Some of the main issues laid out in the Renters’ Act revolves around the maintenance of a property. According to this Act, landlords should maintain the property while tenants are responsible for taking care of the property and paying the rent.
Other duties of the landlord are to make the property available to tenants on the agreed date and to hand over the property to tenants in an agreed condition. A landlord is not allowed to disturb a tenant’s use and enjoyment of the property and may under no circumstance enter the property or remove things without a tenant’s permission.
It is the duty of the landlord to make sure that everything (plumbing, electricity) is in working order. A tenant should check the lease carefully to make sure that it states that the landlord is responsible for maintaining the property for the duration of the lease.
Tenants should always try to solve problems with landlords in a friendly manner before taking legal steps. If this does not work, tenants should write a letter to the landlord setting out the problem. Tenants should send this letter via registered post and give the landlord a certain number of days to sort out the problem.
The duties of a tenant include paying the rent in full and on time in the manner agreed upon. Tenants should take care of the landlord’s property thus leaving it in the same order and condition as what they received it in.
Depending on the circumstances, tenants are entitled to cancel the contract or lease, demand repairs, claim a reduction in rent and sue the landlord for damages.
A landlord needs to apply for a court order before a tenant can be evicted.
Buy holiday apartments for sale in Knysna
Wednesday, January 21, 2009
Sunday, January 18, 2009
10 Tips for Buy-to-Let Investors
When you buy with the idea to rent out the property you stand a chance of earning a profit while paying your off your bond. Buying-to-rent is very popular amongst investors but should be considered carefully. Here are some tips to guide you through the process of buying-to-let:
1. Do In-Depth Research
It is important to know what you are letting yourself in for. If this is the first time you are buying to let make sure to seek advice from an expert or other buy-to-let investors. In tough economic times it might be easier to find tenants but when the property market is booming you might struggle to avoid you property sitting empty. Make sure you enter the market at the right time.
2. Choose a Good Area
A good area does not necessarily mean the most expensive or upmarket suburb, but rather an area that shows potential. If you are buying-to-rent with students accommodation in mind, make sure the area is close to campus or within easy access of public transport.
3. Consider All Areas – near of far from your home
Buying-to-rent does not always mean you have to live close by. There might be better offers further away from your residence that could be a wiser investment. There are lots of ways to keep ahead of what’s going on at your rental property.
4. Shop Around
You don’t always have to use the same bank for all your mortgages. Seek advice from a specialist buy-to-rent broker and remember you are under no obligations to use a broker once you have asked for information. Considering all options might save you a lot of money.
5. Negotiate the Price
As with first time buyers, you are not reliant on selling a property to buy another and hence hold a smaller risk. Remember this when negotiating for a better price.
6. Consider the Negative Side to Buying-to-Let
As stated before, rental demand is often dependant on the economical times. You have to be prepared for a slower rental market and all the challenges that come with renting out property. Factor in that your property might sit empty for at least 2 months of the year – thus leaving yourself a buffer.
7. Don’t be Over Ambitious
Because there is no such thing as a 100% sound investment there will always be risk involved. It is important to consider everything before you jump in. Talk to financial advisors and seek advice from friends and family whom you trust.
8. Follow the 12% Rule
An easy way to work out an achievable rental price is to divide the purchase price by 100. This will give you a rental figure that needs to be obtained to achieve 12% gross income. This does not apply to all property but will give you a good estimate.
9. Don’t Spend Too Much on Renovation/Refurbishment
If you are a first time buy-to-rent investors you should take on a property that needs little of no renovation. This will only cause unnecessary stress. Rather decorate the interior with neutral colours that offer a blank canvas to potential tenants.
10. Find the Right Tenant
This is one of the most import steps when buying-to-rent. Make sure to advertise in the right places to attract the ideal candidate. Always screen potential tenants and try to find out as much as possible about them. Ensure a good relationship with tenants, as they will be living in your property. Make sure you have the funds to pay for a letting agent should you need one. Seek legal advice when drawing up a rental contract.
