Property Management & Investment Guide
A few thoughts on purchasing and managing investment property… Property represents a very secure, sound, long term form of wealth creation. As such, many people are turning increasingly to property investment to secure their future. A well managed investment can offer many advantages including income and capital growth. Many investors may also be able to use their investment to reduce tax payable on their assessable income. Property is also a good option as part of an investment portfolio, particularly with people who do not need immediate access to their money and wish to protect themselves against inflation over the long term. It is important, however, to be aware of the responsibilities of managing your property investment and assuring proper care and responsibility. As considerable money is at stake, you need to take the time to get good advice before you act - and remember, consideration of any investment presents wide and varied alternatives and there are always plenty of experts ready to pass on their opinion. It is wise, therefore, to always seek appropriate advice from a qualified financial advisor or your accountant.
What is a property condition report?
This is a report that is compiled at the commencement of a tenancy prior to your tenant moving into the property. This report outlines the condition of the property at the commencement of the tenancy and is used when the tenant vacates to ensure that the property is left in the same condition. This is the last inspection carried out as soon as possible after the end of a tenancy, when the tenants have returned their keys. The Property Condition Report is used at this inspection and each item is checked off to make certain that the property is in the same condition as when the tenant took possession. It is at this inspection that any items that need to be rectified by the tenant are identified.
What is a Routine Inspection?
Routine inspections are conducted after a tenant takes possession of the property and are conducted every 3-6 months. These inspections are essential to ensure that your property is being maintained to an acceptable standard and to identify any maintenance that may be required. A copy of the routine inspection report is forwarded to you after each inspection and should it be necessary, a member of the Nidd Realty Limited MREINZ Property Management Team will contact you to discuss items noted on the report.
What happens when a tenant stops paying rent?
When a tenant falls behind in their rental payments they are followed up that same day with a phone call. If they have not paid their rent within 3 days they are issued with a notice of breach, advising them that they are behind and requesting that they rectify the problem. If this is not done within the stipulated time period then a mediation appointment is filed for, at this stage legal orders can be made with regards to the arrears and termination of the tenancy.
How do tenants pay their rent?
Tenants have several options to pay their rent, leaving no excuse for late payments. - By cheque or cash - Internet Banking through their chosen financial institution - Automatic payment from their nominated bank account, we will supply the tenant with our account details to arrange an automatic transfer.
When does the rent money get paid into my account?
At the end of every month all monies held, unless instructed otherwise, is paid to you by way of direct debit to your nominated bank account. A statement is issued at the same time outlining the debits and credits for that month.
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