hanges to the Victorian Residential Tenancies legislation come into effect on the 29th March, 2021.There are over 130 changes, some of which are procedural and minor and others which will impact the way investment properties are managed going forward. These include minimum standards which will be applied to the rented property in terms of fitness for purpose, good repair, regular gas and electricity compliance checks, structural requirements (such as locks on all windows and a heating unit in the main living area) and a raft of other new regulations.
Renters will have more discretion to undertake repairs with the widening of the definition of urgent repairs, and also to undertake a range of minor property modifications without requiring an owner’s consent.Prospective investors will need to familiarise themselves with this new legislation and our Property Management department is ready to answer any questions our current or future landlords (now to be known as ‘‘rental providers”) may have.
Until next week,
Nick Lord (Director)