To be or not to be a landlord
DECISIONS If you’re a homeowner whose job suddenly demands that you transfer to another town — or country — for a while, you could have a tough time deciding what to do with your property.
“Those who have already acquired a property often decide not to sell their ‘home base’, but to let it out while they’re away and rent a temporary home themselves in the new location,” says Berry Everitt, MD of the Chas Everitt International property group.
However, the decision to become a landlord is not one to be taken lightly. It can carry considerable risks, and it entails additional responsibilities and obligations. Everitt says the costs of maintaining a rental property can erode the rental received.
“And if there is a sudden downturn in the market, or a tenant absconds, the financial consequences can be serious for the owner who is also paying rent or another home loan instalment elsewhere.”