Unpaid rent when a tenant falls into arrears can be a major contributor to stress for landlords. The ‘best possible tenant’ can also fall ill and be unable to work or be made redundant and lose their job.
We recommend prior to purchasing a property, firstly consider how you will meet mortgage repayments should the tenant fall into arrears. Many landlords rely on the rental income to meet mortgage repayments.
Thoroughly checking a prospective tenants’ rental history during the screening process and looking for issues with missed or late payments is strongly advisable.
If a tenant does fall into arrears, your Property Manager will follow the correct procedures and issue the correct notices within the specific timeframes to help ensure the debt can be recovered.