Now that you're a landlord, how do you manage your property investment?

 General tips

·          Always maintain the property in a good state – when you care about the property, so will the tenants – it may also save on large expenditures in the longer term.

·          Remember, it’s an investment, so minimize repairs to what is essential rather than a luxury.

·          Do not skip on the safety or security of the tenant to save money – this is a legal and moral obligation.

·          Always ensure you have allowed for unexpected expenses and potential vacancy.

·          Consider landlord protection insurance which covers you against extensive damage by your tenants.

Using a real estate agent or doing it yourself

  Here we take a quick look at the pros and cons of each situation

DIY landlord	Using an agent
Saves on agents’ commission fees	Someone else deals with the day to day maintenance issues and tenant concerns
Allows you to build good relationship with tenant and local tradespeople	A local representative that has access to known tradespeople
Gives you greater control over what is happening with property	When tenants go into arrears or cause problems, you have access to experience to deal with the situation and protect your investment property.
Avoids the hassle of chasing up an agent to resolve issues.	You have access to the expertise required to manage the property such as tenants rights, notification periods etc.

Contact your nearest Resi branch today or find the most suitable home loan for your needs.
 

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