Home Finance Perth: Tips For Being a Good Landlord
- Published on 22 August 2012
Being a landlord is as easy as collecting the rent payments, right?
Unfortunately, it’s not. Dealing with problems from repairs to rising ownership costs, tenant disputes and vacancies can be an all too common occurrence for landlords.
Here are some simple tips on how to deal with and solve the common problems you might face.
Repairs and maintenance costs vary depending on what type of property you own. If you own a stand-alone house, although they are tax deductible, the bills are all yours.
But if you own a unit in a strata premise there is a joint ownership structure where expenses are divided between owners. The issue is there isn’t always enough money to cover costs, leading to extra, unexpected expenses.
When buying a property in a strata building always check the repair history and how much money is in the repair fund.
Tenants can be another source of problems. The best tactic for avoiding such issues is to find the right tenants from the start but always try and reach an agreement over any dispute. If you feel eviction is the only option, be aware of the strict rules around the process.
Obviously you need tenants in order to receive rent payments but vacancies can happen leaving you spending more of your own money on repayments.
Be reasonable with how much you charge and do your market research on what similar properties are going for in your area.
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