Buy Investment Property – Avoid These Common Mistakes

By Author: Mary Joyce
Total Articles: 1
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Are you looking to buy investment property? Well then now is the time to have the right understanding and expectations as a property owner. Here are some important areas to be mindful of as they can often cause conflict and upset to property owners.

1. Wear and Tear
It’s important to keep in mind that you will buy investment property and others will live in it – and every person who rents your property will live differently to you. Expect bumps and scratches to paintwork, woodwork and other items and remember that items naturally age as well.

2. The Rent Arrears Process
It’s always best to be firm about receiving rent on time. It is crucial not only to understand there will be a substantial financial loss when tenants don’t pay their rent, but also we strongly urge landlords to be covered by a quality landlord insurance policy (speak to us for more details).

3. Repairs and Maintenance
This is simply having the right expectation that everything that is provided as part of the tenancy, whether inside or outside, on the grounds or in a shed, has been ...
... provided in good working order. If an item breaks down, it must be repaired within a reasonable time frame. If it cannot be repaired, it must be replaced quickly.

These three tips should help keep you and your tenants maintaining a good relationship so you can enjoy your valuable property investment even more!

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