The most common mistakes of first-time property owners House & Home
Well there you are! You are now at the peak of your career and you finally had the opportunity to own that property you’ve been dreaming off. Then the reality hits and you ask… “Am I doing things right?” Owning your dream property may sound easy, given that you have enough resources in your hand. Still, without the proper knowledge on how things should be handled, first-time property owners may fall into these common mistakes.
Unpractical Thinking – Don’t expect that people will rent your property right away as soon as you begin to inform them. Stick to the reality that people will have a lot of considerations before they decide to rent a property. If this is the case, you must be financially prepared. On the brighter side, this will not always occur here in Dubai. With the right mindset and preparation, you will be able to face any imposing challenge that may arise.
Being unprepared for maintenance costs – If you want your property to be rented, you must be prepared to maintain it. We already know for a fact that your property will not always be rented. But poor maintenance will totally turn down potential tenants right away. Make sure to include the sum for repairs in the rent amount. And if there are instances where big repairs are needed, don’t be afraid to pull out from your own pocket. After all, it’s for the benefit of everyone.
Trusting easily on promises – In business you will not have an assurance about anything unless it is written on paper and signed. Making it official through a written document also ensures that if any legal action must take place, you have proper documents to support you. Anyone can easily claim that they are trustworthy, that’s why it’s always wise to have everything documented.
Forgetting your tenants – Your job doesn’t stop once you secure a tenant for your property. Always remember that tenants will not be permanent. But you can help them stay longer by building a good relationship with them. Whatever happens to your property is your responsibility. By conducting a regular schedule in checking your property, you lessen the risk of losing your tenants and your property’s quality as well.
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