Tip of the Week

ByTierney Cavanagh

5 Financial Traps To Avoid As A Landlord

1. Setting the rent too low or too high

Before purchasing an investment property you should carry out extensive research to help determine an appropriate rental price.

Setting the rent too high may result in limited interest from prospective tenants, leaving you out of pocket if the property remains empty for an extended period of time.

However setting the rent too low may place you under financial pressure, limit your rental income and has the potential to attract unsuitable tenants.

A property manager is the best person to ask about this as they have the experience and the resources to compare your property to others with similar features and advise an appropriate rent for your investment.

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