Tempted to do it yourself?

Are you tempted to do it yourself - the complexities of managing your own investment property are soon revealed if something goes wrong!

By Alexandra Haggarty

09-04-2019 |
Are you tempted to do it yourself -the complexities of managing your own investment property are soon revealed if something goes wrong.

Here are a few questions you should ask yourself when contemplating going down the DIY route:

-Could you bring yourself to evict a family member or a person who has fallen on hard times?

-How would you go standing up in a tribunal and arguing a case? Are you confident enough in your knowledge of the Residential Tenancies Act to represent yourself in front of tribunal member?

-Do you feel comfortable with the tenant having your phone number and being on call 24 hours a day 365 days a year?

-Are you informed enough about the Tenancy Legislation to know that the decisions you make are legal and the property is compliant in the Act?

-How will you manage the tenancy if you go overseas or on holidays?

-Are you available to arrange and supervise tradespeople at short notice, sometimes in the middle of the night or weekends and public holidays?

-How will you find out if tenants have previously been evicted or have a poor rental history?

-Are you organised and assertive enough to chase up late rent immediately?

-Do you know the warning signs for and how to identify a current or past clandestine drug laboratory or marijuana grow house?

-How good are you at record keeping? Do you have the discipline to monitor payments and correspondence daily to meet legislative requirements?

-Will your landlord insurer cover you if you self-manage and if so, will the premium rise as a result? Do you know what to look for in a quality Landlord insurance policy to protect yourself to the required standard? Not all Landlord policies are created equal!

-How much will you save after tax by managing your property yourself?

-Once the potential stress is taken into account, is your time worth more or better spent on other priorities?

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