Buy Knysna Property
1. Do In-Depth Research
It is important to know what you are letting yourself in for. If this is the first time you are buying to let make sure to seek advice from an expert or other buy-to-let investors. In tough economic times it might be easier to find tenants but when the property market is booming you might struggle to avoid you property sitting empty. Make sure you enter the market at the right time.
2. Choose a Good Area
A good area does not necessarily mean the most expensive or upmarket suburb, but rather an area that shows potential. If you are buying-to-rent with students accommodation in mind, make sure the area is close to campus or within easy access of public transport.
3. Consider All Areas – near of far from your home
Buying-to-rent does not always mean you have to live close by. There might be better offers further away from your residence that could be a wiser investment. There are lots of ways to keep ahead of what’s going on at your rental property.
4. Shop Around
You don’t always have to use the same bank for all your mortgages. Seek advice from a specialist buy-to-rent broker and remember you are under no obligations to use a broker once you have asked for information. Considering all options might save you a lot of money.
5. Negotiate the Price
As with first time buyers, you are not reliant on selling a property to buy another and hence hold a smaller risk. Remember this when negotiating for a better price.
6. Consider the Negative Side to Buying-to-Let
As stated before, rental demand is often dependant on the economical times. You have to be prepared for a slower rental market and all the challenges that come with renting out property. Factor in that your property might sit empty for at least 2 months of the year – thus leaving yourself a buffer.
7. Don’t be Over Ambitious
Because there is no such thing as a 100% sound investment there will always be risk involved. It is important to consider everything before you jump in. Talk to financial advisors and seek advice from friends and family whom you trust.
8. Follow the 12% Rule
An easy way to work out an achievable rental price is to divide the purchase price by 100. This will give you a rental figure that needs to be obtained to achieve 12% gross income. This does not apply to all property but will give you a good estimate.
9. Don’t Spend Too Much on Renovation/Refurbishment
If you are a first time buy-to-rent investors you should take on a property that needs little of no renovation. This will only cause unnecessary stress. Rather decorate the interior with neutral colours that offer a blank canvas to potential tenants.
10. Find the Right Tenant
This is one of the most import steps when buying-to-rent. Make sure to advertise in the right places to attract the ideal candidate. Always screen potential tenants and try to find out as much as possible about them. Ensure a good relationship with tenants, as they will be living in your property. Make sure you have the funds to pay for a letting agent should you need one. Seek legal advice when drawing up a rental contract.
Buy Knysna Property
Thursday, January 8, 2009
Thesen Islands Wins Prestigious Award
Allbusiness.com reports that the CNBC International Property Development Award Organizations honored The Thesen Islands Development Company with 2 awards including Best Marina Development and Best Redevelopment (Multi Units) for the Dry Mill Marina Apartment development.
This stunning marina development is situated in the popular town of Knysna on the Garden Route. The 550 residential units and 56 Dry Mill apartments are stylishly decorated and fully equipped with luxuries and comfort including private jetties. The apartments are uniquely designed using parts of an old mill structure.
The CNBC International Property Development Awards are held annually and looks for quality of design, construction and presentation of individual properties and property development, interiors, architecture and marketing. The awards were held at the Marriott Grosvenor Square in London on the 15th of September 2007.
Buy property on Thesen Islands
This stunning marina development is situated in the popular town of Knysna on the Garden Route. The 550 residential units and 56 Dry Mill apartments are stylishly decorated and fully equipped with luxuries and comfort including private jetties. The apartments are uniquely designed using parts of an old mill structure.
The CNBC International Property Development Awards are held annually and looks for quality of design, construction and presentation of individual properties and property development, interiors, architecture and marketing. The awards were held at the Marriott Grosvenor Square in London on the 15th of September 2007.
Buy property on Thesen Islands
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