Can You Really Afford To Rent It Out?

“Tell the tenants we never used that room to watch television…”
One of the big mistakes that home owners make when they rent out their house is that they feel like they are trying to “rent my home”. This creates huge problems from an emotional perspective. More often than not, the trap for the home occupier become landlord is that they expect a new tenant to live like they did. A sensible approach to renting out your home is to treat your tenants like mature adults and not your children who have left home for the first time.
Tensions arise during an owner visit to the property during the tenancy. Here the owners come landlord conducts a walk through the property. At this stage the landlord has come to realise that the property is not being occupied in a way that meets with their approval. A perfectly satisfactory tenancy may be in place and the new residents might well be the prefect tenant… but the emotional owner is really struggling with the thought of having to let go of the past.
A few thoughts to help you focus:
Your home was your home when you lived in it.
Your home is now your house and part of contractual agreement where somebody pays rent.
Your tenants will set up their home as they think fit for their enjoyment.
Your house, when rented out will make various homes for multiple tenants over time.
So long as your tenants are not damaging or neglecting your house then allow it to be their home.
Continue to remind yourself that your house has taken up a whole new function for you whilst you rent it out. Embrace the new purpose of the tenancy agreement in place and you will be sure to embrace the new found freedom you are enjoying in your new home somewhere else.
The Cost Of Being A Landlord – Can You Afford It?
Property Managers more often than not bear the brunt of the ugly landlord who can’t afford to keep up with the daily costs of owning an investment property.
This relationship tension is further tested when the tenant reports a need for urgent repairs at the rental property. How will these immediate repairs be carried out when the landlord cannot afford to pay for the tradespeople and the materials.
As a property investor it is critical that the landlord has a buffer funds account to meet the urgent repairs. For instance, a burst hot water system that is irreparable and must be treated as an urgent repair can cost anywhere within the vicinity of $2,000 – $5,000 to supply and install a replacement system.
Before you jump into the thrill of becoming a property investor do some due diligence and be sure that you can afford to meet your responsibilities as a landlord. Click on the link to get your free report, The 5 Costly Mistakes Landlords Make With Their Investment Properties

Chris Snell
Rental Success
http://www.rentalsuccess.blogspot.com.au

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