There is no age limit to home ownership. Even if you are below the age of 18, you can still own a property that you rent out, but that property will be managed by a trust, parents or guardians. But when the property’s management transfers to you, how well prepared are you, and what effective strategies can you apply that will help you become a better landlord?
Eight types of relatively easy-to-manage properties:
Purchase a property that appeals to your age group (18-35 year old singles):
- Micro-apartments for short-term rental in touristy area’s like the Western Cape.
- Apartments near universities, for long- and shorter-term rental.
- Studio apartments in buildings where communal areas are highlighted (such as shared kitchens, laundry, and activity centres).
- Two-bedroom flats for shared living.
- Properties near hubs offering walkable access to transport routes, retail and eateries.
- Units that offer energy efficiencies and environmentally-friendly factors.
- Downstairs units that offer secure access to gardens.
- Oversized lofts and penthouses, that present spectacular views of cities, beaches, and green spaces.
Eight fears that under 35’s face when renting out a property:
- Fears of financial loss.
- Difficulty in managing the property.
- Maintenance costs.
- Eviction of tenants.
- Fly-by-night (when tenants leave quietly without paying rent).
- Contractual obligations and administration.
- Managing tenant noise, or complaints from neighbours.
- Sub-letting without authorisation.
Eight key strategies for landlords under 35
- Consider employing the services of a professional rental agency.
- Develop a good relationship with the building’s maintenance and management (body corporates in sectional title for example).
- Develop a digital organisational plan with timelines and reminders (rent increases and contract renewals). Include a financial chart.
- Have professional photographs taken of the property for marketing purposes.
- Consult with a legal firm for an effective rental contract.
- Subscribe to newsletters that offer advice on property rental.
- Prioritise your tenant’s needs and do a property check at least every two months.
- Never entertain conflict with a tenant. Rather employ legal experts to manage difficult situations.
Eight extra-special care strategies
- Communicate on social media like WhatsApp and be responsive and accessible.
- Take your tenant on a neighbourhood walkabout.
- Discover your tenant’s interests and introduce them to like-minded groups in the area.
- Provide a list of local take-aways, community centres, gyms, specialised shops like cafes, etc.
- Do a physical move-in day tour, explaining how appliances work, or filters should be changed etc.
- Offer smart technology (incorporated in rental price), such as wi-fi and tv subscriptions.
- Leave a small move-in gift, such as chocolates, flowers, incense etc.
- Always be open to tenant suggestions, but maintain professionalism.
