal with situation and what is required by law to be done so the house can be re tenanted or sold.   Disclosure is required when re renting/selling and a copy of the certificate from Queensland Health that it is now safe to lived in.

ice

Suicide or Death on the other hand is handled differently.

On being informed of a tenants demise, the property manager will inform the owner, and the next of kin will apply for a termination of the lease. With all parties in agreement the tenancy will end.  The property will be returned to how it was on the entry report and will then be ready for a new tenancy.

With suicide you have to disclose to prospective tenants that there was an unnatural incident at the property. One of the reasons for this is that the tenants will eventually find out and that could lead to a misrepresentation of the property and you as owner loosing tenants and incurring additional costs.

Again I would advise that you check up on these yourself, so if you happen to be placed in that position you will know what is expected of you as a landlord/Owner

 

 

 

Section 185 Lessors Obligations

lessors obligation

At the start of the tenancy, the lessor must ensure that: The premises and inclusions are clean The premises are fit for the tenant to live in The premises and inclusions are in good repair The lessor is not in breach of a law dealing with issues about health and safety of persons using or…Read More→

What to look for in an established rental property?

rental property

Investors look for many different things in different properties with different requirements. Most investors today, are Mums and Dads looking to build a better future for retirement. So what is a good investment?? Defiantly a house whether it be 3 or 4 bedrooms but it must have a lock up garage. So what do I…Read More→

Tax Depreciation – Writing off an asset

Scrapping and Tax Depreciation

All about Scrapping and Tax Depreciation – Writing off an asset From MCG Quantity Surveyors Previously I’ve written about how effective lives are determined, which gave a quick insight into the process of ‘scrapping’. In simple terms, scrapping is the process of throwing away an asset that has reached the end of its physical life.