Facing up to reality

It is important to face up to reality. You will be involved in financing all sorts of work which is not your fault but because you are the owner is your problem. These come in all shapes and sizes
1. The violations described in the previous blogpost.
2. The consequences of the annual local authority inspections. The listed work has to be put right or your property will be blacklisted. This work, by and large, is damage, dirt or neglect by the tenant.They have no money to pay and an eviction is neither cheap nor a real option.
3. The cost of evicting a defaulting tenant. It will take at least 2 months, during which they will probably pay no rent and may well trash the property. The property will then lie empty for at least one or two months while it is refurbished ready for a new tenant. The property manager then takes the first months rent for finding a new tenant. The change of a tenant is definitely to be avoided almost at any cost.
4. If the tenant runs into a financial problem they may well default on their share of the rent - this may go on for months and you will never see the lost rent - it is still a better option than changing a tenant.
5. The cost of repairs following robbery, domestic incidents etc.
6. The cost of removal of pests, wasps, infestations, snakes. The cost of unblocking drains, other water damage.
7. The cost of repairs necessitated to maintain insurances.