Thinking of upgrading to a bigger home, but can’t decide if you should sell your current property, or rent it out as an investment property?
1. Can you afford to keep your home as an investment property?
If you do decide to rent out your home, you will still have your usual rates to pay, plus ongoing maintenance and repairs. With a rental, hot water systems can fail, and air conditioning systems may need work. So provided that these costs won’t stretch you too thin, holding onto your property as an investment is always a good option.
Speaking with you local mortgage broker at Loan Market is a great way to understand all the costs of renting your property out while servicing another loan.
2. Is being a landlord for you?
If you find you can afford to keep your home as an investment property, consider whether you have the time, patience, and desire to manage the property yourself. If you’d like a property manager to do it for you, the entire team at Real Estate Central are great and Hayley Hosking our new business development manger is always available on 0422 864 103 to answer any questions and assist.
Some of the most important tasks a landlord (or property manager) undertake are:
Finding a reliable tenant that pays rent on time and maintains your property.
Collecting and lodging the correct tenancy bond with NT bond administration.
Conducting regular routine inspections on the property.
Organising prompt maintenance and/or repairs on the property.
Ensuring all legal paperwork and documentation are filled out correctly and signed (e.g. tenancy agreements, property condition reports, inspection reports, repair requests etc).
If you work full-time and have a family, you may find it difficult to give your tenant and rental the time and commitment it needs - it totally depends on your circumstances, and head space.
At Real Estate Central Property Management they've invested in the best technology, systems and procedures to add value over and above the traditional functions of property management.
If you’d like more information on how a property manager can help you protect your investment, click HERE.