Budgeting for Expenses and Maintenance!
It’s the time of year when you should stop and review the performance of your investment portfolio, or perhaps, you’ve received some advice to consider investing in property.
Either way, it’s important to know that your investment goes beyond the initial cost of purchase.
Planning for your ongoing expenses will ensure that you don’t find yourself under financial pressure throughout your tenant’s occupancy.
Much emphasis is placed on finding great tenants, but once those tenants are secured, they need to be looked after. A happy tenant who’s repairs and maintenance requests are dealt with “promptly and professionally” will pay off tenfold.
Achieving a relationship based on goodwill will always provide the best outcome for a landlord and should be highly valued and prioritised, by both landlords and property managers.