The Top 3 Mistakes You Must Avoid When Investing Property
It is inevitable that first time property investors may commit mistakes during investment. However, it can be avoided as long as you know the common mistakes that first time investors usually commit in the process.
If you're reading this and you're not yet a client of Rental Management Australia, you may think that doing the supervising of your property on your own can save you money but actually, it could cost you even more in the long run. Managing a property requires specific skills and knowledge about the legalities involved with renting out a property. First of all, knowledge of the market is very important as well as the skills in looking for the right tenant for your property. All these skills and knowledge can only be found in a professional property management Perth company. You must therefore avoid self-managing.
2. Neglecting Insurance.
Never underestimate the benefits that landlord insurance can provide you. It should be a necessity rather than an option for you whether or not to purchase it. Landlord insurance can protect you from any damages that your tenant may cause on your property. There are various insurances that offer various benefits. Make sure you choose the right one. Ask assistance from your property manager and help you choose the best one for you. It should also be noted that in many cases Owners who manage their own investment proeprty are prevented from obtaining Landlord protection insurance as it is generally only available through professional Property Managers.
3. Emotional wreck.
Do not invest on something based on your emotions. You won’t be living in the house, so why would you purchase something based on what you want? Purchase a property because you know it would be a seller in the market. Although you can still embellish the house as you wish to make it more appealing, the bottom line is, be strategic in making your investment purchase.
Property investment is undeniably an expensive investment, and that's why you have to make sure that you make the right choices for your investment and not make decisions based on your purely personal preference.
Rental Management Australia are the Property Management Experts, we specialise only in property management - managing your investment property is what we do best. Call us now on 1300 440 166 for an obligation free chat on how we can help you.
I also had a meeting with xxxx (Financial Advisor) last night and forwarded on your email. We have 3 other properties and deal with 3 separate Real Estate agents and I passed on the feedback that RMA property were doing a great job in managing this property for us.
Would like to thank you and the team...
Jason Williams, Boral NSW Office