Putting money into bricks and mortar might make financial sense, but that doesn’t mean that owning a home is easy. The challenges start from the moment the search begins, and even once the agreement is made and money changes hands, owning a home doesn’t get any less complicated.
While moving into your new home enables you to keep track of the place and ensure the property runs as you wish, owning a second property and renting it out to others – a popular option here in Malaysia – can quickly become a full-time job. The financial incentives for seeking tenants for second (or even third) properties don’t need to be expounded here, but few people realise the stress involved in managing a rental property, especially if you work or live a distance from the property. Plus, even if you have the time to spare, who wants to spend their every moment worrying about rentals and bills, repairs and faults? Why would you want to spend the weekend listening to the handphone beeping every five minutes with a request or problem?
The best way to enjoy the financial benefits while minimising the headaches is by seeking a reputable property management company, and Prestige Hill is the one that can provide the solution and take the stress out of the rental process. Thanks to their long track record in managing property, the staff at Prestige Hill understand the problems faced by homeowners, many of which are unforeseen by those renting out property for the first time.
The most common problems experienced by homeowners are:
- Finding suitable tenants. This is your property, and of course you want the people living in it to be appropriate and respectful, but how do you find the right people for your place?
- Collecting rent on time. Remembering when rent it due is one thing, but how do you follow up on slow payments, and be sure that you are being paid the correct rent?
- Making necessary bill payments. When not living in a property, it is very tricky to monitor when bills are due for payment, and the consequences of forgetting can cause even more stress!
- Tracking expenses. This is vital for tax purposes, and is something that homeowners often forget, causing problems further down the line.
- Dealing with multiple contractors. When the property is being renovated or prepared for rental, it is likely that more than one contractor will be involved, and often they don’t work well together. This can be seriously stressful, especially if you are foreign, as Malaysia has a distinct way of working!
- Supervising repairs. From time to time, things will undoubtedly go wrong and need repairing, but how can you be there to oversee the repairs when you are working? Do you want to have to cut short your holiday or miss that important meeting to let in the plumber?
While this list may present a depressing prospect, potential homeowners shouldn’t let the difficulties defer the intelligent decision of investing in property, as there are companies such as Prestige Hill to help lift away all those worries.
Prestige Hill offers solutions to every problem listed above, and even more besides. Their years of experience ensure they are equipped to deal with all the unforeseen mishaps or complications that come along with renting out a property, and can guarantee that the experience is profitable and stress-free.
Source: The Expat October 2012
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