Protecting your investment

THE ACT property market is an exciting one for home buyers and investors alike.

For investors especially, the transient nature of Canberra may make the market particularly lucrative and exciting. Be warned however - there can be sizable problems for unwary investors and no one should think that being a landlord means making money for nothing.

Make sure you do your research on investing in property and becoming a landlord before you take the plunge and purchase an investment property.

Repairs and maintenance

Landlords can be hit with big bills at any time and these can reduce your return on investment.

If your rental property is a standalone house, the bills are tax deductible against your rental income.

Unit owners in strata premises benefit from a centralized pooled ownership structure, which means expenses are shared between owners.

Tenant disputes

If you are faced with a tenant that is more than 14 days in arrears with rental payments, you are entitled to give them notice to vacate, although to do so for a short lapse is usually inadvisable.

Before you investigate evicting your tenant, it is in the best interest of both parties to try to talk to them and come to an agreement regarding payment of the overdue rent.

If you want them to leave, there are strict rules governing the eviction process and if you breach any of them, the law could land on the tenant's side, so ensure you proceed with caution.

Please refer to Office of Trade Renting Book for clarification of tenant and landlord rights.

Back to NEW HOME BUYERS GUIDE

CONTACT US

Back to NEW HOME BUYERS GUIDE

Check out PROPERTIES FOR SALE