Guide for would-be landlords

2013-07-15 11:36
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Cape Town - Do you want to follow in the footsteps of Fin24 user Neil Vorster, who used clever townhouse investments to finance his daughters' education and give them a head start in life?

TPN managing director Michelle Dickens provides useful guidelines for would-be property investors in Finweek magazine.

Here are her tips:

 - Tenants look for neat, properly maintained units rather than super-sized properties;
 - Full titles are harder to maintain than sectional title units;
 - Tenants shy away from gardens and pools which they will have to keep in shape - they are best avoided;
 - Your best price target, which will also attract the most desirable type of tenant, lies within the R3 000 to R7 000 monthly rental range;
 - Location still counts - your best bet is a property close to where you live;
 - You will need to send out monthly statements, including water and electricity charges;
 - Don't forget incoming and outgoing inspections;
 - You may need to chase up tenants who don't pay on time - think follow-ups by letter, phone and emails;
 - Maintenance is a must, whether planned (a paint job) or unexpected (a burst water pipe); and
 - Do you want to go it alone, or hand over day-to-day management to a rental agency for a fee?

Have you had a good or bad experience as a landlord?

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