Managing an investment property generally means finding tenants, gathering rent and arranging maintenance and repairs. You can save yourself a bit of money if you do this yourself, or you can save a bit of time and have an agent do it for you.
If you decide to appoint an agent expect to pay around 5% of the rental income you get from the property. The upside is, once you have signed, there's little more for you to do. An agent will:
Plus, an agent should know the system inside out – so you don't have to do a crash course in tenancy laws and requirements.
Depending on what you decide, either you or the agent will have to:
Either you or the agent may also have to:
Whether you're doing-it-yourself or with the help of an agent, take the opportunity to inspect your property regularly. A visit can reveal any potential tenancy or maintenance issues.
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Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on your mortgage or other loans secured on it.
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