I have just bought myself my 1st property and since I live OS I will be using it for investment purposes. The apt is currently leased and the tenant wishes to continue with their lease which I have no problem with. I have 2 questions.
Providing I choose the current property managers to manage the property will they charge me the normal costs associated with using a property manager. I am presuming since they do not need to find a tenant most of their work is non existent and any costs would seem absurb.
Also I am looking at getting landlords insurance, however does body corporate cover this, if not does anyone recommend a good insurance company?
Many thanks
Rob
The PM will charge you the normal management fees.
When a proeprty becomes vacant and the find a tenant, they will then chareg an additional letting fee.
Being OS means you have to find a reliable proeprty manager – one you can trust.
Where is you property?
Aslo the body corporate does NOT cove landlords insurance. Your PM should help you with this.
Michael Yardney
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FREE subscription http://www.metropole.com.auYou must take Landlord insurance on strata title properties because the Body Corporate insurance doesn’t cover your lot area for Public Liability, only the Common areas. Also it is against the law in Queensland for your PM to give you insurance advice. We use Terri Scherr because I personaly like the wording ( you will be covered for malisious damage caused by your tenant/s, their family’s and their invities.) Not all insurance policies include invities.
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