5 expenses that blindside investors
To ensure that you don’t get blindsided by unexpected expenses, here are five that you’ll encounter along your investment journey
Maintenance & Repairs
Being proactive with repairs and maintenance will not only save you money in the long run but also minimise your risk! Some common repairs and maintenance require parts and labour costs could be from electricians, plumbers, cleaners (in-between tenancies). It’s recommended that every 5-7 years new carpets be installed and a new coat of paint. We recommend having a ‘rainy day’ fund in case of any unforeseen circumstances.
If your property is vacant you obviously will have no income from the property. It’s important to have your property priced properly and looking its best so potential tenants will be attracted to it. We highly recommend professional photography when marketing the property so it stand out from the crowd and won’t be sitting empty. At LJ Hooker Walkerville | Modbury, on average our properties are vacant for only 10 days!
If your investment property is part of a strata group you will have to pay these fees.
We cannot stress enough the importance of having your investment protected with adequate Building and Landlord Insurance. As a landlord, you need to ensure that you have the right cover in case any unforeseeable incidents occur. Click here
for more information.
Property Management Fees
Employing a professional to manage your investment properties leaves you with spare time and less stress. A property manager will have the hard conversations with tenants for you, keep up to date with legislative requirements, have reliable trades contacts etc.
For any further information please feel free to contact us on 8269 7711.