Astute property investors know just how valuable a comprehensive investment strategy is to the long-term success of their prospective investment. These buyers factor a number of different costs into their investment calculations before putting pen to paper on a new buy-to-let property to ensure a positive cash flow. These costs include, but are not limited to, the initial transfer and bond registration fees, deposit, conveyancer and administration fees, monthly bond repayment, costs involved in the ongoing management and maintenance of the property, insurance and utilities. Inadequate research into the costs associated with purchasing and owning property can have a negative […]
Tips for Landlords
25 posts
Just like most property owners have some serious concerns about any new tenant moving into their rental property (will they look after my property, will they pay their rent on time, will I have to incur the costs and pain of eviction if they don’t?); the two biggest issues/fears that tenants have when renting a property are: 1) What if the landlord does not do the maintenance that he is supposed to in terms of the lease and I don’t get what I am paying for? (see here for our previous blog on who is responsible for maintenance) and […]
Before we begin to read any further, let us outline 2 basic understanding terms. A landlord is a property owner who grants another party the right to live in their property for a scheduled time. A tenant, is a person or people who have been granted the right to live in the property. With that being said, there are certain obligations that a tenant needs to adhere to in order to make their time living at the property, a happy and comfortable one. A landlord tenant relationship begins the moment the lease has been signed by both parties. The right […]
Who is Responsible for Maintenance in Rental Property – Landlord or Tenant? By – Harry Meyburgh, Director at Etchells & Young The issue of maintenance in a rental property is arguably one of the most contentious and one that leads to many disagreements between landlords, tenants and agents, often resulting in court cases or the lodging of complaints at the Rental Housing Tribunal. This is usually because of unsound reasoning and a lack of understanding of the legal principles around the maintenance responsibilities in a rental property. There are certainly many grey areas, but we will try to clarify. […]
Being a landlord can be quite tricky, that’s why we offer a professional Property Rental and Management Service where we protect you! As the owner of a property, your goal would be to accumulate wealth and for the property to eventually pay for itself, without taking up all of your valuable time. If you are not 100% informed and fully compliant with the laws and regulations that govern this industry #asketchells. We’ve got you covered! #rentalservices #mondaymotivation If you as a landlord are planning to manage your own investment property, it would be in your interest to consider the following questions: Do you […]
Lease agreement cancellations are tricky at the best of times. Gladwin and Pretorius of Schindler’s Attorneys stress the difference between cancelling a lease agreement before the termination date and cancelling due to a breach of contract. Both terminations are subject to the Rental Housing Act (1999) and the Consumer Protection Act (2008), and both fall under the South African common law. Lease Cancellation due to a Breach of Contract According to the Rental Housing Act No. 50 (1999), section 4 (5) (c) a landlord may terminate a lease if the tenant is in breach of contract on grounds that do […]
Before a lease agreement comes to an end most tenants are given the option to renew their lease agreement for a further lease term – at an agreed rental increase – or to vacate at the end of their lease period, as stipulated in their rental agreement. The annual increase is sometimes a cause of contention between landlords and tenants. On the one hand the landlord needs to adjust the rental amount annually as inflationary pressures drive up home ownership costs. On the other hand, the tenant may already be under significant financial strain as a result of poor economic […]
Airbnb is an online platform open to hosts (landlords) and guests/travellers (tenants), that enables the hosts to lease vacation and apartment rentals, hostels, homestays and hotel rooms on a short-term basis (on average in SA – 4.3 nights). There are more the 640 000 Airbnb hosts active in 191 countries, and an estimated 150 million users. In South Africa alone Airbnb hosts welcomed over 400 000 guests in 2016, with a total of R817 million earned by hosts. Caxton Central writes that “Although these figures show a great potential in boosting tourism and contributing to the GDP, some kind of […]