Home ownership may be a wonderful dream, but it can quickly turn into a nightmare if you have a property with problems. If you don’t just have a property to live in, but also have one or more that you rent out to tenants, your problems may just be compounded.
However, a good landlord needs to be able to manage all the basic homeowner problems, and then some. Although, often hiring a real estate agent or property manager to ensure that your rental properties are being well looked after, and that your tenants’ needs are being met is the way to go – particularly if you are not based in the area.
One of the worst feelings as a landlord is when you get a panicked phone call from your tenant with an urgent problem that simply can’t wait. From an urgent plumber to fix a hot water cylinder that just died, to a sink hole that has suddenly appeared on the front steps, there are problems that come completely out of the blue, and unfortunately aren’t always going to be covered by your insurance.
One of the more common type of issue you are likely to encounter as a property manager is leaking roofs. Often you will get tenants complaining about a leak within a few months of a major storm hitting the area. Frequently people are simply not aware of the seemingly minor damage that occurs to a roof during a storm, so don’t think to … Read More