Covering the Costs of an Investment Property There are many benefits to owning an investment property. The extra income you can enjoy will far outweigh the work it takes to get there, and once you have your foot in the door of being an investment property owner you have the potential to grow your portfolio. One of the main factors you take into consideration when purchasing an investment property is the purchase price and of course if you can afford the mortgage. There are, however, other costs to keep in mind that are easily overlooked but can get you into a spot of bother if not attended to. Bills, bills, bills Aside from your weekly, fortnightly or monthly mortgage repayment you need to factor in other costs of running your investment such as rates, council fees and, if it is a unit or townhouse, body corporate fees. These are expenses you need to consider before you go ahead and make the purchase and it is information you are always able to gain access to when you are looking at properties. If possible, check out the state of the sinking fund if there is a body corporate in place and find out about repairs to common property that will be required in the near, and not so near future. Maintenance and repairs No matter the kind of property you purchase, whether a house or townhouse and the condition it is in, there is every chance that there will be repairs or maintenance required at some stage. Even new homes can have things go wrong.
Having a reputable and reliable property management Milton team such as eProperty Rentals, will ensure that any repairs that need to be carried out are well executed and charged at an honest rate from trades people. When you manage a rental property yourself you won’t have access to the same service as a property management team and you can never be assured of the same positive outcome. The right tenants Having responsible tenants in your rental property can also reduce the risk of extra running costs. If you put tenants in place who cause wilful damage and who don’t respect the premises you may end up needing to put your hand in your pocket if it can’t be proven the damage was negligent or deliberate. With the professionals at eProperty Rentals investment property owners are assured of a thorough screening process which means only the right tenants are placed in your hard earned investment. Get in touch with eProperty Rentals today and find out more about their fees and charges to manage your property perfectly, visit them online at http://www.epropertyrentals.com.au/.