As an investor you’ll have to choose how hands on you will be
The way you manage your rental property could impact your returns and your enjoyment of being an investor.
Managing a property yourself can sometimes be rewarding. Taking a hands-on approach may also bring financial benefits. It’s possible to boost your returns by saving on the cost of professional management fees .
But deciding whether to manage your property yourself, or pay a professional, isn't just a question of time and enthusiasm for DIY management.
Being a landlord brings a variety of legal responsibilities. Using a property manager may provide peace of mind that everything is run properly. This includes lodging the rental bond and promptly organising repairs.
Being an investor involves meeting the costs to own a property, no matter whether you manage the property yourself or outsource to a professional.
Regular expenses may include repairs, maintenance and rates or strata levies. Some costs may be harder to predict like replacing worn out appliances.
Some of these expenses may be tax deductible. But you need to be able to pay them when they arise. Drawing up a budget for your rental property could help you plan ahead to manage outgoings. And it makes sense to shop around for a good deal on various property costs.