Dealing with tenants who haven't paid the rent is one of the hardest parts of being a landlord. No one wants to be the melodramatic landlord with the twirling mustache "harassing" tenants for money, but on the other hand, you certainly don't want to lose money on your investment property. If your tenants aren't paying the rent on time, here's what you need to do:
1. Contact your tenant
This tip may sound obvious, but it is a step that is often overlooked by landlords who wish to avoid conflict or confrontation.
Before buying any home, an inspection is typically done. In many areas this is a legal requirement, but even if not, a lender may require it. This is to ensure that the home is structurally sound and that everything is built up to local government codes.
Unfortunately many first-time homebuyers don't realise what is, and what is not, included in that pre-purchase building inspection. They may only assume that an inspector will look at and evaluate all aspects of a home, even telling them if it's worth the purchase price.
There are several reasons why people undertake property valuations. For investors, it may be so they understand if their investment has increased in value to allow them to borrow more, or a valuation may be required before the settlement of a deceased estate. Others simply get their property independently valued so they can arrive at an objective figure to guide their future investment decisions.
Compared to an appraisal conducted by a real estate agent, valuations are impartial with an extensive systematic process involved.
Private property sales require prospective buyers to make offers on the home after it has been advertised. Buyers and sellers may negotiate and agree on a final selling price, usually with the assistance of a real estate agent. Property sales require careful consideration and meticulous planning to get the best possible price for the home you're about to buy. Here are some considerations when buying properties through private sales.