Most of us have a household budget, but have you created a budget or financial plan for your investment property?
It is important to take into account that appliances and fixtures will need to be repaired or replaced over time; that property rates and body corporate levies will increase and that your property may not be occupied 100% of the time.
These costs should be factored into a plan and funds set aside to cover such contingencies.
Failure to have a financial plan or budget for your investment property can have an impact on your lifestyle or personal budget should such an expense occur, finding you with insufficient financial resources at the time to meet the unexpected commitment.
We sometimes see landlords facing a shortfall when having to fund unexpected repairs. This can, in turn, upset the tenant and can even lead to them vacating or making a claim for compensation – a process that could have been avoided if an investment property sinking fund was in place.
All OC landlords can securely access financial information relating to the investment property online, including;
- Tracking financial activity including monthly activity, expenses breakdown and more
- Viewing and downloading documents such as statements and bills
- Having a real-time snapshot of your property and rental details
- Drilling into inspections and maintenance issues to see comments, images and any follow-up actions
