Major Mistakes Of First Time Landlords

By Author: Ben Bernaibe
Total Articles: 11
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One of the major mistakes that landlords commit is that they think their property will manage itself. Your rental property is more important and needs extra care. The investment is much larger and this is certainly going to make you money. You handoff attitude can cause you more headache and money compared to the time it takes out of you to make monthly visits to your rental property. If your project the ‘I don’t care attitude’ expect the same from the tenants.
There will be a time though, where you have a tenant who has no respect for your property and if left unchecked can cost you dearly. In fact most of his rental payments will go in repairing the property. The damage inflicted on the property can be substantial – holes in the wall, doors, windows, ruined rugs and floors by pets, kids and general misuse. Image the repair costs for this. Realty can be an expensive awakening.
Here are few simple steps to cure.
Lease – If you lease, put a clause of spot inspection and follow your local landlord and tenant by law.
Physical presence – If you aren’t making visits to your renal ...
... property at regular intervals, start it now. While you are there take some time to observe the yard. Look if it is property cared for. This can be a good time to note possible future fixes as well.
Timelines – If certain issue has been reported, don’t ignore it and neither you should immediately call the tradesperson. Personally visit you property and inspect the issue. This will give time look over the other aspects of your property.
Taking action – if you are receiving early signs of warning, get though the spot inspection clause, if there are major damages try to recover them and immediately evict.
If you consider doing all this of your own a hassle, you can go for some good Estate Agent Reading or refer to a local property management company.